All Forum Posts by: Phil Capron

Company Overview:

Mission First Capital is a 100% Veteran Owned real estate investment company. With a real estate portfolio valued at over $30,000,000 and growing rapidly, the Founders of Mission First Capital are committed to empowering their Veteran brothers and sisters financially, through commercial real estate.

Position Overview:

The Executive Assistant (EA) provides direct administrative and project support to a successful and rapidly growing organization. Specifically, the Executive Assistant to the Chief Executive Officer (CEO) is an integral part of the Mission First Capital team. The EA is a strategic partner who keeps the CEO and Operations team focused on organizational goals while ensuring effective coordination and communication. Timely task management, information-sharing, and prioritization are key in order to keep the organization running smoothly. The EA provides direct organizational support to the CEO in scheduling meetings, booking travel, drafting and editing documents and presentations, and contributing to special projects. The EA will have the ability to work independently on projects, from conception to completion, and must be able to work under pressure at times to handle a wide variety of activities and confidential matters with discretion. This will be a highly impactful position and the candidate must also understand and create a variety of business reports utilizing several different software and web-based applications to help drive results. In addition to the needs of the business, the EA will also assist the CEO with personal matters involving organization, finance, and time management.

Duties & Responsibilities:

Proactive Administrative Support to the CEO

• Serve as the key point of contact for the CEO. The gatekeeper.
• Manage the CEO’s day to day schedules in such a way that he is able to focus on high-value tasks and complete his obligations in an organized, efficient way.
• Coordinate internal and external meetings including but not limited to team meetings, investor relations, asset management, and meetings with vendors such as attorneys, banks, accountants, auditors, property managers, and construction managers.
• Plan and coordinate international and domestic travel itineraries, including flight arrangements, ground transportation, lodging, visas, meeting scheduling, and any other logistical needs.
• Respond to external requests for the CEO’s time at events, speaking engagements, podcasts, coaching, etc.
• Create and update PowerPoint presentations for internal and external use, draft and proofread emails and other internal and external communications.
• Facilitate the signing of documents on behalf of the CEO.
• Managing expense reports and property specific KPIs across the portfolio.
• Research and collate information, and make recommendations when needed, for the CEO in preparation for internal and external meetings.
• Maintain an annual calendar of key events and priorities for the CEO according to the company objectives at large.
• Other administrative and project duties as requested.
• Coordinate multiple projects with competing priorities to accelerate growth of the organization.
• Prepare memos, reports, spreadsheets and presentations, which may require the gathering of data from various internal and/or external sources.
• Create and maintain databases to store business information as necessary.
• Conduct external research as required.
• Handle sensitive and confidential information with tact, diplomacy, discretion and judgment.
• Complete specific assignments that may require attendance at and documentation of meetings.
• Demonstrate excellent verbal, written, and interpersonal skills.
• Use writing skills to compose detailed correspondence.
• Process mail, prepare FedEx Shipments, and take phone messages.
• Copying, scanning, and distributing documents as needed.
• Provide personal support in the form of maintaining a family calendar, and other miscellaneous personal support needs.
• Purchasing duties such as selecting vendors, negotiating contracts, and reviewing / processing invoices.
• Human Resources - assist in the coordination of new hires, references, onboarding, etc.

Qualifications:

• LEAD WITH INTEGRITY.
• o Previous Assistant experience for a C-level executive and/or Personal Assistant experience.
• o Excellent verbal and written communication skills in English, ensuring communications are clear, thorough, and specific, with attention to follow-through.
• o Skillful execution of administrative activities, with high attention to detail, organization and process.
• o Adept at using Excel, Word, PowerPoint, Outlook, and Teams, and willingness to learn and advance the use of other productivity and collaboration tools as part of the vision towards digital transformation.
• o Strong teamwork skills, and a confident ability to offer suggestions and improvements to process and work very collaboratively with others.
• o Proactive and tenacious troubleshooting skills.
• o Results-oriented and strong work ethic.

Compensation:

Mission First Capital is a rapidly growing company with ample opportunity for growth within the organization. Base compensation is as follows:

• $60,000/year.
• 2 weeks paid vacation.
• 4 weeks work from home / work remote available.
• Negotiable benefits package.

Thanks @David Pere !

Hi @Muinda Gueston ! Looking forward to learning about your journey. Congrats on the quad!

Thanks @David Pere! 

Think RE's meet up is great and very well rounded. My group is multifamily centric

Investment Info:

Large multi-family (5+ units) buy & hold investment in Richmond.

Purchase price: $2,450,000
Cash invested: $700,000

82 C class multifamily units, 2 buildings
64 unit: 2 bed 1 bath units, 750 sqft
18 unit: 1 bed 1 bath, 700sqft

What made you interested in investing in this type of deal?

Because I'm a glutton for punishment. Jk. But seriously. My friend Andrew Cushman (BP podcast 279) describes C- (D) properties this way: "the grass is always greener... over the septic tank. These properties look great on spreadsheets but are hard to manage." At under $30,000 a door, I was attracted by the prospect of being "all-in" including Reno around 35k a door and having 82 units performing as 2% deals... with pro forma rents of around $700.

How did you find this deal and how did you negotiate it?

LoopNet. The seller had two properties to sell and preferred to sell them together. I wasn't the highest offer, but I was willing to take the 18 unit as well as the 64 which enabled me to obtain a discount on both. The key to negotiation is finding out what is important to the seller, often it is not the highest price. The brokers on these types of properties cannot be your enemy in the transaction... once the terms are negotiated, you need to work together to get it to closing.

How did you finance this deal?

Local bank bridge loan. 80% LTC including renovation funds ($500,000). 5.25%, 1 Year IO, 5 year term, 25 year am. Local lenders provide great options for ugly ducklings like this, but keep in mind they will be recourse (exceptions exist), relatively short term, and often subject to arduous fees, inspections, draw structures, etc.

How did you add value to the deal?

The 64 unit was in very bad disrepair. Our plan was to turn 30 units in the first year, we ended up turning 30 in the first 4 months when many existing tenants refused to abide by the terms of their leases. While this presented cash flow problems early in the reposition, the result was increasing income a lot more quickly than we had projected. Old rents were $550, new rents are $675 with an added fee for water. We have decided to digitally submitter water to mitigate loss risk and increase $$$.

What was the outcome?

We are up to 90% occupancy at the troubled property which is amazing. We're turning the units for about $5,000 per unit which includes new LVT in the common areas, carpet in the bedrooms, 2 tone paint, and cabinets and appliances on an as needed basis. We still have ample funds to complete the remaining units as well as improve the curb appeal. We partnered with the city of Richmond and donated $25,000 in security cameras to improve the neighborhood which have been used to convict a murderer.

Lessons learned? Challenges?

In C- or D properties, be very well capitalized just in case you experience the same massive vacancy that we did. Management is tough, but it can be worth it. We are truly changing a neighborhood and achieving great numbers for our partnership. It's not for the faint of heart!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dodson Property Management, Richmond VA

Investment Info:

Large multi-family (5+ units) buy & hold investment in Norfolk.

Purchase price: $910,000
Cash invested: $5,074

13 unit multifamily property
Owner financed 6%, 30 year am

What made you interested in investing in this type of deal?

I was still working as a real estate agent and took a friend who owned about 30 units at the time to see the property. He wasn't able to come to terms with the seller, and the other agent asked if I would buy it with owner financing... I hadn't considered that as an option, but I decided it was time to get off the sidelines and do what I'd been studying for years!

How did you find this deal and how did you negotiate it?

It was on the residential MLS. I took a friend to see it because I thought I could make a good commission, but ended up buying it myself with great terms, which has worked out even better!

How did you finance this deal?

Seller Financing: 6% interest on a 30 year amortization

How did you add value to the deal?

Since I don't have a lot invested in the deal, I haven't been very aggressive with adding value. As units turn I've been investing in LVT flooring which will stand up to more abuse than carpet. I added a flat fee for water which has added about $5,000 in top line revenue. Rents were also below market at the time of acquisition, so I raised each $50-100 depending on the unit type which has added another $7,000 in revenue.

What was the outcome?

It is an interesting little property. I'm very grateful I jumped off the cliff on this one and took action, because it's led to 230 more units since. I'm torn because I'm not operating this property optimally at this point. To do so would require significant CapEx and a complete turnover of tenants. With debt where it is right now, I am investigating bridge loans that I can roll a lot of the repairs into. The other option is to invest a significant amount of money myself and then cash out refi.

Lessons learned? Challenges?

Managing small multifamily can be really tough. Especially with older product. I wouldn't undo this deal as it's enabled me to do so much more and has taught me important lessons, but you won't catch me buying this small again. I understand for those who don't own any rentals or own a few units that what I've said sounds insane. Your perspective changes as you continue to expand your comfort zone, I encourage you to find a mentor and go bigger quicker. That's the main lesson from this project.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Norfolk.

Purchase price: $3,950,000
Cash invested: $1,100,000

108 unit split site portfolio
5 buildings
Appraised for $1,550,000 higher than purchase price :)

What made you interested in investing in this type of deal?

I had purchased my first multifamily property the year before and really enjoyed getting the monthly checks (as opposed to the roller coaster of fix and flip/ wholesaling). I'd read all the books and blogs, and listened to all of the podcasts, and was ready to really go for it in multifamily. This portfolio enabled me to get into multifamily in a big way.

How did you find this deal and how did you negotiate it?

This deal was publicly listed through a big brokerage on LoopNet. Say what you want about LoopNet, but there are deals there. I was able to negotiate an amazing deal because of the CapEx required and the fact that it is a split site portfolio. It's a fairly large purchase for the submarket at just under $4,000,000, so it was too large and had too many moving parts for a small operator, and was a little too small and ugly for bigger players. I was happy to take advantage of that market void.

How did you finance this deal?

Community bank. 75% LTC 5.2%, 3 years IO, 7 year term, 30 year am. We also obtained a signature loan for 100% of our CapEx budget

How did you add value to the deal?

$500,000 in renovation and superior management. The seller was the builder of the properties and had a great system for their business and had successfully managed them for decades. My group saw the opportunity to improve efficiency with online advertising, virtual tours, as well as the implementation of RUBS and other fees to increase top line revenue.

What was the outcome?

We are absolutely crushing it. I'll continue to upload photos of completed buildings and units as they are available and will also break it down by building for a more comprehensive look and to illustrate lessons learned in a more precise fashion.

Lessons learned? Challenges?

Multifamily is awesome. Tracking construction and management numbers are critical to success.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I assembled an unbelievable team of a commercial real estate broker, a class A contractor, and a property management company owner to take down this project without syndicating. It's been a fun journey thus far and we are looking forward to enjoying many years worth of fruits of our labor.

What is your preferred brand and model for appliances in a B grade apartment building? Have you found success ordering in bulk anywhere other than Lowe's or Home Depot?

Thanks @Tyler Kastelberg!

Your website looks really cool... i'm crunching numbers the hard way on this project, perhaps i'll give you guys a shot at the next bigger deal I look at! Leverage! I'm not the best at dealing with spreadsheets and building models, i'd be curious to see what you guys can do. 

Hello fellow landlords!

Who do you recommend in Richmond, Virginia for property management? 

Ideally, i'm looking for a company owned by someone who owns real estate themselves, has a good understanding about the city's growth and economic drivers, knows their way around various neighborhoods, and markets in ways other than throwing a property on the MLS and expecting another agent to lease it for them.

I am interviewing property managers with hopes of finding a long term partner and potentially offering them an ownership interest in a portfolio in an attempt to ensure our interests are aligned at all times.

I will be monitoring this post.... please tag, recommend, or PM me.

THANKS!!!

Thanks Jay!