All Forum Posts by: Rashad Jones Jennings

Our featured guest Speaker for this months Atlanta Multifamily Meetup is Alvin Johnson who currently owns 1400 units across multiple markets. You don’t want to miss this meetup because it’s going to be full of info and a great networking event. See Alvin Johnson’s Bio below:

Alvin Johnson is the President of Hope Housing Foundation (HOPE) and guides the staff and of Assertive Management Group, LLC., HOPE's privately-owned property management firm. The Foundation, which is headquartered in McKinney, Texas, was incorporated as a 501(c) (3) in 1998. HOPE has a business model that positions itself as one of the most effective,nonprofit affordable workforce housing organizations in the Country. With a little over 1,300 Affordable Housing Units and growing, the Foundation is in the acquisition stages of acquiring an additional 2000 units for 2019 - 2020, opening a trade school to provide an accredited training program for HVAC Technicians and some additional building trades (2020). Also planned for 2020 are two new single-family housing developments with a total of 450 homes for the Workforce community. Included within these communities will be homes set aside for Veterans which will be ADA Accessible.
Before fully investing his time into Hope, Alvin was the Vice-President of Operations for American Housing Foundation in Amarillo, Texas (AHF) and would also serve as the interim president for 2 years. Amarillo-based American Housing Foundation successfully grew from two apartment complexes purchased from a local Catholic organization in 1989 to one of the largest affordable housing companies in the country providing homes to more than 50,000 families and individuals, while supporting healthy communities. American Housing Foundation boasted 16,000 units spread across the Southern US. Alvin’s tenure with AHF helped grow the vision of what Hope Housing Foundation is and will become.
Alvin’s focus was not always on multi-family units. His start in the housing market began in 1984 as a painter helper to a painting contractor to becoming a General Contractor. From those modest beginnings, his career has also included purchasing and renovating over 100 single family homes to ultimately serving as President and Chief Executive Officer for the Houston, TX based companies Wholesale Lending Exchange, Inc., Near Town and Associates, and also the De Soto, Texas based ADJ Mortgage, LLC. These companies provided mortgage services for commercial and residential properties, investment firms, business entities and nonprofit organizations within the State of Texas. The companies originated, processed, closed and serviced mortgage loans.
Alvin takes pride in being an industry leader in service and building strong relationships with his business partners. Through his faith and determination, Hope Housing Foundation will definitely be a frontrunner in the affordable housing market.

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@Wayne Brooks yea the bank did a second appraisal and the value went up which ate up the little bit of equity they had. I may just list it on the market for them and they walk about with a little money.

Has anybody ever bought a home with a reverse mortgage on it? The only thing I can come up with is to list it on the market. Numbers are too tight for anything else and with reverse mortgage if they leave the house it’s in default so Sub-2 is out. If they die it’s in default for 6 months. Basically if they not living there it’s in default and the heirs have 6 months to sell or buy it themselves. I’m still doing my research on reverse mortgages, if anyone has delt with them before feel free to chime in. Thanks.

I am working on a flip and everything has been completed from the renovation to the photos to get ready to list it on the market. The only issue is the person I bought it from had roaches really really bad. Its been 3-4 months since the renovation was completed and they are still not eradicated. I currently have 2 companies going out treating the property (Orkin & Arrow). Thats not working fast enough, I don't have 3 more months of holding this property to wait. Any home remedies? Anybody had this same issue and solved it? I just can't put it on the market while they are not fully gone. 

Hey Brian, so you're investing in Cleveland and Detroit? Im interested in those markets also. Do you invest remotely from Oakland? 

What zip codes do you recommend ?

Looking to market to Notice of Sale properties and would like to know what sites you have used in the past to find this type of seller?

Hey BP, who do you all use to scrub your list against the DO NOT CALL LIST (DNC)?

I just got this off market Shopping Plaza under contract for $700,000 & I am looking for a Debt Partner on this deal. Its an 11% cap currently and I already have a strategy to increase the NOI with 2 additional income streams. This plaza has 12 fully leased spaces, a land lease with a food truck, & a billboard that is leased as well. It will cash flow as is $2,224.11 per month and even more once the 2 income streams are added. If you are interested in being a debt partner on this deal let me know.

I just got an off market retail strip center come across my desk and I'm starting to underwrite it. Problem is all of the deal analyzers I use are for multifamily. What deal analyzers are you guys using for retail? Also, has anyone ever outsourced the underwriting to a 3rd party? If so, who do you use? Ive heard some ppl using underwriters from Upwork.com etc... All feedback welcome. Trying to underwrite asap as I am going to the property tomorrow to walk it. Thanks.