All Forum Posts by: Reno Puente

I am an investor and realtor in the the San Antonio area for over 25 years. I just recently joined BP to help other investors. 

Apartment/multi family investing. My wife and I have started with single family because we didn’t have a lot of capital but now that we are getting there, we are looking at apartments for more cash flow and long term investments. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,000
Cash invested: $20,000
Sale price: $144,000

ABSOLUTELY GEORGEOUS HOME - COMPLETELY UPDATED GRANITE COUNTERS WITH TILE BACKSPLASH IN THE KITCHEN & BOTH BATHS, STAINLESS STEEL STOVE, DISHWASHER & ROOF, CERAMIC TILE, CARPET, LIGHT FIXTURES, FAUCETS, BLINDS, INTERIOR & EXTERIOR PAINT, BEAUTIFUL FRONT DOOR WITH DECORATIVE GLASS, SOME INTERIOR DOORS & WINDOWS, BATH CABINETS, TUB AND TILE SURROUND WITH DECORATIVE BANNER, FRONT FENCE & GATES. CONVENIENT TO 1604 & GUILBEAU RD. IN A GREAT NEIGHBORHOOD WITH A POOL, TENNIS, SPORTS COURT & PARK

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

The property had potential for a value add property.

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

The owner is one of our property management clients.

How did you finance this deal?

Owner finance.

How did you add value to the deal?

Complete rehab and updating.

What was the outcome?

Sold in 15 days.

Lessons learned? Challenges?

Wish we would have bought more properties in that neighborhood.

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

We are licensed REALTORS.

Sometimes the best investment is the one you walk away from. 

Thanks for the reply M & M ( Max & Matt). I recently purchased the BP calculators along with the Syndicated Deal Analyzer and have been running numbers. You guys just reassured me that I have been doing it correctly, except I have only been getting the past 12 months. Also, 4 of the owners have their numbers "written down in handwriting" their rents and expenses ( I know, red flag) but some of them still look good. 

I did start out making an offer, but now I am asking them to give me a number that they have. Still negotiating on a couple others. Now I just need to find the capital to put down with my hard money lenders. 

For the most part, when I drive around town, I see some apartment complexes advertising FOR RENT and call them. I simply ask if they are the owner or property manager. Then just ask if they have ever thought about selling. Some say no, but some say yes. I even had one owner offer me some other apartments that they owned, but her sales price was too high for me. I asked you if I could keep in touch over the next few months in case anything changes. 

thanks again for the replies,

Dilly - Dilly

Reno

I have been looking around town for some "not on the market" apartment complexes and have found a few. These are owners that didn't even know they would like to sell. I have convinced them to maybe think about it and call me back. How do I figure the amount I should offer? What do I really need to see from their rent rolls and P & L (or something else)? For example, I found a 24 unit apt complex that charges $700 for 12 units and $550 for the other 12. The complex is a C, at best a B-, but has room for improvements and rent increases, but I did not tell them that. Any help is greatly appreciated.

Reno (1st time MF buyer)

Hi Amanda, 

My wife, Cathy, and I are REALTORS in the San Antonio for over 20. I have lived here my whole life and would love to tell you about our wonderful city. However, it’s hot here and so is the temperature, haha. 

Reno