All Forum Posts by: Seth Robinson

@Kevin Ryan Commercial loans aren't based on your personal qualifications and credit worthiness, although you do need to be, but are based on the net operating income (NOI) of the property itself, the area and property itself. Banks will be interested in the property and the income it can generate. Start developing relationships with commercial lenders and send them deals to underwrite and provide feedback.

Investment Info:

Large multi-family (5+ units) commercial investment investment in Gulfport.

Purchase price: $4,820,000
Cash invested: $1,764,000

Southern Pines is a 101-unit asset located in the emerging Gulfport market. It is located in close proximity to I-10 and is home to the largest retail corridor in the metro area.This is a well maintained C+ property in a B+/A- location. Great amenities including pool and BBQ area. Potential to increase rents by 17-18% after light interior unit updates and achieve operational efficiency with new property management that has proven this in market with a similar asset.

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

I source, invest and syndicate cashflowing C+/B class multifamily apartment communities in the Southeast. Southern Pines is a stabilized property that was mismanaged and will benefit from professional property management and light renovation to bump rents 18%.

How did you finance this deal?

Non-recourse Freddie Mac SBL

Investment Info:

Large multi-family (5+ units) commercial investment investment in Gulfport.

Purchase price: $4,820,000
Cash invested: $1,764,000

Highlights of this deal:

Southern Pines is a 101-unit asset located in the emerging Gulfport market. It is located in close proximity to I-10 and is home to the largest retail corridor in the metro area.
This is a well maintained C+ property in a B+/A- location. Newly remodeled pool, BBQ area and many other amenities.
Potential to increase rents by 17-18% after light interior unit updates and achieve operational efficiency with new property management that has proven this in market with a similar asset.
Low Risk / LT Debt - Low leveraged non-recourse agency debt
Based on our underwriting, Investor returns over a 6-year period project to be:
Average Annual Return: 18%
Average Cash on Cash Return: 8.27%
Total IRR: 15%
Equity Multiple: 2.07x
Minimum Investment $50,000

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

I source, invest and syndicate cashflowing C+/B class multifamily apartment communities in the Southeast. Southern Pines is a stabilized property that was mismanaged and will benefit from professional property management and light renovation to bump rents 18%.

How did you finance this deal?

Non-recourse Freddie Mac SBL

@Jeremy Peters Hi Jeremy If you are still wholesaling, I’m looking for 30+ unit multifamily apartments. If you come across anything interesting, please send them my way! I have financial backing and ready to buy

Thanks,

Seth

@Clark Michael Hi Clark, If you are still wholesaling, I’m looking for 30+ unit multifamily apartments. If you come across anything interesting, please send them my way! I have financial backing and ready to buy

Thanks,

Seth

I’m looking for wholesalers in the Greensboro and greater Triad area. If that’s up or you know someone please respond. Thank you!

@Adrienne Bryson Hi Adrienne, If you are still wholesaling, I’m looking for 30+ unit multifamily apartments. If you come across anything interesting, please send them my way!

Thanks,

Seth

hi @Melanie McDaniel, I currently have a 36 unit in Greensboro that I syndicated. I’d be interested in getting the details.  Please DM me the details 

Thanks,

Seth

Hi Kevin, I invest in larger commercial multifamily properties in the Triad area.  I currently have a 36-unit in Greensboro, NC.  If you are interested in larger projects let me know, I'm always looking to partner and network with like minded individuals.

I'm in the North Shore and would be interested