Hi guys. I need some help, and maybe this is a good opportunity for you as well. I am an Oregon and Texas investor, but based in Oregon. I have one small mobile park in Corpus Christi, and 4 other multifamily properties in Livingston, TX, a lake town about 90 minutes north of Houston. I have significant equity in the properties. I would prefer to add in a partner at whatever % level is desired, however, I am open to selling one or all of the properties at a fair or slightly discounted rate. I currently have 15 year notes on all the properties at 5% interest on four of them, and 5.5% on another. I am 5 years in on three of the properties, 3 years in on one, and 2 years in on another.
This is the situation: about a year and a half ago, I had a property manager who found his way back to drugs and alcohol, and embezzled significant funds from me. All the while, I was paying for units to be fixed, but they were not. Vacancies increased to the point where the properties, which were profitable when I purchased them, no longer were generating enough money. Some of this is my fault, as accounting is my kryptonite, and when I brought in a professional management company to turn things around, a lot of the damage (and losses) had already been done. I have spent the last year working on getting things turned around. The crew I have out there is wonderful, very loyal to me, and understands that we still have a lot of ground to make up.
I have used up my personal funds and have been paying the crew out of the rents, and have done that even when it caused me to miss a mortgage payment, because I needed more units to be completed and occupied. I was able to keep up with things until the last few months and honestly, I need help. I don't want to lose what it took me 30 years to acquire. As mentioned above, I'd love to partner with someone who could help with a cash infusion and being somewhat local would be helpful. Until funds ran dry, I was flying out every 8 weeks for a week or two over the last 5 years. However, I know that not everyone wants to partner, and I would rather see my people out there stay employed and working on the properties, so if you wanted to purchase a property from me, I would be open to that.
Corpus Christi - Multifamily/Mobile/RV. 21 units on 2 1/2 acres, 5 houses (old), 6 RV spaces (room for a few more), and the rest are old single wide mobiles. Rents vary from 500 (RV spaces) to 700-1500 (mobiles and houses)
Livingston - 1) Mixed use building, 30,000+ sq ft. 14 Office/professional spaces below, 7 residential above
2) Tiny home community. 15 units on 3/4 acre. Rents average $650
3) 5plex. rents currently average $700. This property is currently listed for $450k
4) Mobile Park. 17 single wides (mostly 1980s) and 1 stick built home.
I will welcome replies in the thread or via messaging on the forum and will answer any questions you might have. Thanks for reading.
