All Forum Posts by: Tab Teehee

@My Nguyen

No partners other than my wife. Worked with a small local bank on the initial purchase/construction loan...I stayed with the same bank for the permanent financing. I could have probably found better terms elsewhere, but the bank was really good to work with and build a relationship with so I just stayed with them...4.25% 20 year am, 10 year term

@My Nguyen

I actually live in SW Florida! I'm originally from Oklahoma so that helped a bunch with this project. Needless to say my frequent flyer miles over the last 1.5 years is insane! A lot of travel could have been avoided if I would have hired the right contractors in the beginning, but as I said "lessons learned"!

@Zach Quick

Lol, so far a good mix of Google folks and locals

@My Nguyen

It's about 45 minutes from Tulsa, Oklahoma

@William Jason Morgan

Thanks!!!

The purchase price was 375K and had an ARV of around1.25M...we put about 21K into each unit for all the capital improvements and remodeling. The property sits on a little over 8 acres so we are considering building more units

Lol, trying to figure out how to upload pictures....doesn't seem possible from mobile app? This was my first multifamily venture, but I've owned single family rentals and and flipped a few homes over the past 25 years.

Reached a major milestone after nearly a year and a half....converted my construction loan to permanent financing!!! On 5/31/18 we closed on a 20 unit property that was 100% vacant and in need of lots of love! We added washer/dryer connections to all units and ductless min split heat pumps. Full stainless kitchen appliances including above range microwave. Textured all walls, painted all brown woodwork, new flooring, all new plumbing fixtures and toilets, bathtubs as needed, water heaters as needed....we did a lot!!! For a first time project i'd say we learned a lot and although the project took twice as long to complete as we planned, it's still a huge success! We are currently 85% occupied and 95% leased and expect to be 100% before end of year! This form definitely helped me get through some rough patches either by reading through others posts or posting my own questions. Now I'm asking myself what's next, lol! I'm hooked

@Tab Teehee

However...since we're only at 80% occupancy that would make the current management fee closer to 20%, Yikes!

@Ned Carey The fee is a flat fee but if you were to use 100% occupancy as a baseline it would equate to around 16%, more than half for management fees and the rest for maintenance payroll. There is a $50 leasing commission to site manager for each new lease.