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All Forum Posts by: Thomas McTier

Thomas McTier has started 5 posts and replied 29 times.

Post: 1st Multifamily Commercial Purchase

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

@David Miller we hired local PM to manage the property. 

Post: 1st Multifamily Commercial Purchase

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

@Linzey Ledesma

The property I invested in is on the westside of Akron. Also good to connect with other investors. 

Post: First Commercial Multifamily purchase- 9 units

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

Investment Info:

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

Purchase price: $325,000
Cash invested: $84,000

Contributors:
Greg Beris, Edwin Glaude, Michael Magno, Nick Tarlton

9 unit apartment building consisting of four 1 bedroom 1 bath and four 2 bedroom 1 bath and 1 studio. Value add opportunity as some units will need to be lightly updated (carpet, paint and appliances) Rents are under market and will have the ability to increase rents right away, which will further increase monthly cashflow.

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

My business partner and I looked at investment opportunities from duplexes to triplexes on up and came to the conclusion that in order to scale the business 5+ units was the way to go. In addition when looking at some of the smaller size deals good financial record keeping was hard to come by from sellers which further helped our decision to focus on 5+ units.

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

The deal was found with the help of our agent Michael Magno, who did a great job negotiating with the sellers agent who could be difficult at times.

How did you finance this deal?

The deal was financed with a non-bank lender that focuses on multifamily properties. The lender was Edwin Glaude with Bavex Lending.

How did you add value to the deal?

We will be adding value to this deal by making improvements to the units as tenants move out and increasing rents to drive value of the property.

Lessons learned? Challenges?

Continue to stick to your principles and your target numbers which will help guide you in making the right decision.

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

Yes, i would recommend Michael Magno as a real estate agent - https://themagnogroup.com and Edwin Glaude as a lender -https://www.bavexlending.com. No hesitation about working with them again in the future.

Post: 1st Multifamily Commercial Purchase

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

On Friday my business partner and I closed on our 1st commercial multifamily property which was a 9 unit apartment building. Hightlights of the deal are below. I am grateful and blessed for all the people which helped get this transaction completed. @Nick Tarlton thanks for being a great partner and friend on this deal and looking forward to our next one we get done. @Michael Magno my agent this is our 2nd deal closed together(that's 11 doors in 9 months) and many more to go. As always thanks for being accessible and being my eyes in market. Anyone looking for an experienced agent Michael will take care of you. To my lender @Edwin Glaude with Bavex lending, we cut it close on closing but thanks for getting it lined up to close on time. Anyone looking for a good lender who's knowledge and can provide great terms contact Ed.

9 unit apartment building consisting of four 1 bedroom 1 bath and four 2 bedroom 1 bath and 1 studio. 100% occupied, value add opportunity as some units will need to be lightly updated (carpet, paint and appliances) Rents are under market and will have the ability to increase rents right away.

Purchase Price- $325,000

Cash Invested- $84,000

Monthly cashflow- $1,500

Location- Akron, Ohio

Post: 1st Multifamily Commercial Purchase

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

On Friday my business partner and I closed on our 1st commercial multifamily property which was a 9 unit apartment building. Hightlights of the deal are below.  I am grateful and blessed for all the people which helped get this transaction completed. @Nick Tarlton thanks for being a great partner and friend on this deal and looking forward to our next one we get done. @Michael Magno my agent this is our 2nd deal closed together(that's 11 doors in 9 months) and many more to go. As always thanks for being accessible and being my eyes in market. Anyone looking for an experienced agent Michael will take care of you. To my lender @Edwin Glaude with Bavex lending, we cut it close on closing but thanks for getting it lined up to close on time. Anyone looking for a good lender who's knowledge and can provide great terms contact Ed.  

9 unit apartment building consisting of four 1 bedroom 1 bath and four 2 bedroom 1 bath and 1 studio. 100% occupied, value add opportunity as some units will need to be lightly updated (carpet, paint and appliances) Rents are under market and will have the ability to increase rents right away.

Purchase Price- $325,000

Cash Invested- $84,000

Monthly cashflow- $1,500

Location- Akron, Ohio 

Post: Cleveland multi family investing in good neighborhoods

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

@Norense Iyahen the PM I use is @Nathan Fisher with Aligned Properties Group for my property. He has been good to work with, and is very responsive. 

Post: Cleveland multi family investing in good neighborhoods

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

It all depends on where you invest. I am an out of state investor by I am from Cleveland and know the areas where I comfortable. Rents can range anywhere from $650 to $900 in the city but again the Cleveland area is pretty large with some diverse neighborhoods, so you have to be sure what you are looking for. As the others have mentioned you need to have a hands on PM and know that if the property is not rehabbed you will need to do some light rehab work. 

Post: First Duplex Purchased - Cleveland Ohio

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

@James G.

Yes there were closing but with the seller credit I didn’t bring anything to closing other than my down payment. Some repairs need to be which will need to be made but nothing major. Those cost will be under $3k

Post: Need to put capital to work but can't find deals!

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

@ Steven Wilson

I haven't found any 5+ value add units yet in the Cleveland market. 

Post: Need to put capital to work but can't find deals!

Thomas McTierPosted
  • Investor
  • Charlotte, NC
  • Posts 33
  • Votes 25

@ Sherry McQuage

I'm open to looking in those markets as well. I'll send you a connection request so we can discuss further.