All Forum Posts by: Trey Nixon

@Casey McCoy

We have been through every model you can think. We are nearly to 50 doors and buying a 28 unit apartment complex next month. We have finally found a property management company that we work well with! Don’t waste your time trying to manage your own rentals and grow! Bite the bullet and find the best management!

@Jaysen Medhurst

Total typo.... $175k left on note. I like option 1. That’s the way we are leaning towards. Squeeze the juice now and reap the benefits of having the asset.

Thank you!!

Hello, 

Seasoned professional investor in the Augusta GA area.  Recently acquired a 20 unit apartment Complex, fully vacant.  Incredible in-place long term seller finance terms (awesome!).  The deal was 24 units, and one of the buildings burned down the other night (no one hurt).  I was about to sell the property instead of keeping it, until the insurance company gave me an estimate of what I would get for cash value on the building.  I purchased all 24 units (6 buildings) for $200K ($20K down, 7%, 30 year am, 5 year balloon, 475K left on note).  Since acquiring for such a good price, I was going to exit my position and sell to some colleagues of mine that focus on apartments locally.  

Since the fire, they have left the deal and I am now going to keep it.  I am looking to raise about $400K to renovate all 20 units and lease up. I could self fund over the next 12 months, but would bleed my cash flow.  I don't want to take to a bank and give away my great first position financing, but I know I will most likely have to.  My attorney hinted at a syndication type deal (sell 15-49% equity stake and raise the money).  Exit strategy would be to lease up an keep for investment/cash flow, etc, or lease up and season and sell to larger investor (fund, etc).   $1.2M sale would make a cap rate around 10% with estimated rents and total investment.  Any suggestions on what to do to raise the $300-$400K to renovate the entire project without giving up my 1st position financing in place and without giving up equity?  Also, I am located in one of the fastest growing medium markets in the country, Augusta GA.  Thanks in advance.  

Trey Nixon

www.nixonhouses.com

I am approaching 20 rental properties and am about to start looking to hire some management help. We created our own management company, we use Buildium as our management software (we do online apps, leases and all tenants pay online). I have “vendors”, contractors HVAC, etc all lined up as we are flippers too. We plan to grow the the rental portfolio exponentially over the next 18-24 months 45-60 houses. My question is, I need to hire some help with property management. I am making a list of what I do that I need help with. I know I want them to be proficient in Buildium, or at least trainable. What to pay? How many days a week, etc. We have a Commercial location w/warehouse and office space. Just looking to pull from experience on here from others who have scaled. Thanks Trey Nixon

Hey BP, I have looked through several posts and know this topic is covered, but I could not find anyone that was dealing specifically in the state of GA.  Looking to provide seller financing for one of my flips here in GA.  I am interested in a loan servicing company (servicing GA) that will do all the payments, tax forms, and escrow for taxes/insurance (I want to be hands off).  I have done some research, but always interested in what the BP community has to say.  FYI: the deal: purchased property for $32,500, put $40K into the house, sold for $104,900.  Buyer has $40K to put down (i know, red flag, but she has horrible credit, a PHD on the county school board, and excellent references and we are looking for an exit strategy).  We sent her half a dozen "mortgage" options from 30 year fixed to 20 year amortized with balloon at 5 year.  House was done with cash so we are interested in the aspect of seller finance with this one.  Any recommendations for loan servicing companies?  Thanks!  

Joshua Dorkin I'm in, active duty in GA!

One of the most important members of your team you assemble for flipping is your closing attorney. Find one that does a lot of real estate deals, closings, etc. I have done a bunch of business with mine and they know I'm a repeat customer. They offer me cash closings for $450, which includes everything (title paperwork, contract review, etc). They are also investors themselves and have really helped me out with introducing me to other players that have helped me out. They have also called me and said, walk away from this deal and that was wise advice. Good luck!

@Paul Leason

We have found a few pockets of good areas in the south side of Augusta. This particular house was right off Rosier Rd in Augusta. 

I'm in Columbia county doing similar REI. Every Thursday the "tax sale" properties are listed in the paper, the Augusta Chronicle, under Sheriff Sales. The auctions happen in Appling for Columbia County and in town for Richmond county. Not sure these are good for flips because the 1 year buyback rule for the owner. I have a great attorney, contractors and real estate team here. Shoot me a message and I will give you my number and I can help you out.

@Jackelyn Gonzalez

http://tfv.co/dp1459760