Central AR Group of Properties

[Tanner Thibodeaux]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $325,000
Cash invested: $168,000

In the middle of this one! Looking for overall advice or referrals to potential lenders (conventional or private) and would consider long-term partnership
Owe: 218K
Current est value as is: $550k

Picked up a group of properties a few years ago and construction started, but delayed. Hoping for some feedback from the community on suggestions for next steps.

Properties included below:

5 unit commercial building (already rezoned for mixed-use residential)
Currently gutted and ready for remodel
Will be constructed for one bedroom apartments
$850/each totaling $4250/month
Quotes for remodel are $240k

8-unit mobile home park directly behind the 5 unit building
Complete tear down and overhaul - 2 units removed and 6 left for tear down
Current plan is to bring in (5) 3x2's, (2) 2x1's and (1) 1x1
Total income after completion are $9350/month
Current quotes for overhaul and new units are $268k

1 SFR
Has completely renovated interior
Last appraisal $110k
Rents for $1200/month

Total projected rev: $14,800/month

Also have a 0.87 acre vacant lot ready for development (or sale to neighboring facility for parking)

Current lenders don't love the mobile home park until it's done for refi and numbers alone on the 5 unit aren't as appealing without the rest of properties if kept under one umbrella.....

Any feedback appreciated! Will upload pics soon

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

I love the mixed-use potential of the properties in the multi-family, mobile home park, SFR and development lot all in one.

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

Found it on the MLS and snatched it up in 2022

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Full gut and remodel of interior of SFR (tons on interest to rent so haven't updated exterior), fully gutted 5 unit so far and have begun taking old mobile homes off for replacement