My Radio Interview
I was interviewed on 1190 AM in Dallas on January 13 (the podcast says it was the 12th, but anyway). If you would like listen to it, go to www.lifestylesunlimited.com and at the top of the page go to "podcasts" it is listed as January 12 with Lynn Andris and Mac Lawson (me). Give me some feedback, positive or negative is all welcome.
Comments (2)
Chris, it came about through networking. I asked everyone I knew- wholesalers, flippers, contractors, attorneys, insurance agents and people not even involved in real estate for a big deal. I was referred by an attorney to a broker that represented an elderly widow (truthfully a slumlord) whose husband had put together this portfolio of houses some 20 years earlier. They had appraised in 2007 for almost $4 million and she had that number stuck in her head. I found a local bank that liked the deal and would back me, I offered $1.9 and she accepted. I then went back after I had my deal firmly secured with debt and equity and offered the seller $1.4 cash and a $500k note under whatever terms she wanted (I suggested 10% interest for three years paid all up front). She ulitimately didn't accept the revised deal, but I asked and almost got a late night no money down real estate deal! Me and my partners put up 500k and we spent a lot of money on the houses in 2011 (we bought in May 2011)- income may-dec $240,860 (we at the low water point had 22 vacancies) and (capital) expenses of $321,187 but we now have completed 22 full rehabs, fixed the rest of them and have 52 out of 52 leased... life is good and in 2012 income is stabilized and expenses are WAY down. The question you really want to ask is about the apt complex, which is even better.
Mac Lawson, over 14 years ago
I would love you hear the specifics of how you put that 44 house deal together
Chris Licavoli, over 14 years ago