All Forum Posts by: Caleb Bryant

@Tim Hendricks @Evan McCuen have some specific input on these areas?

Looks like I’ll be showing up. Excited to connect! 

@Samuel Fletcher Hardy what specifically are you looking for in Florence? I get leads there all the time but don’t have buyers there

@Nick Cantey thanks for the tips!

@Derek Tellier Let's definitely connect. I'll be in town on the 6th for a multifamily meetup and also on the 21st for another meetup I found on meetup. com. Not sure if you have my contact info or not but you can shoot me a dm on here or FB

@Cody Martin 20k/door overpriced imo, or more, but that doesn’t change the fact that someone will overpay. I’m usually shooting for cash flow though so my model is probably different than the type of people buying these

@Nadia Brouillette the problem with some of the appreciation numbers thrown in here is they are all based on the past. Before the new jobs announcements, before the last 2 years insane growth. It will never be California level appreciation here but a couple things to not: Huntsville has had the second highest rental growth (second only to Phoenix). It was the number one market for hotel investment in 2019 (second was San Fransisco). Supply is low and demand is high, and it will be for several years as Huntsville is projected to overpass Birmingham for most populous city in AL. Non of that was factored in to the “past numbers.” I’ve been investing here for 3+ years and in just that timeframe it has become a red hot market. Love the house hack idea btw, I have done that by renting out rooms, pretty cool not having to pay to live somewhere!

@Stefan Abel owner had to return money to a fund so he had a timeline. We have a lot of experience in that sub market and he knew that it’d be hard to sell to non local people quickly because they only like the strongest sub markets like Vestavia Hills, Hoover or Homewood. That and my partner’s negotiating skills probably had something to do with it too haha. The other property was in an easy sell sub market and we didn’t want to come up to his price (which he will totally get if he hasn’t already)

@Sha Harris thank you! You’re in a good place for investment!

Hello East Tennessee BPers, I wanted to jump on here and ask what everyone's favorite networking events in Knoxville, Tennessee are. Is there a REIA you recommend? A meetup . com group? A BP meetup? I just picked up a place in the area and want to get to know the local investors. My goal is to do the same things I'm doing in Huntsville, Alabama in Knoxville in 2020. That includes some wholesaling, lease options, potentially apartments (it's all about finding a true deal in this space), BRRRR's, building a team and more. Looking forward to connecting!

Investment Info:

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

Purchase price: $3,355,000
Cash invested: $240,000

104 unit purchased in West End, Birmingham, AL. 93% occupied upon purchase, lot's of Capex done by previous owner. Mostly a momentum play picked up at a discount, but operational upside and some rent growth available to capitalize on as well.

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

The fact that it already made money. 93% occupied on acquisition, so not many units to immediately turn and plenty of operational upside.

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

Found off-market through a broker relationship. We convinced the owner to sell us this property and another out of his portfolio at a discount, while he went on to put several other properties on the market at retail value.

How did you finance this deal?

Private money to close front end, will refinance within 6 months into a longer term product

How did you add value to the deal?

Operating the property more effectively by sharing resources and personnel from other nearby properties we own. Rent bumps, light turns (Vinyl floors, counter tops, paint, tile in bathrooms), RUBS

What was the outcome?

Just acquired in November so it is an on going process. Happy with the rent collection so far.

Lessons learned? Challenges?

This was a simple transaction with the exception of a few things that can't be accounted for, like our lender having to evacuate their building due to a wildfire causing the financing to be late.