All Forum Posts by: Chris Collins

I’m about to go under contract on a deal in the city of LA. It’s a 4-plex with month-to-moth leases in place with well below market rents. The seller insured me that he can deliver the building vacant at COE, which would allow me to mark rents to market without buying out any tenants.

What should I be concerned about here owning a rent controlled property if I can raise rents after doing a rehab by 50% in year one. Obviously, we have to be careful about CPI adjustments but what am I missing?

Appreciate everyone’s help here.

The general rule here is 10%+ post closing liquidity and a 1:1 net worth. Most banks will want to see 2-3 months of seasoning as it relates to your personal liquidity. 

Hi All,

My group is looking for 4-8 unit multi-family properties in the Kansas City area. With that comes the need for a good property manager. If anyone on here is managing properties in the market, own and have a good recommendation, or are currently handymen/handywoman at a property and looking to take the next step, i'd be happy to connect.

PM me if you have any suggestions. We will be out in the market later this month. We plan to set up meetings and need to meet with a few local banks.

Thanks,

Chris

Patrick - The Blackstone group is a well oiled machine that participates in many different facits of real estate ranging from apartments to hotels and even mobile home parks. They have teams focused on each asset type that are constantly speaking to brokers in target markets looking for deals that meet their investment criteria. 

A few months ago I met with their head of MHP acquisition team in Las Vegas at a conference and they are not doing anything different from you or anyone else on BP. The advantage BSG has it that they are so well capitalized. That is their advantage to winning deal and executing their buy, fix and sell business plan. 

One of my colleagues does a lot of their debt business and they’re a great company to work with. I like to study them and the Irvine company. 

I am also looking for a stellar property management company to interview. Maybe you all know of a few I could approach.

I'm looking to go under contract on an 8-unit and 20-unit MF deal in the Cleveland area. Does anyone have a recommendation on a bank that will lend to someone out of state?

I’d be interested as well. Early July maybe? 

My company sells performing and nonperforming notes. I can put you on our blast list when we have new supply going out if you’d like. One of my colleagues offices out of NYC. Let me know

I know a few groups in San Diego who’ve been successful in redeveloping post office properties into apartments. Good investments if it’s in a nice part of town.

Curious to know if any of you out there will be attending MHI next week. Would love to set up some meetings. I will be there Wednesday and Thursday. If you haven’t heard of this conference it is one of the larger manufactured housing conferences in the country. You will be able to connect with some of the largest management companies, mobile home distributors, brokers and other owners. Worth the trip and the money to attend. Let me know and we can meet up. Chris