All Forum Posts by: Cody Journell

@Corey Conklin this right here man. Hit the nail on the head I am in total agreement.

@Tim Baldwin these are all great much appreciated!

@Jeremy Hart thank you sir hope all is well!

@David S. Nashville and surrounding areas are certainly growing. However it has been a boom in construction so I’d say your concerns on overdevelopment or too many units in certain areas being valid. Would need to know more about the project but fairly confident in that market myself.

@Linda Roberts I second the above. From a property management co owner we don’t need any reason not to renew someone’s lease. If they do inquire we just say we have plans for an extensive reno or the owner is requesting the unit emptied. If you have the clause we use in your lease we are able to give 60 days notice of cancellation after a certain period of time.

@Chris Williams if these are your goals you’ll want to stay as lean as possible with staff and expenses. Find the right 1 or 2 people to either partner with or employ, then scale small but keep it all.

@Eric James this is where I'm focusing my efforts too. Here in VA there are a lot of very deep value or abandoned multifamily buildings. Seems like they're too big for the average joe to deal with and too small for the big boys. Still great equity and cash flow!

@Angela Hudson are you interested in Austin only?

Does anyone have a good resource for some sort of turnaround plan or success plan they have put together as essentially a business plan for a multifamily property? I have my own template we use for clients that need us a to do a full turnaround. But am eager to see if anyone is willing to share their format?

Anything helps thanks!

Our first DEEP value add multifamily project here in Radford, VA just stabilized and refinanced out of the 12 month construction loan. 6 unit apartment building all 2x1 near Radford Campus. It was our first multifamily project and we did a full rehab. Not only did the investment side work out but it was also the first apartment building our property management company has done a full lease up on. They brought in leases over the budgeted rents and did it just in time for the end of the term. Couldn't be happier with every team member involved. Have already started #2!! @GravityPropertyManagement

Purchase: $310,000

Rehab: $350,000

Gross Income Annualized: $100,800

Appraised Value Post Stabilization: $1,010,00

Cash Out 70% LTV: $700,000