All Forum Posts by: Gary Lipsky

Thanks @Cade Olof. We've purchased 3 more in Tucson in the last year and will continue to buy 100+ units in the area. Always looking for off market opportunities.

Investment Info:

Large multi-family (5+ units) fix & flip investment in Tucson.

93 unit value add property. Converted from student housing to multifamily

What was the outcome?

Increased NOI 71% based off the T6! Converted from student housing to multifamily.

Investment Info:

Large multi-family (5+ units) fix & flip investment in Tucson.

176 units, value add property

What was the outcome?

Increased NOI 25% in 9 months and property's value has more than doubled in the first year!

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Office conversion to multifamily project. Creating 40 units from existing build and constructing new building with 64 additional units.

Investment Info:

Large multi-family (5+ units) fix & flip investment in Tucson.

42 units, value add property

How did you add value to the deal?

Re-branded, new paint and interior renovations

What was the outcome?
Raised rents 7x in 17 months. Sold in under 2 yrs at 6 year projection!

Investment Info:

Large multi-family (5+ units) fix & flip investment in Phoenix.

Increased rent 43% and NOI 56% and sold at the 5 year projection in under 2 yrs!!

How did you add value to the deal?

Re-brand, full exterior paint, interior renovations, added amenities

What was the outcome?

2x multiple, 56% IRR and sold at the 5 year projection in under 2 yrs!

Great first event last week with over 30 attendees!

I found this really interesting opportunity in Sacramento. It's a 24 unit that has a HUD master lease with about 2.5 years left on it with another 2 yr mutual option. The property doesn't need much work and the cap rate is 6.8%. I know the worst case scenario is that in 2.5 yrs they don't renew and I'm left with an empty apartment building that I need to lease up. However, it seems that there is a great need for this housing and HUD pays well with one check. Anyone have any experience with this? Thanks in advance for your insight.

I'm a value add buyer so when people say run the numbers it isn't just cash flow.  Where does the opportunity lie the most?  Can you buy a fixer and either do the work or hire others to do it to maximize your dollars and refi out?

I've had it for my house but for my town home the numbers didn't make sense.  If you don't get insurance, then make sure you are disciplined enough to build up reserves every single year.  An earthquake will happen at some point and there will probably be some kind of bail out but that could take some time to get money and it won't cover all of your losses most likely.