All Forum Posts by: Tanner Thibodeaux

Investment Info:

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

Purchase price: $325,000
Cash invested: $168,000

In the middle of this one!
Looking for overall advice or referrals to potential lenders (conventional or private) and would consider long-term partnership

Owe: 218K
Current est value as is: $550k

Consist of
- 5 unit townhome building (gutted/ready for remodel)
- 8 unit mobile home park (clearing units)
- 1 SFR
- 0.87 development lot

Needed to complete entire deal including payoff: $750k
Est ARV: $1,500,000

Have begun the project, but need some help getting it over the finish line!

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

I love the mixed-use potential of the properties in the multi-family, mobile home park, SFR and development lot all in one.

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

Found it on the MLS and snatched it up in 2022, negotiated 70k off asking.

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Full gut and remodel of interior of SFR (tons on interest to rent so haven't updated exterior), fully gutted 5 unit so far and have begun taking old mobile homes off for replacement

Investment Info:

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

Purchase price: $325,000
Cash invested: $168,000

In the middle of this one!
Looking for overall advice or referrals to potential lenders (conventional or private) and would consider long-term partnership

Owe: 218K
Current est value as is: $550k

Consist of
- 5 unit townhome building (gutted/ready for remodel)
- 8 unit mobile home park (clearing units)
- 1 SFR
- 0.87 development lot

Needed to complete entire deal including payoff: $750k
Est ARV: $1,500,000

Have begun the project, but need some help getting it over the finish line!

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

I love the mixed-use potential of the properties in the multi-family, mobile home park, SFR and development lot all in one.

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

Found it on the MLS and snatched it up in 2022, negotiated 70k off asking.

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Full gut and remodel of interior of SFR (tons on interest to rent so haven't updated exterior), fully gutted 5 unit so far and have begun taking old mobile homes off for replacement

Investment Info:

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

Purchase price: $325,000
Cash invested: $168,000

In the middle of this one! Looking for overall advice or referrals to potential lenders (conventional or private) and would consider long-term partnership

Owe: 218K
Current est value as is: $550k

Consist of
- 5 unit townhome building (gutted/ready for remodel)
- 8 unit mobile home park (clearing units)
- 1 SFR
- 0.87 development lot

Needed to complete entire deal including payoff: $750k
Est ARV: $1,500,000

Have begun the project, but need some help getting it over the finish line!

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

I love the mixed-use potential of the properties in the multi-family, mobile home park, SFR and development lot all in one.

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

Found it on the MLS and snatched it up in 2022, negotiated 70k off asking.

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Full gut and remodel of interior of SFR (tons on interest to rent so haven't updated exterior), fully gutted 5 unit so far and have begun taking old mobile homes off for replacement

Investment Info:

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

Purchase price: $325,000
Cash invested: $168,000

In the middle of this one! Looking for overall advice or referrals to potential lenders (conventional or private) and would consider long-term partnership

Owe: 218K
Current est value as is: $550k

Consist of
- 5 unit townhome building (gutted/ready for remodel)
- 8 unit mobile home park (clearing units)
- 1 SFR
- 0.87 development lot

Needed to complete entire deal including payoff: $750k
Est ARV: $1,500,000

Have begun the project, but need some help getting it over the finish line!

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

I love the mixed-use potential of the properties in the multi-family, mobile home park, SFR and development lot all in one.

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

Found it on the MLS and snatched it up in 2022, negotiated 70k off asking.

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Full gut and remodel of interior of SFR (tons on interest to rent so haven't updated exterior), fully gutted 5 unit so far and have begun taking old mobile homes off for replacement

Investment Info:

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

Purchase price: $325,000
Cash invested: $168,000

In the middle of this one! Looking for overall advice or referrals to potential lenders (conventional or private) and would consider long-term partnership
Owe: 218K
Current est value as is: $550k

Picked up a group of properties a few years ago and construction started, but delayed. Hoping for some feedback from the community on suggestions for next steps.

Properties included below:

5 unit commercial building (already rezoned for mixed-use residential)
Currently gutted and ready for remodel
Will be constructed for one bedroom apartments
$850/each totaling $4250/month
Quotes for remodel are $240k

8-unit mobile home park directly behind the 5 unit building
Complete tear down and overhaul - 2 units removed and 6 left for tear down
Current plan is to bring in (5) 3x2's, (2) 2x1's and (1) 1x1
Total income after completion are $9350/month
Current quotes for overhaul and new units are $268k

1 SFR
Has completely renovated interior
Last appraisal $110k
Rents for $1200/month

Total projected rev: $14,800/month

Also have a 0.87 acre vacant lot ready for development (or sale to neighboring facility for parking)

Current lenders don't love the mobile home park until it's done for refi and numbers alone on the 5 unit aren't as appealing without the rest of properties if kept under one umbrella.....

Any feedback appreciated! Will upload pics soon

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

I love the mixed-use potential of the properties in the multi-family, mobile home park, SFR and development lot all in one.

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

Found it on the MLS and snatched it up in 2022

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Full gut and remodel of interior of SFR (tons on interest to rent so haven't updated exterior), fully gutted 5 unit so far and have begun taking old mobile homes off for replacement

Quote from @Joe S.:

Quote from @Tanner Thibodeaux:

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $118,427
Sale price: $178,000

First flip! Was a great learning experience, especially when it came to design and quality of final materials based on surrounding market. All cash deal, which also taught me the value of exploring partnerships and OPM! Ended up overdoing it, which threw off my initial thoughts of buy and hold rental.

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

It was (and still is) a growing market and I was interested in taking on a heavy rehab, so when this opportunity popped up the timing made sense.

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

This came up on a gov foreclosure and due to the heavy amount of work most people passed on it, allowing me to save quite a bit on purchase price, albeit low to begin with.

How did you finance this deal?

Cash.

How did you add value to the deal?

Full gut. Opened up floor plan, expanded master bedroom, HVAC replaced window units, fenced in yard separating two lots, complete replacement of electrical, added gravel drive and all new materials inside in terms of flooring, appliances, fixtures, etc.

What was the outcome?

Spent too much money and shaved a ton off of final profit margin, but end result was great and learned more than I could imagine.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tracy Spencer with Metro Realty in Little Rock, AR is a top-notch broker who has his thumb on the pulse and can be a huge asset for investors and homeowners alike.

 Awesome!!!!

I’ve been tempted more than once to start investing in Arkansas simply because I like the area so much and I have family that still lives in Arkansas. Boots on the ground and being able to manage contractors far off is what has held me back so far. 

 You should consider it! I own a company supplying flooring and cabinets to contractors by day, so I've starting using my contractor customers on my projects. If you need any referrals on great contractors just let me know and I'd be happy to introduce you. Would put my name behind their work. 

 Thank you! Central AR certainly seems to have more opportunities popping up day by day. 

 I actually do have something in the works I could possibly use some help on - 13 total units I bought a few years back and looking to start construction on now if you want to connect. 

 Lot of solid opportunity here! Actually bought my first house in North Arlington and did a two year live in "flip". Love the DFW area as well.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $118,427
Sale price: $178,000

First flip! Was a great learning experience, especially when it came to design and quality of final materials based on surrounding market. All cash deal, which also taught me the value of exploring partnerships and OPM! Ended up overdoing it, which threw off my initial thoughts of buy and hold rental.

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

It was (and still is) a growing market and I was interested in taking on a heavy rehab, so when this opportunity popped up the timing made sense.

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

This came up on a gov foreclosure and due to the heavy amount of work most people passed on it, allowing me to save quite a bit on purchase price, albeit low to begin with.

How did you finance this deal?

Cash.

How did you add value to the deal?

Full gut. Opened up floor plan, expanded master bedroom, HVAC replaced window units, fenced in yard separating two lots, complete replacement of electrical, added gravel drive and all new materials inside in terms of flooring, appliances, fixtures, etc.

What was the outcome?

Spent too much money and shaved a ton off of final profit margin, but end result was great and learned more than I could imagine.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Tracy Spencer with Metro Realty in Little Rock, AR is a top-notch broker who has his thumb on the pulse and can be a huge asset for investors and homeowners alike.