All Forum Posts by: Rich Weese

It looks like I waited too long to congratulate the rich guy.... I'm Rich too.

"Rich" Weese

I also saw a new building near Pine View with a gigantic concrete multi level parking structure. Not sure if condos or apts.  Just finished visiting Pine View and Princeton and am at the airport. Very pleased with where we are on all 3 buildings. Going to keep Pine View into late 2016 at least. I'm sure you're doing well. 7 more years on any of my properties loans or longer. Pretty fat and comfy.

Do well.

Rich

I should start another post on additional property to show I'm not just hung up on Garland.

In May and June, I bought 2 more sizeable properties:

128 units in Grand Prairie.  All kinds of development coming to immediate area (1933 Freeway Rd.)Ikea, Walmart and more. I guess another "LUCKY" choice. I had to do a complete exterior redo. Rents were 88K in Feb of this year. These are large units, built in late 60's and completely transformed on the exterior and grounds. Market rent is $99,665 per month with collectibles currently at 90K. This is up from 80K upon acquisition and hopefully headed into high 90's within the next quarter. Tree top is the name

164 units in Mesquite- This was another rough property and a Fannie mae assumption. YUK. Rents have gone from 92K to 103K in Sept and hopefully on our way to the current market rent of $109,512. It has been a rapid increase but a lot of work cleaning house, making policy changes etc. Exterior still has a long way to go but trying to tap the Cap Ex funds being held by Fannie (nearly 200K) We also negotiated as part of the deal to take over an insurance claim from a year ago. I'm hoping to hit another home run on the settlement(like Pine View). 

As I've always said, I truly believe these options are available to everyone, but you need to look around and extend your areas of interest. I've bought over 1000 sfrs and thousands of apartments in 7 different states over my career.  Most would be concerned about being out of area owners, but I have been ok with that. 

Class "C" has been ok for me, but as Jon said, I have also built brand  new in 4 different states. I'll keep posting updates in the future on these investments

Rich Weese

I guess I should pitch in with an update. I'm actually in Dallas for 2 days meeting with managers, banker etc. My Garland Property is doing very well, thank you. As Jon stated way back, property was grossing 90K per month. In April, I increased gross rents to $99,320 per month and collected rents  (including Misc. income) was 94 in April and May, 96K in June, 99K in July and  101K in Aug. and 102K in Sept. This represents a 10%+ increase. The good news is we are 98%+ occupancy and rents are STILL low. We did a comp yesterday of 17 buildings within immediate neighborhood and rents will be raised again by another 5% (approx) before end of year.

I have MANY Brokers wanting to present the property to interested parties, but I'm not ready quite yet. They are pretty much at the 8 million price. I paid 4million + in late 09. I believe I'll be selling the property in 16 for DOUBLE my price paid. I put 1.3 million down and should "net" approximately 5.5 million on sale. I'm VERY happy with my 400% return on my investment (not counting the million + cash flow over the time of ownership). 

As i stated in my Book, and on many posts here on BP, I've been very "LUCKY" on picking locations and areas. Garland has certainly been one of those. The Garland community center was built directly across the street after acquisition. Property is a cash machine and located on Walnut if you want to see a great "C" property.

Rich Weese 

I believe in doing both, as long as you do them in the right order. I still have a 10 year old car. It just happens to be the same 2005 Hennessey Viper that I've owned for all 10 years. I did add a Paxton supercharger to it six months ago when the little Corvette finally came out with 650 horse. With my supercharger and the Hennessey venom my car pulled 771 hp at the rear wheels in cool weather. It is still free and clear, as are most of my single-family residences I own. I do have almost 500 units of apartments now, and I do have loans on all of them.I agree it makes no sense to own an expensive car if you can't pay cash for it without upsetting your investment strategy.

Rich

Andre Green,

I'm still waiting for a reply from you on what you jumped into! You said you would do that. Nearly a year ago and I have received nothing. I thought you were motivated to get going and I hope that is the case. As I stated before, update me and let me know what you have been doing.

Update

Bill Lange is in Federal Prison (FCI Terminal Island) for 20 years with NO possibility of parole and March 18, 2034 release. I'm glad he gets a penalty for screwing so many people.

Rich

Mike McKinzie-This will be first property for me in Mesquite although I've owned a lot of properties in other cities around Dallas and Fort Worth as well as San Antonio and McAllen. It is still hard to go wrong in Texas.

Thanks for the prop on my Book. Glad you enjoyed it. Was it a Kindle? I don't remember signing a copy for you and I always do that.

Azeez K-Thank you and your cash flows sound great. Good luck.

Rich

update – just today received approval for Fannie Mae loan assumption on 164 units in Mesquite, Texas. What a pain in the *** that has been, but I think it will be well worth it. Still looking for one more unless I decide to sell my 154 unit building in Garland. If that were to occur, I would be looking for an additional 300 to 500 units. It is hard not to be enticed by the increase in equity on my building in a short number of years. Obviously, if my building has gone up in value, so has everything else. I still love Texas!

Rich

Albert Bui- brilliant minds must think alike! Your list looked like the path I travelled to get where I am today.

Rich