tag:blogger.com,1999:blog-78006742024-03-06T20:52:00.849-07:00Shaun's Real Estate AdventuresHere is where I detail my adventures in real estate. It's meant for people who want to get into this investment area but need some encouragement, help, or just a general push in the right direction. Hopefully, by detailing all my experiences, you'll see it's really not that difficult or scary.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.comBlogger682125tag:blogger.com,1999:blog-7800674.post-64743262928955673142016-11-17T12:24:00.000-07:002019-05-11T09:11:49.176-07:00HOW TO GET OUT OF A BAD MORTGAGE?(This is a sponsored post...)<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMLnsA-UUKFrROS5HK9et2hpFfzt1_8QR04dC1VRH6rua4uoJPnwKPFyMm5IM29LuoDl-QF4jYsoJPMAXH9l0wNuei5n_dFMWnWXh_mdKurMmVv8UQkV2lairlBf30J_pItex5hg/s1600/house-435618_960_720.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjMLnsA-UUKFrROS5HK9et2hpFfzt1_8QR04dC1VRH6rua4uoJPnwKPFyMm5IM29LuoDl-QF4jYsoJPMAXH9l0wNuei5n_dFMWnWXh_mdKurMmVv8UQkV2lairlBf30J_pItex5hg/s320/house-435618_960_720.jpg" width="320" /></a></div>
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<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">HOW
TO GET OUT OF A BAD MORTGAGE? </span></b></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Mortgages are something we often fight
for. We’re looking around for the best possible mortgage we can get our hands
on, and then, when we finally have it, we can’t wait to get rid of it. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Yes, it may be one of the most obvious
examples of the paradoxical nature of finance, but here we are.</span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Mortgages are a great way to get into
the house you’re dreaming about for you and your family. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">However, finding a good mortgage deal
depends on the way we strike a deal with the lender or bank that grants us the mortgage.
If the mortgage is barely manageable, we might have a problem on our hands.</span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">A bad mortgage deal is not the only thing
that can get us down in the long run. Even if you get the best deal possible
and have a </span><a href="https://www.cafecredit.com/get-800-score/"><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">credit
score of 800 points</span></a><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">, you might fall victim to unforeseeable
circumstances down the line. The newest example being the housing crisis of
2007.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">What
is a bad mortgage?</span></b></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">The obvious answer to the question “How
to get out of a mortgage?” is to pay it off. However, if you find yourself with
a bad mortgage, this might not be so easy anymore. The phenomenon of negative
equity has taken over the consciousness of many homeowners in the US.</span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Negative equity occurs when the value of
an asset (in this case a house) is lower than the outstanding amount you owe on
the loan given to acquire the house in the first place. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">For example, you bought a house at a
price of $200,000 and that house is suddenly worth only $120,000, your negative
equity is $80,000. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">So, you still have to pay the whole sum
of $200.000 to pay off your loan, although the real value of the house is now
much lower.</span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">This is considered a bad mortgage
because you are not able to pay off the mortgage even if you decide to sell the
house. You would still owe $80,000 to the lender, which is probably not fair,
but, on the other hand, inside the boundaries of the law.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">How
to get rid of bad mortgages?</span></b></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">If you’re able to pay off the loan as
agreed upon, DO IT. This is the most obvious answer, but it is also the thing
that will keep you in the green once you’re done with it. However, if the
mortgage becomes unbearable, there are other solutions that you can use in
order to get rid of a bad mortgage.</span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Walk away from the mortgage. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Yes, you heard me. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Walk away from it, and let the lender deal
with the decreasing value of the property. This will of course force you to
leave that house, but if you see no alternative, you should be prepared for
this. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">However, once you decide to do this, be
aware that your credit score will go down by some 150 points immediately (</span><a href="https://www.cafecredit.com/free-credit-score/"><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">use CafeCredit.com</span></a><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;"> to check
your free credit scores instantly).</span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">This might do much more damage than
walking staying with the mortgage, as no other lender will ever look at you the
same way once you walk away from a mortgage you already signed.</span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">The second solution is maybe a bit more awkward
than simply walking away. TALK TO YOUR LENDER. See if there is a possibility to
refinance the whole thing so everybody gets something out of it. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">If a mortgage is granted due to be paid
off in 35 years, for example, maybe it can be refinanced to prolong it to 45
years, for example. </span></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">In the best case scenario, you might
strike a new deal with the lender, making it much more realistic in the current
context you’re living. You might not get the deal you would get if you’ve been
applying for a new mortgage, but at least you will take off some pressure from
your current situation.</span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">Conclusion</span></b></div>
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<span style="mso-ascii-font-family: Calibri; mso-hansi-font-family: Calibri;">In the end, it is always better to
strike a good deal, than to strike any deal. If a mortgage is not ideal,
there’s sometimes little you can do about. However, if a mortgage is absolutely
horrible, it’s better to be patient until a better deal comes along.</span></div>
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Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com1tag:blogger.com,1999:blog-7800674.post-41101249012094913242016-06-28T12:23:00.000-07:002016-06-28T12:23:02.156-07:00Interview with Trimark Properties, Gainesville Real Estate Developer(This is a sponsored post...)<br />
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCEjnZduUvQOqEhGwfdMMcfRCd5o5Wz4rGocNMjssGPYPvgH8QQpz1nuzDfReLbUdO1HPkDJtzhrlhSA4hvBfncv0i7J2Pms4Dxkw6v3kxZWzIOHTJeQMgtRwOjEaNT-TFF_RQlg/s1600/Matthew+Luedecke.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCEjnZduUvQOqEhGwfdMMcfRCd5o5Wz4rGocNMjssGPYPvgH8QQpz1nuzDfReLbUdO1HPkDJtzhrlhSA4hvBfncv0i7J2Pms4Dxkw6v3kxZWzIOHTJeQMgtRwOjEaNT-TFF_RQlg/s320/Matthew+Luedecke.jpg" width="228" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Matthew Luedecke - Commerical Real Estate Manager at Trimark Properties</td></tr>
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I’ve learned a lot about real estate investment in the last
few years, but it’s always helpful to speak with other people who are working
in the field. I recently sat down with Matthew Luedecke, Commercial Real Estate
Manager at Trimark Properties, and spoke with him about his real estate career
and how he got started in the business. He also shared some important advice
that I thought would be helpful for my readers.</div>
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<div class="MsoNormal">
<b>Thank you for doing this, Matthew.</b></div>
<div class="MsoNormal">
Thank you! I’ve been looking forward to this interview for
weeks. </div>
<div class="MsoNormal">
<br />
<b>Well, let’s jump right in. How did you get into the real estate business?</b></div>
<div class="MsoNormal">
I started as a leasing agent in the multifamily division at
Trimark Properties in Gainesville, Florida. I worked part-time while I was in
college, primarily renting luxury apartments in Gainesville like Sabal Palms
and Estates at Sorority Row to students attending the University of Florida.
Working with students to find housing was fast paced, and at Trimark, I had the
advantage of working directly with the development team and the marketing team,
so I was exposed to multiple sides of the business. The owners took me under
their wing and taught me about the financial side of the business as well. It
was a great start for my career.</div>
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<br /></div>
<div class="MsoNormal">
<b>Do you think that leasing is a good way for someone to
learn about the real estate development and investment?</b><br />
I don’t think that it would be helpful for everyone, since most leasing offices
aren’t set up the way that Trimark is. Most leasing agents work for a single
apartment complex that is separate from the company’s corporate office. In that
way, they are really limited. They aren’t trained on development or marketing,
they don’t develop strong sales tools, they aren’t given a lot of training on
the finance side. But at companies like Trimark, which works as both a real
estate developer and property management company, you really get a robust
training on all aspects of the industry, from conception and prospecting
through design and building, into marketing and launch, through sales and renewal.
You learn the investment side. I would certainly recommend others to try to
work for a company like Trimark, if they can find a similar set up.</div>
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<br /></div>
<div class="MsoNormal">
<b>What was your favorite part of working in the apartment
leasing side?</b></div>
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I really enjoyed leasing<span style="color: #1f497d;"> </span>Trimark’s
<a href="http://www.trimarkproperties.com/">apartments near UF</a>. Trimark
owns 22 apartment complexes that are within 2 blocks of UF, and there’s a lot
of demand for these apartments. They are very upscale, so I really liked the
apartments themselves, and it was easy to lease them, since I really believed
in the product. Obviously, it’s really easy to enjoy renting something that is
top of class: best location, best amenities, best floorplans, biggest
apartments. I also liked working with the development team for the <a href="http://www.trimarkproperties.com/apartments-near-sorority-row-uf/">apartments
near UF Sorority Row</a>. I worked at Trimark while they developed Solaria and
Tuscana, and those apartment complexes were steps from UF Sorority Row and catered
to students who wanted the absolute best. The apartments at Tuscana were
inspired by the architecture and landscaping found in the Italian countryside,
and the exterior of the apartment complex is really amazing. It certainly
doesn’t feel like other apartment complexes near UF—it has a formal lawn, two
large fountains, an entry arbor with grapes for making wine. It’s really in a
class of it’s own. Inside, the apartments had luxury amenities like granite
countertops in the kitchen, electric wine chillers, and oversized living rooms.
These aren’t standard apartments in Gainesville at all!<br />
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<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRxzsLLhoBZADVfyyDqVEFleNq_TZjUAJH4llT5X1GVRdNfsLl5z1wnuXGxb7_98cEXUjP5gARwlUNxXG9my83I17Gzdqa3pwtamX5jawYTel-APsqG2EWNmj4xKCJPiWX-F7MBQ/s1600/Photo2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="232" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgRxzsLLhoBZADVfyyDqVEFleNq_TZjUAJH4llT5X1GVRdNfsLl5z1wnuXGxb7_98cEXUjP5gARwlUNxXG9my83I17Gzdqa3pwtamX5jawYTel-APsqG2EWNmj4xKCJPiWX-F7MBQ/s400/Photo2.jpg" width="400" /></a></div>
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Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
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<b>How has your career grown over the years at Trimark?</b></div>
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I started working in the multifamily division, leasing
student apartments and then working with Trimark’s off campus <a href="http://www.trimarkproperties.com/dorms-near-uf/">luxury dorms for UF
students</a>. Trimark owns two luxury dorms, Windsor Hall and Ivy House. The
luxury dorms are very unique. They were the only private residence halls for
University of Florida students, and they were located very close to UF classes
and dining halls and Sorority Row. In many cases, Windsor Hall and Ivy House
are located closer to UF classes than the traditional on-campus dorms like
Beaty Hall and Broward Hall. After several years, I was promoted to Leasing
Manager for that division. It was very exciting and fast paced, in part because
we had so many rental units.</div>
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<b>I understand that you left Trimark for a little while and
then came back.</b></div>
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Yes, I left for around a year. Trimark reached out to me
about an opening in their <a href="http://www.trimarkproperties.com/gainesville/commercial-real-estate/">Gainesville
Commercial Real Estate</a> division, and they recruited me back from another
real estate broker in Gainesville, where I was mainly working with condo sales
and rental apartments. When Trimark recruited me back, it gave me the
opportunity to work with business owners who were looking to relocate their
companies. In that first year, I primarily worked with startups who wanted to
rent office space near the Florida Innovation Hub and small companies looking
for tech space in Innovation Square. Trimark was working on redeveloping a lot
of the commercial buildings around the Innovation Square Hub, within the
Innovation District. They had purchased several small office buildings near the
Hub, and they were renovating them and building Class A office space near
downtown, too. It was a busy time for the division.</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
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<br />
<div class="MsoNormal">
<b>What made you come back?</b></div>
<div class="MsoNormal">
I had always had a great interest in commercial real estate.
I was pursuing my license so that I could work as a commercial real estate
broker, so it seemed like a perfect fit. I knew that Trimark Properties built
the absolute nicest apartment in Gainesville, and they shared their vision for
building the nicest office space in Gainesville FL. I liked their team. I knew
that they had the capital to excel in the Gainesville real estate market. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>It sounds like you doubled down in Gainesville.</b></div>
<div class="MsoNormal">
I did. I really felt like my knowledge of the Gainesville
rental market was something that made me stand out from other brokers and
realtors. I knew all aspects of the real estate market in Gainesville, from
dorms to apartments to office space to restaurant space. I understood the
different benefits and tradeoffs for commercial space near Archer Road as
opposed to commercial space near downtown Gainesville. I understood the foot
traffic and drive by traffic. Also, because I worked in the Trimark multifamily
side, I have gained experience not only with commercial tenants, but with the
commercial tenants’ clients as well. I understand the end users that are
targeted by the commercial businesses that we work with. I felt that my
knowledge could really be an asset to clients and to Trimark Properties, when
they recruited me back. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b>What tips would you give to someone who wanted to get
into real estate investment, knowing what you know about student housing and
commercial real estate?</b></div>
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Well, I can’t give away all of Trimark’s secrets. (chuckles)
But I would certainly recommend that they work for a leading development
company first, before they start investing, if they have a chance, and I would
definitely recommend working with a company like Trimark, where they have
leasing services and property management in the same building as their
corporate office, so that you can get training on all aspects of the work.
Personally, I felt that getting my foot in the door by renting apartments in
Gainesville was really helpful, but I have to admit that I prefer the
commercial aspect of my job now. I really enjoy working in commercial real
estate. So I think that my best advice to people beginning their real estate
careers would be to get experience in all areas—rentals, apartments, marketing,
sales, commercial—and see what fits for you. If you can find a company that is
willing to invest in you and teach you about all aspects, like I found in
Trimark, that’s definitely going to yield some great returns for your personal
real estate investments later.</div>
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<br /></div>
Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com3tag:blogger.com,1999:blog-7800674.post-83501244649846974712014-08-05T13:54:00.000-07:002014-08-05T13:54:24.557-07:00My eBook is now available for the Kindle on Amazon!OK, I know <a href="http://shaunsre.blogspot.com/2014/07/closing-one-door-opening-another.html" target="_blank">last time</a> I said I was done updating this blog, but I just wanted to pass on one more bit of news: <br />
<br />
My eBook, which I was previously selling myself, is now available exclusively for the Kindle via Amazon!<br />
<br />
I've dropped the price down to <b>$3.49</b>. If you are a subscriber to <a href="http://www.amazon.com/b/?_encoding=UTF8&camp=1789&creative=390957&linkCode=ur2&node=9578129011&tag=shaunsrealest-20&linkId=Z2CEEISSB7MGE5T7" target="_blank">Kindle Unlimited</a>, the book is available for free as part of your subscription. If you are an <a href="http://www.amazon.com/gp/product/B00EW0FYA0/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00EW0FYA0&linkCode=as2&tag=shaunsrealest-20&linkId=TY7D4OVWEZDFS3QC" target="_blank">Amazon Prime</a> member, the book is available for free as part of that service via the Kindle Owner's Lending Library.<br />
<br />
<div style="text-align: center;">
<b><u><a href="http://www.amazon.com/gp/product/B00MG0RMBC/ref=as_li_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=B00MG0RMBC&linkCode=as2&tag=shaunsrealest-20&linkId=LVWQ6O5QOTGSNY46" target="_blank">A Flipper's Diary: Case Studies In Flipping Houses</a> </u></b></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="http://www.amazon.com/gp/product/B00MG0RMBC/ref=as_li_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=B00MG0RMBC&linkCode=as2&tag=shaunsrealest-20&linkId=LVWQ6O5QOTGSNY46" target="_blank"><img alt="http://www.amazon.com/gp/product/B00MG0RMBC/ref=as_li_tl?ie=UTF8&camp=1789&creative=390957&creativeASIN=B00MG0RMBC&linkCode=as2&tag=shaunsrealest-20&linkId=LVWQ6O5QOTGSNY46" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB50mPJ4hA82EN3sm8y7ybvBM7-pgIumNZQ6fo13zfEZEvw6fmq1m3pPHsePiulj87XuBN6wGqDg3Z72Pzs6MO9oO4EHWvHrjuJkUZMJ4A8aUSBoCw5iGquHaH1k8g_Ohv08uAtw/s1600/A+Flipper%E2%80%99s+Diary+Cover+screenshot.jpg" height="320" width="200" /></a></div>
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com3tag:blogger.com,1999:blog-7800674.post-19898387049711021282014-07-07T06:00:00.000-07:002014-07-07T06:00:07.844-07:00Closing One Door, Opening Another<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
With <a href="http://shaunsre.blogspot.com/2014/06/apartment-investment-final-analysis.html">the end</a> of the Houston apartment investment, I think it’s time to bring this
blog to a close. I’m still going to be investing in real estate, but it will
most likely continue to be via hard money lending and, quite frankly, blog
posts along the lines of “I made another loan” and “Another loan got paid off” don’t
really make for the most exciting reading. I am going to leave this blog up
though, because I think it provides some good reference material. I also am starting
a new project that puts into practice the lessons I’ve learned in REI. More
details on that at the end of this post.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
I started this blog almost exactly <a href="http://shaunsre.blogspot.com/2004/07/welcome.html">ten years ago</a>,
in the midst of the big real estate bubble. In those ten years, I’ve flipped a
couple properties, owned a couple rental properties, made dozens of hard money
loans, invested in a commercial property, and invested in an apartment complex.
So what did I learn from my ten year real estate adventure?</div>
<h4 class="MsoNormal">
Flipping / Rehabbing</h4>
<div class="MsoNormal">
Of all the real estate investing methods I’ve tried, flipping provided some of the <a href="http://shaunsre.blogspot.com/2006/08/house-3-final-results.html">biggest</a> <a href="http://shaunsre.blogspot.com/2005/10/final-results-and-post-mortem-for.html">returns</a>. And truthfully, I actually enjoyed it the
most. I really liked taking a property that was <a href="http://shaunsre.blogspot.com/2006/05/house-3-before-and-after-pictures.html">beat to hell and fixing it up</a>
so someone could live in it again.
However, rehabbing requires a lot of work, even if you aren’t the one doing the
actual rehab. You need strong planning and organizational skills. You need a
good handyman / contractor (or more than one). You need knowledge of the area
to make sure you buy in neighborhoods where you can make money. It helps to
have a good Realtor you can work with for all your deals and who will give you
a discount on commissions. It’s difficult, but not impossible, to flip
properties on the side while you hold another job. (That’s what I did.) It
helps if your job is flexible and you have the ability to take off at a
moment’s notice when <a href="http://shaunsre.blogspot.com/2006/04/house-3-burgled.html">emergencies arise</a>.
Flipping is a cash-intensive business and you need to have enough money
available to cover those <a href="http://shaunsre.blogspot.com/2005/03/aluminum-wiring-and-waiting-for-title.html">unforeseen problems</a> that always come up.</div>
<h4 class="MsoNormal">
Renting</h4>
<div class="MsoNormal">
Owning rental property was also fun. It’s nice having checks
mailed to you each month, especially when you have good tenants. The problem is
finding tenants that will mail you a check every month! Tenants that don’t pay
really suck the fun out of the process :-) Evictions are also no fun. I was
lucky to find a company that handled the process with minimal input from me
(and I never had to actually evict anyone – just threaten some tenants with
eviction), but even so, it’s one more thing you have keep track of and worry
about. Then there’s the property <a href="http://shaunsre.blogspot.com/2004/07/starting-cleanup.html">repair and clean up</a> after each tenant moves
out. It’s normal
and you plan for it, but it’s still work. Property management companies can
help with some of the details, but they <a href="http://shaunsre.blogspot.com/2008/09/details-of-rental-1-repairs.html">cost money</a> and never do things the way you would, nor do they seem to be as concerned
about expenses as you are. They can also be <a href="http://shaunsre.blogspot.com/2007/06/property-management-blues-part-2.html">quite unresponsive</a> if you only have
1 or 2 properties listed with them.
On the other hand, as a rental property owner, you get some nice tax breaks -
you can lower your taxes via depreciation write-offs and even delay taxes
indefinitely using 1031 exchanges. Still, being a landlord requires a good
amount of work, not the least of which is paperwork. It’s nowhere near as easy
as people like Robert Kiyosaki would have you believe. You’ll likely need to
hire an accountant if you own rental property, or at the very least, use one to
prepare your taxes to get the full benefits of the tax breaks.</div>
<br />
<h4>
Hard money lending
</h4>
<br />
<div class="MsoNormal">
This is my preferred method of real estate investing – I’ve
made over <a href="http://www.google.com/custom?domains=shaunsre.blogspot.com&q=Hard+money&sa=Search&sitesearch=shaunsre.blogspot.com&client=pub-0156592108618646&forid=1&ie=ISO-8859-1&oe=ISO-8859-1&safe=active&cof=GALT%3A%23FFFFFF%3BGL%3A1%3BDIV%3A%23336666%3BVLC%3AFFFFFF%3BAH%3Acenter%3BBGC%3A003333%3BLBGC%3A105C6C%3BALC%3A66CCCC%3BLC%3A66CCCC%3BT%3A90DCEC%3BGFNT%3A66CCCC%3BGIMP%3A66CCCC%3BFORID%3A1%3B&hl=en">30 hard money loans</a>.
It is perhaps the most passive way to invest in real estate. If you are doing
it on your own, the risk is inversely proportional to your knowledge: You will
need to become familiar with the real estate values in the areas you are
lending in. You’ll need to become proficient at estimating not just the current
value of a property, but what it will be worth after it has been fixed up.
You’ll also need to be good at estimating what it will cost to fix up, so you
can determine the maximum amount you will be willing to loan. You’ll need to
develop a network of reliable borrowers.<span style="mso-spacerun: yes;">
</span>If you can partner with others, as I have, you can mitigate some of this
risk by relying on their knowledge and experience. My partner and his
assistants do all the tedious work of property and loan analysis and he has his
own network of borrowers. He just presents me with the loan deals and asks if I
want to invest in them. (In return for his work, he gets an extra 3% of the returns.)
Hard money loans are typically short term, so your exposure on any one property
is brief, which is nice in a volatile market.<span style="mso-spacerun: yes;">
</span>But you have to be willing and able to foreclose, finish the repairs,
and sell the property yourself, should the borrower fail to pay. With hard
money lending, you give up pretty much all of the tax benefits associated with
owning rental property. On the other hand, you still get the joy of receiving
monthly checks in the mail. I'm continuing to invest in hard money loans and will likely continue to do so for years.</div>
<h4 class="MsoNormal">
Commercial property</h4>
<div class="MsoNormal">
I’ve only had one experience in owning <a href="http://shaunsre.blogspot.com/2006/07/next-venture-has-begun.html">commercial property</a> (not
counting apartment complexes) and it wasn’t a <a href="http://shaunsre.blogspot.com/2007/02/trouble-with-louisiana-project.html">good one</a>.
I did not lose money, but I did experience what it was like to deal with
partners whose investing objectives were not the same as mine. The property I
was invested in was being rehabbed and I was out of the investment before it
ever was completed, so I don’t know how things turned out. An advantage
commercial renting has over residential renting is that many commercial leases
are “triple net”, meaning the renter pays for all property taxes, maintenance,
and insurance. Commercial renters also tend to stay longer and sign longer
leases than residential renters.</div>
<h4 class="MsoNormal">
Apartments</h4>
<div class="MsoNormal">
<a href="http://www.google.com/custom?domains=shaunsre.blogspot.com&q=houston&sa=Search&sitesearch=shaunsre.blogspot.com&client=pub-0156592108618646&forid=1&ie=ISO-8859-1&oe=ISO-8859-1&safe=active&cof=GALT%3A%23FFFFFF%3BGL%3A1%3BDIV%3A%23336666%3BVLC%3AFFFFFF%3BAH%3Acenter%3BBGC%3A003333%3BLBGC%3A105C6C%3BALC%3A66CCCC%3BLC%3A66CCCC%3BT%3A90DCEC%3BGFNT%3A66CCCC%3BGIMP%3A66CCCC%3BFORID%3A1%3B&hl=en">Investing in apartments</a> is probably my second favorite method of real estate investing. To get into
this, you will most likely need to partner with other investors, so it’s
important to find ones that share your goals for the investment. Location, as
in all real estate investing, is the key here. The economy plays a huge role as
well. If the <a href="http://shaunsre.blogspot.com/2010/01/new-year-new-opportunities.html">economy tanks</a>,
as happened during my period of apartment investing, your apartment can go into
the red real fast. Depending on the length of the economic downturn, it can
take years for things to turn around and you may have to <a href="http://shaunsre.blogspot.com/2012/02/apartment-update-and-3-year-outlook.html">inject more money</a> into
the property to keep it afloat
until the economy recovers. You will also need a management company that knows
how to run and market apartment complexes - handling all the details of a large
apartment building is a full time task for several people. And, of course, they
will need to get paid as well, reducing your profits. Buying and selling
apartment complexes is also not as easy or quick as selling single family
homes, so it can be harder to bail out of an apartment investment if you need
to. Really, investing in apartments is more like investing in a business than
in real estate. You’ll quickly learn how to <a href="http://shaunsre.blogspot.com/2013/10/hml-28-paid-off-and-looking-towards-2014.html">read financial statements</a>, if you
don’t already know how. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
All in all though, I am convinced of the benefits of
investing in real estate. Besides the tax benefits to owning rentals,<span style="mso-spacerun: yes;"> </span>real estate is a unique investment in that
you can make improvements to a property to help you sell it or rent it at a
higher price and increase your ROI. That’s something you can’t do with stocks
or savings accounts. Real estate also provides more opportunities to invest
money in under-priced assets than investments such as stocks do. In real estate,
your money is made when you buy, not when you sell and lots of people have lots
of reasons for selling properties below market value. Real estate is also one
of the best vehicles for generating cash flow and ...</div>
<h4 class="MsoNormal">
Cash Flow Is King</h4>
<div class="MsoNormal">
The importance of cash flow is the biggest lesson I have
learned from all my real estate investing. You need positive cash flow when
renting property and you want positive cash flow when you invest your money. Ten
years ago, my idea of investing was to either put money in bank and watch it accumulate
pennies in interest or invest in stocks and hope the price per share went up
over time. Now days, I look for two things in an investment: the amount and
sustainability of the cash flow it gives me and the safety of my original investment
amount. Real estate investing, done properly and with careful analysis, is one
of the best options for maximizing both those criteria. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
My journey into real estate investing <a href="http://shaunsre.blogspot.com/2004/08/long-story-of-how-i-got-started.html">started</a> when I picked up a <a href="https://www.blogger.com/%3Ca%20href=%22http://www.amazon.com/gp/product/3442217784/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=3442217784&linkCode=as2&tag=shaunsrealest-20&linkId=MZJQM672FOFQR6SB%22%3ERich%20Dad,%20Poor%20Dad%3C/a%3E%3Cimg%20src=%22http://ir-na.amazon-adsystem.com/e/ir?t=shaunsrealest-20&l=as2&o=1&a=3442217784%22%20width=%221%22%20height=%221%22%20border=%220%22%20alt=%22%22%20style=%22border:none%20!important;%20margin:0px%20!important;%22%20/%3E" target="_blank">book by Robert Kiyosaki</a> a decade ago. I now see the flaws and
gross simplifications in his arguments and have, in some respects, outgrown
him. However, he did instill in me one important lesson on how to think like the
rich – I no longer look to buy things outright. I look for investments that
will give me cash flow that I can, in turn, use to buy things. I want my money to
work for me. If I buy some doodad outright, my money is gone. If I invest and
use the cash flow from that investment to buy something, I not only get that doodad,
but I still have the original principle for use later and can buy more things
with the cash flow it will continue to generate. That’s how to get rich – by buying
assets with your money instead of buying doodads.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Ten years is an eternity for a blog. Almost all of the other
real estate bloggers I used to read have <a href="http://shaunsre.blogspot.com/2010/12/whered-everybody-go.html">disappeared</a>.
They either got flushed out during the real estate crash or discovered that
real estate investing was harder than they thought and it is not a means to get
rich quick. I often wonder what they are doing now. Did they learn anything
from their experiments in REI? If they did, what was the lesson they learned?
Was it the same one I learned?</div>
<h4 class="MsoNormal">
The Next Project</h4>
<div class="MsoNormal">
My next project is one that will likely take several years
to come to fruition: I plan on buying a <a href="http://www.teslamotors.com/models" target="_blank">Tesla Model S</a> using only passive
income. Well, I’m planning on paying a 20% down payment but the overall goal is
to have a large enough passive income stream to cover my car payment. I’ll be
blogging about that, as well as general financial topics, at my new blog – <a href="http://roadtoatesla.blogspot.com/">RoadTo A Tesla</a>.
See you there!</div>
<div class="MsoNormal">
<br /></div>
Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com4tag:blogger.com,1999:blog-7800674.post-62745293166052346092014-06-25T06:48:00.000-07:002014-06-25T14:43:30.185-07:00Apartment Investment Final AnalysisFirst off, for those of you that were wondering, <a href="http://www.legacyatwestchaseapts.com/">this</a> is the apartment complex I was investing in. <br />
<br />
My distribution check arrived yesterday. I got the return of my principle and all of the accumulated interest since the last payment. Looking back in my records, I see that I <a href="http://shaunsre.blogspot.com/2009/01/apartment-update.html">received</a> <a href="http://shaunsre.blogspot.com/2009/04/march-updates.html">five</a> <a href="http://shaunsre.blogspot.com/2009/07/payments-coming-in.html">payments</a> <a href="http://shaunsre.blogspot.com/2009/07/payments-coming-in.html">in</a> <a href="http://shaunsre.blogspot.com/2009/10/double-update.html">the</a> first year after we bought the property, then nothing until now, as the economy soured and investor distributions were halted. So, if I've done my math right, factoring in those previous payments with what I received today, I earned an <b>annualized 9.05% return</b> over the 6 years that I was invested in the property. Another way to look at it is I earned a <b>55.05% total return</b>. That number may inch up a bit after the investment company is closed and the funds that were <a href="http://shaunsre.blogspot.com/2014/06/apartment-is-sold.html">held back</a> for expenses are released. (The number is slightly elevated from preferred 9% return because back in <a href="http://shaunsre.blogspot.com/2008/08/multi-1-producing-income.html">August 2008</a>, we earned some interest while our funds were sitting in the bank waiting for the initial purchase to be completed.)<br />
<br />
Our investment agreement with management specified that the investors receive a preferred 9% return. This means that, on sale of the apartments, all profits would go to the investors until they received an annualized 9% rate of return. After that, the profits would be split 50-50 with the investors and the management company we used (or 70-30 in the investors' favor if the property did not reach a specific ROI goal). When I first invested in the property, I did so with the intent that this was an investment <a href="http://shaunsre.blogspot.com/2008/01/my-first-investment-in-multi-unit.html">more for capital gains</a>, rather than the 9% return. Things obviously didn't go they way I planned in that regard, but that doesn't mean I'm disappointed. A 9% return is nothing to sneeze at - that is also the rate I earn right now on my hard money loans. Originally, I had hoped for a return in the 30% range and, had the economy not tanked, I think this was possible. Actually, with the way the property has been performing the last 9 months or so, I think if we held off on the sale for another year, we could have come close to that figure.<br />
<br />
So why did we sell now? The main reason was that the majority of other investors wanted to sell. They likely got sick of the lack of quarterly distributions. Additionally, the property was getting to the point where additional funds would be needed to add improvements and do an overall facelift of the buildings - similar to what we did when we bought it. That would mean another cash call to investors and I don't think people were willing to pony up more money. In fact, I know the new buyers are planning on spending about $1 million on improvements.<br />
<br />
For the sale, we had offers from two buyers. One was an unrelated party and the other was the current management company. The management company was the winner. I was a bit concerned about a possible conflict of interest here when I found out they were one bidder because, obviously, the management company knew the details of our investors agreement. This meant that theoretically, they could figure out exactly how much to offer to exactly meet our 9% return and not offer a penny more. Of course, it also meant that, due to the nature of the agreement, any amount they wanted to offer above that amount could basically be doubled - because they would get half of that amount back at closing due to the 50-50 split clause. This would make their offer much more attractive than another party's at a lower cost to them.<br />
<br />
But in the end, that wasn't why they won. They got the sale because they were willing to assume our loan. The other party was not going to do that. Our loan had a $1.5 million early termination fee, so the assumption saved us a ton of cash. It was also what delayed the closing for a couple months. We had to get approval from the lender for the loan assumption.<br />
<br />
All in all, I'm glad I made this investment. It was a great learning experience. Apartment investing is really more like investing in a business than real estate. I would definitely do it again in the future, but probably not soon. Right now, I'm more interested in cash flow and I think my hard money loans are providing a more consistent return.<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com1tag:blogger.com,1999:blog-7800674.post-49573069731412819062014-06-19T08:50:00.000-07:002014-06-19T14:43:37.820-07:00Apartment is sold!I received word that the sale of our apartment complex finally and actually <a href="http://shaunsre.blogspot.com/2014/06/apartment-sale-closing-again.html">closed on Friday</a>. Hooray! Our group of investors received net proceeds of $4.39 million on the sale. (Note this is net proceeds, not profits!) Four million of that is being distributed to us next week, with the rest of the funds being held back to cover any remaining company expenses that might come up during the closing of the company formed for the investment. Any funds left after that will then be distributed to investors. We made enough to cover our <a href="http://shaunsre.blogspot.com/2008/01/my-first-investment-in-multi-unit.html">preferred 9%</a> return.<br />
<br />
I'll post a more detailed analysis of the final investment returns once I receive the check. However, I'm also going on vacation next week. Even if I receive the check before I leave, I doubt I'll have time to do a write up before I go, so the final report on this investment probably won't happen until the beginning of July.<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com2tag:blogger.com,1999:blog-7800674.post-70954068435070701452014-06-13T12:48:00.001-07:002014-06-13T12:48:24.709-07:00Apartment Sale Closing (Again)As I mentioned <a href="http://shaunsre.blogspot.com/2014/05/apartment-sale-closing-in-two-weeks.html">last time</a>, the sale of the Houston apartment was supposed to close a week ago yesterday. I've been out of town until today and did not have anything waiting in my email or postal mail when I got back, so I sent an email asking for a status update. I heard from the manager about 5 minutes ago and the sale is supposedly closing today. I'm not holding my breath, but since the day is half over and I'm still being told it will close today, I am slightly more hopeful than I might be otherwise.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-87928658832357228172014-05-21T10:50:00.000-07:002014-05-21T12:29:45.741-07:00Apartment Sale Closing In Two WeeksIt appears the sale will be finalized now on June 5th. We have received approval of the loan assumption, which was what was <a href="http://shaunsre.blogspot.com/2014/04/march-apartment-update.html">holding things up</a> for the past several weeks. Management has said they are now in the process of preparing the closing documents for close of escrow on the fifth.<br />
<br />
Nice..This will close a few days before I head to Las Vegas :-)<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com1tag:blogger.com,1999:blog-7800674.post-66955181397520854252014-04-25T12:04:00.000-07:002014-04-25T12:05:50.024-07:00March Apartment UpdateIt's very late this month, but the March numbers for the Houston apartment complex have arrived. Occupancy remained at 96%. Total revenue rose to $204,000, up slightly from <a href="http://shaunsre.blogspot.com/2014/03/february-apartment-update.html">February's</a> $201,000. Total cash flow for the month was just over $23,000. This is the highest it's been this last <a href="http://shaunsre.blogspot.com/2014/01/delayed-november-apartment-update.html">November</a>, when it hit $25,000 and almost double what it was last month. Where did the extra money come from? Rent concessions were down about 40% over February and our apartment turnovers expenses dropped from almost $4,000 to about $700. Repairs and maintenance costs and utilities costs were also lower. The property is currently running about $49,000 ahead of the budgeted profit for the year. That's good news. It almost makes me wish we weren't selling it.<br />
<br />
Based on the numbers, it would appear the Houston area economy is turning around. Rent concessions are down, bad debt write offs have dropped, bad debt collection increased, and apartment turnover expenses dropped sharply (meaning people aren't moving out as much).<br />
<br />
Speaking of which, the closing date for the sale has been pushed back until mid-May for no other reason than the loan assumption process is proceeding more slowly than anyone thought. Management says all is going well and they don't foresee any material issues arising that might jeopardize the closing.<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-52553291519826391352014-03-31T08:38:00.001-07:002014-03-31T08:38:54.939-07:00February Apartment UpdateThings continue to cruise right along at the Houston apartment complex. Occupancy remained the same as <a href="http://shaunsre.blogspot.com/2014/03/january-apartment-update-and-hml-30.html">last month</a> at 96%. Total revenue was $201,000, a small decline over January's $204,000. Cash flow was a positive $12,000 for the month. The $6,000 drop in cash flow over January was due to our lender not collecting the appropriate amount for escrow. They need to collect a bit extra for a while, then the escrow amount will drop back to normal. The good news is that, even with the temporarily increase escrow collection, the property's cash flow is still $27,000 over budget. Granted, it's only the second month of the year, but that's a good sign.<br />
<br />
No word on the sale of the property, which I am taking to be good news. It's in escrow and things are, I assume, moving along without major problems. I believe it's scheduled to close escrow mid- to late- April.<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-24873562489765757252014-03-04T08:35:00.002-07:002014-03-04T08:35:32.173-07:00January Apartment Update and HML #30First off, my <a href="http://shaunsre.blogspot.com/2013/12/hml-30-started.html" target="">hard money loan #30</a> was paid off a couple weeks ago. This only lasted a couple of months.<br />
<br />
On the apartment front, occupancy was at 96% for January and the total revenue hit almost $204,000 - the highest ever. Cash flow was a positive $18,000 for the month. As mentioned <a href="http://shaunsre.blogspot.com/2014/01/december-apartment-update.html">last month</a>, there was a fire at the property around Christmas time. The insurance adjuster and an engineer have been out to examine the property but we have not yet received their report. The year is starting off well and with just one month under our belt, our income is already almost $17,000 over budget.<br />
<br />
Which brings me to the next point - the <a href="http://shaunsre.blogspot.com/2013/11/houston-apartment-up-for-sale.html">possible sale</a> of the property. It's looking good so far. The buyers have completed their inspections and the bankers are now working on going through the process of getting the buyers approved to assume our loan. Once that is done, the sale can progress. At least point, we are estimating a close of escrow around the middle to end of April.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-39865912333278141362014-01-28T08:29:00.000-07:002014-01-28T08:29:13.306-07:00December Apartment UpdateThe December numbers just came in. Occupancy continued at 94% and revenue stayed about the same as <a href="http://shaunsre.blogspot.com/2014/01/delayed-november-apartment-update.html" target="_blank">last month</a>. Next income dropped by about $11,000 to $14,000 however, due to an escrow analysis from our lender which discovered we needed to be putting more into our escrow account for insurance. This resulted in about a $6,000 increase in our monthly mortgage payment for the month.<br />
<br />
We also found out the property suffered a "fairly significant fire" the first week of January, caused by a dry Christmas tree. Four units were destroyed and there was damage to the entire building, which contains 18 units. Thankfully, there were no injuries. An insurance claim has been filed and management expects full coverage, not only for damages, but also for rent loss until the building can be repaired and re-rented.<br />
<br />
The escrow increase is a disappointment. That represents a 25% chunk of our monthly net income. No word on if this is a permanent increase, or the lender needed a lump sum to bring the escrow account up to a certain level and the regular monthly increase will be smaller. But, as the fire shows, insurance is needed.<br />
<br />
Rent concessions almost tripled in December over November, but that's understandable, given it is a big holiday month and people likely need some encouragement to move during the holidays. I know I would.<br />
<br />
For the entire year of 2013, the property ended up with a positive net income of just over $150,000. That's about $135,000 over budget. It looks like this was the turn-around year for the property.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com2tag:blogger.com,1999:blog-7800674.post-7581857887075905952014-01-24T09:05:00.002-07:002014-01-24T09:05:40.694-07:00Delayed November Apartment UpdateI've actually had the November financials for the Houston apartment sitting in my inbox for a couple weeks. The December ones should be arriving any day now, so I've been putting off writing anything so I could write a single post for the combined two months. Well, the December info isn't here yet, so I figured I better get something out for November before it falls too far in the past.<br />
<br />
Occupancy remained at 94%. The property had a positive cash flow of a tad over $25,000 for the month. This is actually the highest monthly cash flow of the year, beating out <a href="http://shaunsre.blogspot.com/2013/10/august-2013-apartment-numbers.html" target="_blank">August's number</a> by just over $100. Rent concessions dropped. Our overall income for the month increased by about $2,000 over October.<br />
<br />
On the other hand, expenses also increased over October - but only by about $1,000. We saw increases in marketing, apartment turnover, and repairs. These were partially offset by a large decrease in administration expenses.<br />
<br />
Management says the last 10 months of positive cash flow have allowed us to pay off $100,000 of aged accounts receivable over the course of the year. Now our balance sheet shows our accounts receivable greater than our accounts payable, so we look to be finally rid of all those old debts we accrued during the bad years. The property is currently $124,500 over our budgeted net income for the year. That's good news.<br />
<br />
No word yet on the <a href="http://shaunsre.blogspot.com/2013/11/houston-apartment-up-for-sale.html" target="_blank">potential sale</a> of the property. One of the potential buyers requested a four month or so examination period and we're still in that, so I suppose this is a case of no news is good news. I hope we get an update with December's numbers, but we may not.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com1tag:blogger.com,1999:blog-7800674.post-5222868904467943702013-12-17T14:01:00.000-07:002013-12-17T14:01:08.567-07:00HML #30 StartedThings have picked up lately. After a period of <a href="http://shaunsre.blogspot.com/2013/10/hml-28-paid-off-and-looking-towards-2014.html" target="_blank">low activity</a>, it seems our borrowers are now once again buying properties. My partner has five loan requests to evaluate. Here are the details of the one I invested in.<br />
<br />
This is a vacant single family home in Vallejo, California - in the San Francisco Bay area. It's a 1,310 3 bed, 2 bath home with an attached 2 car garage. It was built in 1994 and it sits on a lot just over 6,000 square feet. The front exterior of the property looks nice, although the back needs some work. Some landscaping needs to be done and, in fact, there were landscapers there working when my partner went to look at the property.<br />
<br />
The borrower is our biggest borrower and he purchased the property for $141,000 at a foreclosure auction.The opening bid was $132,000, so others wanted this one as well. Zillow.com estimates the property to be worth $180,000. Based on MLS sales of comps, my partner estimates it to be worth $225,000 as-is and $265,000 after repairs. There are five good comps in the MLS. Four of them were short sales. Three of the five sold for more than the listing price. One of the comps is from May and the rest of 3 months old or less. All sold for higher than their Zillow.com "Zestimate." (Really, the only usefulness of their estimate, IMHO, is to get a ballpark figure of value. I'd never use it as a basis for REI analysis.)<br />
<br />
My partner gives the neighborhood a not so good rating, but that normal for this borrower. He specializes in those areas. In terms of the loan, we are lending $105,000, giving us a 74.5% loan to value ratio using the auction buy price. Using our as-is estimate of $225,000, it's a LTV of 46.7%. The biggest drawback to this loan is that it is in an area we don't normally lend in and that our borrower doesn't usually buy in, meaning we could be off on our value estimates.<br />
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Here are some pictures.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir9HbcBcRoeNUZxVAMtNDINI924U01s9p4fow6hHJ-iWbLu50IRm6zGtG_Nvh_MD55qd_TpNEpQZ_mStx0l-HiQFCRykNgbQ0PmFAbmL63vMsfd0c_n1gght_yBlTng0EceyInkw/s1600/hml30-6.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEir9HbcBcRoeNUZxVAMtNDINI924U01s9p4fow6hHJ-iWbLu50IRm6zGtG_Nvh_MD55qd_TpNEpQZ_mStx0l-HiQFCRykNgbQ0PmFAbmL63vMsfd0c_n1gght_yBlTng0EceyInkw/s1600/hml30-6.jpg" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCAGSbwAqqxVwVgxD2quuH_tER6CQhy42BEImh33Aj715YUtAokUeNOUxnkGwUOoy6Gzgx7TByyA83oz-AD3YfrnkTXSLyNq91PXqG5vMqk-PVo78z3wenz5Lv34_0RHWSVYFdTg/s1600/hml30-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCAGSbwAqqxVwVgxD2quuH_tER6CQhy42BEImh33Aj715YUtAokUeNOUxnkGwUOoy6Gzgx7TByyA83oz-AD3YfrnkTXSLyNq91PXqG5vMqk-PVo78z3wenz5Lv34_0RHWSVYFdTg/s1600/hml30-1.jpg" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8JCO_bVZq7uQU2ujyeSc3RjcTeVCdWEBu4RK6hlaNwgiVoJCP7NpQd7xIWm6Cmud1HYBOd2dejdNso44m72u-ONs6Cbw-XNqpEg_MKdj6oKwRVwQLIdVXPfUeKtjwpdWSFX3qWg/s1600/hml30-5.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8JCO_bVZq7uQU2ujyeSc3RjcTeVCdWEBu4RK6hlaNwgiVoJCP7NpQd7xIWm6Cmud1HYBOd2dejdNso44m72u-ONs6Cbw-XNqpEg_MKdj6oKwRVwQLIdVXPfUeKtjwpdWSFX3qWg/s1600/hml30-5.jpg" /></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwS3NpQrgtw_N00lPrTiZ27kt3__4qUkRnPPmTJlaYWgVJ_yZu_YpMmEDP0TFFRIV9nxd8bZzHR-xEbOMXL-yJ3cdlXwRIMhE7rsN3xVGd-LKneUw-PE1-QYz8oPxM9MWQSBPXkQ/s1600/hml30-4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwS3NpQrgtw_N00lPrTiZ27kt3__4qUkRnPPmTJlaYWgVJ_yZu_YpMmEDP0TFFRIV9nxd8bZzHR-xEbOMXL-yJ3cdlXwRIMhE7rsN3xVGd-LKneUw-PE1-QYz8oPxM9MWQSBPXkQ/s1600/hml30-4.jpg" /> </a></div>
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<span id="goog_1433704664"></span><span id="goog_1433704665"></span><br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com1tag:blogger.com,1999:blog-7800674.post-4617735825646941452013-12-09T12:05:00.002-07:002013-12-09T12:05:47.895-07:00Funny ArticleI was reading some news stories that mentioned one of the REIT stocks I own, and came across <a href="http://www.fool.com/investing/general/2013/12/08/to-buy-or-not-to-buy-your-first-rental-property.aspx" target="_blank">this piece</a> on The Motley Fool. Now, given the source, it's somewhat obvious that it will be biased towards stock ownership over rental property, but I thought it did provide a good example of what the typical first time landlord thinks - not too concerned with cashflow, relying on appreciating property values, no thought or budgeting towards maintenance costs, etc.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com2tag:blogger.com,1999:blog-7800674.post-55387161887263414662013-12-05T12:41:00.000-07:002013-12-05T12:41:07.915-07:00Houston Apartment October 2013 UpdateThe numbers for October are in and things are still looking good. Occupancy remained at 94%. Rental income reached a high for the year, coming in $1,000 over September, which was the previous high for the year. Overall income dipped slightly due to some higher administrative expenses that consisted of once time charges. Year to date, the net income for the property is $100,000 over budget. (!)<br />
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As I mentioned <a href="http://shaunsre.blogspot.com/2013/11/houston-apartment-up-for-sale.html">before</a>, the property is up for sale. I had a talk with the managing partner (of our investment group, not the property) a while ago and he mentioned that the property does need a little bit of work to bring it back up to being a highly desirable location for tenants (which isn't to say it's a pit right now). We did <a href="http://shaunsre.blogspot.com/2008/07/multi-1-first-month-report.html">some renovation</a> when we bought the property, but with the multi-year economic downturn, management didn't have the funds to keep adding amenities. As a result, at least one of the potential buyers we are talking to has indicated they plan to put about $1 million into improvements if they end up as the owners. That's good news for the tenants. Of course, now that the property is performing well, we have the option to not sell the property and invest in making improvements ourselves. However, that would require raising additional capital from the owners (us) and our managing partner told me he spoke with the largest shareholders in the property and they did not want to invest any more money. So the property is up for sale. I can't really blame them. I also miss getting the <a href="http://shaunsre.blogspot.com/2008/09/multi-1-first-payment-arrived.html">quarterly distribution checks</a> and can understand wanting to get back into something that produces income on a regular basis.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-68437369656303947062013-11-18T10:39:00.000-07:002013-11-18T10:39:28.399-07:00HML #29 StartedMy partner found another deal to loan on and my funds from <a href="http://shaunsre.blogspot.com/2013/09/two-loans-closed.html">HML #25 and #26</a> are being used to help fund this one.<br />
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This property is a nicer one than I normally lend on, although after looking at the photos below, you may think otherwise. The biggest difference is this property is in a fairly nice location and is surrounded by homes in the $1 million and higher range in the city of Orinda, California. Our borrower also is buying this house through a Realtor, rather than at an auction, where most of the properties we lend on normally are purchased. The buyer is also paying an assignment fee, meaning she found this property with the help of a <a href="http://shaunsre.blogspot.com/2004/10/step-by-step-guide-to-buying.html">bird dog</a>.<br />
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The property is a single family home (2/1) with an attached two car garage. It was built in 1951 and is about 1400 square feet. Here are some pictures:<br />
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The interior looks like it still has the original fixtures, tile, etc. It will need extensive remodeling to bring it up to the standard of the neighboring houses. (Those were also built in the 1950's, but interior photos of comps on the MLS show completely re-done and very modern looking interiors.) Externally, there are several issues - termite tubes have been found in the crawlspace under the house, there are some cracks seen in the foundation, and there are some drainage issues with the slope of the landscaping. The buyer had a professional property inspection performed, which I have a copy of. Besides the previously mentioned issues, an electrician will likely need to be brought in to re-wire pretty much the whole house. There are no GFCI circuits (they didn't exist when the house was built), the breaker box is a 50 amp circuit and not the standard 100 amp used today, and there were several places where the ground circuit was either non-existent or poorly wired. The roof appears to be OK, although it needs to be cleared of some debris. Rain gutters need to be removed or re-hung. There is a porch that is practically falling down that will probably also have to be removed. Based on the inspector's report, I would estimate between $50,000 and $75,000 in repairs are needed. But that's based on Arizona costs. I don't know what they would run in California.<br />
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The buyer is purchasing the house for $520,000 plus a bird dog fee. We estimate the current as-is value to be $600,000. Our loan will be for $460,000. Based on comps, we estimate the after repaired value to be at least $825,000. Given the good neighborhood (three comps describe the neighborhood as "coveted", "premier", and "desirable" - all written by different agents at different agencies) and the large amount of equity, my partner rates this as one of the top 10 safest deals he has done, out of close to 200 total. The borrower is our second largest borrower and the loan will be personally guaranteed. She has always paid promptly in the past and has been rehabbing property for at least 5 years (although we've only worked with her for 2 years). The drawbacks: this is the smallest property of the comps we looked at, so the comps may not be truly representative of the property's value. However, they are all we have to go on. The other big drawback, of course, is the condition of the property. It needs a lot of work. If we have to take this one back from the borrower, we will have some serious work to do if we want to fix and sell.<br />
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Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com1tag:blogger.com,1999:blog-7800674.post-10754671254986607842013-11-04T09:53:00.000-07:002013-11-04T09:53:06.782-07:00Houston Apartment Up For SaleI received word this weekend that the Houston apartment complex is up for sale. In fact, we already have two offers for it. Unfortunately, I'm not allowed to discuss any details at this time, but after any sale completes, I'll talk about them. The property was just appraised at between $13.2 million and $14.5 million. We bought it for around $12 million back in 2008.<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-68717721943740784482013-10-30T07:19:00.001-07:002013-10-30T11:01:40.412-07:00Apartment September Numbers And HML #28 Pay Off DelaySeptember saw a continuation of the good performance of the Houston apartment complex. Rental income (which excludes utility chargeback amounts) reached its highest level to date - $170,000. Total income was just $1,000 lower than last month at $198,000. Net income (cash flow) for the month was $19,000, a bit lower than last month's record setting $25,000. I don't really have anything else to report on this other than rent concessions dropped by $1,500 and bad debit write-offs dropped by $5,000. Both of these are good things.<br />
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I reported <a href="http://shaunsre.blogspot.com/2013/10/hml-28-paid-off-and-looking-towards-2014.html">last time</a> that HML #28 was paid off. I was a bit premature on that one. It was <i>supposed </i>to be paid off on Oct. 18, but escrow did not close then. In fact, escrow still hasn't closed and we are now looking at this Friday to be the new closing date. No word on the reason for the delay, but given the unusual demands by the title company (like requiring a signature from me, a mortgage holder), I would not be surprised if they were the reason for the delay.<br />
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<u><b>Update:</b></u> Turns out, the delay was because the buyer had a scheduled vacation and was out of town. Escrow is closing today, although not without some additional drama. The title company was saying they would not release the funds to my partner and needed wiring instructions from me so they could wire the funds directly to my account. I was off getting that info when I got another call from my partner saying the title company changed their mind and was ok with simply cutting a check to me and letting my partner mail it to me. So that's what we are going to do.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-40089750819634131932013-10-23T10:20:00.000-07:002013-10-23T10:20:40.104-07:00HML #28 Paid Off And Looking Towards 2014HML #28 was paid off on Friday. This loan was <a href="http://shaunsre.blogspot.com/2013/08/hard-money-loan-28-started.html">started</a> just a few months ago in August and, at the time, we knew it was going to be a short loan. Out biggest borrower is not buying much these days because he feels people are paying too much at the foreclosure auctions. As a result, my partner has $1.2 million sitting around waiting to be re-invested and where I normally have four loans outstanding at any one time, I currently only have one.<br />
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This payoff was also strange in that this was the first time in the 7 or 8 years I have been doing this that I was required to go to the title agency and sign documents. As a mortgage holder that is being paid off, there isn't anything I normally have to sign and for those few things that do require a signature, my partner and I have a loan servicing agreement that gives him permission to act on my behalf. However, this particular title company was very picky and didn't want to accept that document, so I had to rush around a bit last week to locate a local branch of the title company, sign some documents and have them overnighted to the closing title company in California.<br />
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I've been thinking about the Houston apartment lately. The property is performing nicely now and I think management will look at putting the property up for sale near the end of the year or beginning of next year. Investors were guaranteed at least a 9% annualized return and the last time we received a profit distribution was October of 2009, so a sale would give us 4 years of accrued interest plus our share of whatever profit we make from the sale over our purchase price.<br />
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I'm trying to plan how to reinvest my money once this investment is over. (I know, I'm counting my chickens before they hatch.) I'm not sure I want to reinvest in an apartment complex right now. I do like the idea of apartment investing and plan to do it again in the future, but I'm not sure it's the next investment I want to make. For one, it's become clear that the performance of apartments is closely tied to the economic situation of the area. That's obvious and holds true for any real estate investment, but what this investment has shown me is that, because apartments have many tenants, a widespread economic downturn can result in the loss of many tenants. That can cause a cascade effect where property income drops and operating expenses don't get paid and investors can't get scheduled distributions.<br />
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Which brings me to my second point: apartments really are a business. They have operating expenses that have to be paid and maintenance and other activities to manage. As an investor, I didn't really have to deal with the day to day administration of such things because we have a management team that handles that. However, as was the case with this property, if things go downhill for a while, investors may be asked to <a href="http://shaunsre.blogspot.com/2012/02/apartment-update-and-3-year-outlook.html">contribute more money</a> to help keep the business afloat. This is in contrast to investing money in a mortgage, where someone just sends you a check every month and a call for more money would be very rare. True, you may have to foreclose and then the mortgage investment can become like a business in that you'll have expenses like fix up and repair costs to sell the property. But on the whole, I think mortgage investing is a lot more hands-off than apartment investing. It also seems the cash flow is more stable, although that may just be due to the quality of the borrowers my partner deals with.<br />
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Overall, I think apartments tend to be more of an investment for those looking to get capital gains rather than monthly cashflow. I'm reasonably sure that, had I made this investment in a strong economy and did not have to suffer through 4 years of no cash flow, I would have a different opinion. In a strong economy, apartments probably do provide a robust cash flow. However, at this point in my investing career, I'm more interested in dependable cash flow than capital gains, so I'm leaning towards reinvesting these funds into hard money loans.<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com3tag:blogger.com,1999:blog-7800674.post-80709720697456242252013-10-01T12:30:00.002-07:002013-10-01T12:30:41.603-07:00August 2013 Apartment NumbersThe results for August for the Houston apartment complex have just come in from the management company and things continue to go well. Occupancy stayed at 94%, the same as <a href="http://shaunsre.blogspot.com/2013/09/july-2013-apartment-update.html">July</a>, but total revenue increased to $199,600. Net operating income hit almost $94,000, which was almost $4,000 higher than July. Cash flow for August also increased just a bit over $25,000, also an increase over July. This is the highest monthly cash flow number this year.<br />
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Expenses were normal with the exception of a one time $4,000 expense for tree trimming that was required by our lender. Our losses due to bad debt, which had ballooned to over $22,000 last month, dropped back down to just under $10,000, which is still higher than average, but at least it's moving in the right direction. Rent concessions almost doubled from last month. Since occupancy stayed the same, it looks like my <a href="http://shaunsre.blogspot.com/2013/09/july-2013-apartment-update.html">predictions</a> of a stronger rental market last month might have been a bit off.<br />
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Nevertheless, the property is performing nicely now and our net income figure is about $14,000 higher than budgeted for the year. Management hasn't made any mention of it yet, but I think the property is beginning to look like it might be in shape to be put on the market towards the end of the year.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-22057519617203696322013-09-30T15:23:00.001-07:002013-09-30T15:23:21.266-07:00Two Loans ClosedMy hard money loans numbers <a href="http://shaunsre.blogspot.com/2012/09/new-loan-made-another-loan-closing.html">25</a> and <a href="http://shaunsre.blogspot.com/2012/10/hml-26-started.html">26</a> have been paid off. Both of these loans went the full 1 year term. The borrower has paid off the loans, but I'm not sure if it was from selling the properties or from refinancing them to convention mortgages.<br />
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Things seem to be slowing down. My partner manages about $6 million in hard money loans and he currently has close to $1 million sitting around waiting to be invested. Our biggest borrower is not borrowing as much as he used to. He thinks people are paying too much for foreclosures these days. Because he specializes in bad neighborhoods, he wants to make sure he doesn't overpay, so he's becoming more selective about the properties he buys. Also, the inventory of foreclosures is starting to shrink a bit.<br />
<br />Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0tag:blogger.com,1999:blog-7800674.post-3726641547769300412013-09-04T14:33:00.000-07:002013-09-04T14:33:14.660-07:00July 2013 Apartment UpdateThe numbers for July are in and things continue to improve. Occupancy is at 94%, a 2% drop over <a href="http://shaunsre.blogspot.com/2013/08/june-2013-apartment-results.html">June</a>,
but total income for the month rose to the highest level of the year,
just shy of $197,000. Expenses rose by about $2,000, but the increased
income more than made up for it. Total Net Operating Income for the
month was just under $90,000 and Net Income (i.e. cashflow) was about
$24,000 - both of which were the highest for the year. The cashflow amount was up about $4,000 over last month.<br />
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Management
is touting the trend of increasing profitability, of course. Our Net
Operating Income is the highest it's been since 2009. But looking at the
figures, I'm a bit skeptical as to if the improvement will continue or
even stabilize. Compared to last month's numbers, I notice a couple of
things:<br />
<ol>
<li>The Bad Debt loss doubled from $11,000 to $22,000.</li>
<li>Rent concessions decreased from $8,000 to $6,000.</li>
<li>Other Income increased from $27,000 to $40,000.</li>
<li>Apartment Turnover costs rose from $3,000 to $4,000. </li>
<li>Property taxes increased by $2,000.</li>
</ol>
Others
figures stayed relatively the same. What I'm curious about is item 3
above - what exactly caused the increase in Other Income? Digging in
deeper, I see the biggest change in Other Income over June is that in
July we received $9,000 in lease buyout payments versus none in June. We
saw increases in other categories as well (including a $3,000 increase
in utility income), but lease buyouts was the biggest increase by far.
Obviously, this is not likely to be a recurring income stream.<br />
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If
we look at the numbers, we might be able to read between the lines and
get an idea of what is going on at the property. Rent concessions
decreased. That points to a stronger rental environment. Bad debt,
apartment turnover costs, and income from lease buyouts rose. Those
items points to non-paying tenants moving out, either on their own or
due to management becoming more diligent in enforcing leases. The
occupancy dipped slightly, so that also supports this outlook. I would
guess management is seeing more desirable potential tenants becoming
available as the rental market strengthens and they are stepping up
their efforts to replace unprofitable tenants with profitable ones.<br />
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At least, that's my take on it.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com1tag:blogger.com,1999:blog-7800674.post-50049409235043169252013-08-13T08:41:00.001-07:002013-08-13T08:41:56.834-07:00Hard Money Loan #28 StartedThe funds from my <a href="http://shaunsre.blogspot.com/2013/06/april-apartment-update.html">last loan that closed</a> have been reinvested. This one is a single family home in San Pablo, CA. It's not in the best neighborhood, but the house itself isn't too bad.<br />
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The house was bought at auction for $151,000. Our loan is for $94,500, giving us a 62% loan to value ratio. The buyer plans to put $20,000 in remodel work into the property. We estimate the after repair value to be $190,000.<br />
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The property is a 1,050 square foot single family home, 4 bedroom, 2 bath. It was built in 1954 and has a single car garage. It sits on a 5,800 square foot lot. Behind the house is a raised train track and beyond that is the San Pablo Bay. Comps sold for between $160,000 and $170,000 within the past year. The $160,000 comp sold in one day and the $170,000 one sold in less than 1 month. There was only one other home recently for sale and it also sold very quickly. As a result, our borrower is going to try to get top dollar and will list it for $225,000.<br />
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The pros of this deal are:<br />
<ol>
<li>It's a short duration. The rehab is mostly done.</li>
<li>There were multiple bids at auction for this property, meaing other investors thought it was a good deal.</li>
<li>The area is a seller's market right now.</li>
<li>The LTV is 62% - much better than our normal 75%.</li>
</ol>
The cons:<br />
<ol>
<li>Elevated train track behind the house. Could be very loud, but the borrower says inside it isn't bad.</li>
<li>Not the best neighborhood.</li>
</ol>
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This loan is going to be a very short duration. The borrower did not ask for a loan until about 1.5 months after he purchased the property. (He needs funds now to move on to another property.) The rehab work has now been completed and the property should be listed in about 7 days. The borrower put in a new water heater, carpet, and garage door, along with other miscellaneous items.<br />
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The borrower works with our biggest borrower and has had about 7 loans with my partner in the past. He's paid all of them on time.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com4tag:blogger.com,1999:blog-7800674.post-51293883320016028602013-08-06T07:31:00.000-07:002013-08-06T07:31:34.202-07:00June 2013 Apartment ResultsThings continue to look good at the apartment complex in Houston. Occupancy climbed 1 percent to 96%. Total rent collected was almost $165,000 - the highest total since 2009. Total income stayed around $192,000, the amount it's been hovering around since April. Expenses were normal and there were no large, unexpected expenses during the month. The best part is that the net operating income was almost $87,000 for the month and the highest figure year to date. Total cash flow was $19,000 - also a highest year to date figure.<br />
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Digging into the details of the financials, I can see rent concessions dropped by $6,000 over May, although write offs of bad debt increased by a similar amount, so that was a wash. Administration expenses dropped by $2,000 and utilities expenses dropped by $3,000. Everything else stayed pretty much the same as in May.<br />
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Compared to the budgeted numbers, we are looking good. Our income numbers for the year are $11,000 over budget, expenses are $36,000 under budget, resulting in a net $25,000 income over budget for the year.<br />
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Things are looking good and I'm becoming more hopeful that we will be able to sell the property at a significant profit towards the end of this year or beginning of next year.Shaunhttp://www.blogger.com/profile/05654897560778650994noreply@blogger.com0