September 25, 2021.
Hello Everyone, this is Juan Carlos Gastelum, I am a real estate investor in Texas, on August 07, 2021 we put a 20 unit multifamily property under contract. This is written segment of a series of videos: Today is September 25th, 2021. We’re looking to get an extension on it. We have soft commitments from our partners to be able to close the deal. And this is a great property that we found and can turn into a great deal. We made an offer. We got it accepted. We’re making a bit above the one percent rule with the rents. There is a very huge potential in rent increments, which makes it for a light-rehab or light-renovation project, that means just fixing a few minor cosmetic details and bringing up the curb appeal with some landscaping. It’ll be a sound property to keep for at least a full seven-year cycle. So we’re very confident that we can make this property work and we’ll let you know soon if we close on it (indeed we did). It seems like all the parking spaces are assigned with a number. So you would have the covered carports behind the building plus the assigned open parking on the front. Looks like the owner has done a good job of keeping it neat. The doors are clean. The halls are clean. It seems like there’s some caution signs in one of the apartments, but it looks to be like a like a Halloween decoration. So I’ll just walk around it. There it is. Ok. Looks like some of the tenants have their grills outside waiting either to taking into their patio… that would need to be addressed. (for a look, go visit our YouTube channel at onewaytexas)
These are the carports, okay? And this is a neighboring property with the commercial stores in the corner. It seems like they’re building some new stores, probably corner stores like convenience stores, somehow. These are some of the air conditioning units outside. They seem to be in good shape. That sign would need to be replaced. It looks like it looks like it’s faded from the Sun, but overall it looks good. Some chairs outside on the hall. You know those issues with appropriate rules. We need to get solved. Let me walk around. Ok, so this is the hallway back onto the parking lot. This is the stuff that probably needs to be addressed, which is a little bit of trash there, probably from some charcoal bags, probably from yesterday. Some grills again. But overall, the property is pretty well kept. I would think that the stairs need to be the steel rails and steps would need to be repainted. Basically, cosmetic things, as you can see, this is a set of a series of buildings which are in the same format, garden style two story buildings. And they’re all kept pretty neat. They’re a stone’s throw away from the University of Texas and the Rio Grande Valley. So we’re very excited about this property. Again, our tip for today is to run your numbers, make sure that you are buying right, then operating right and then exiting right. So that’s it for now. Take care. Best wishes on your real estate journey. And God bless!
