Charlotte REIA 2017
How to Buy a Small MultiFamily Property
w/ Kenny RoundTree
Charlotte REIA – February 2, 2017
Rain Tree Country Club (http://www.raintreecountryclub.com/)
8600 Raintree Ln, Charlotte, NC 28270 (http://www.raintreecountryclub.com/)
The natural tendency for any new investor is to start small and work their way into the business. This works in some cases, but eventually they will want to move towards bigger deals with higher returns. One of the areas where investors can look for bigger returns is with multifamily properties. The greater the number of units, the higher chance they can reduce their vacancy factor and generate more cash flow. Just by adding only one or two more units scares off many investors and leaves them panicked. However, investing in multifamily properties can be very profitable and a lot easier than you think.
Kenny has 25 yr’s experience in investing. He currently owns several houses and small apartment buildings. . He is the owner of Edwards & Chase Affordable Housing Specialists since 2009
Property Management and Investor Relations
Specializing in identifying residential properties (Multifamily, Single Family) in East Greensboro, that have suffered from years of neglect, uplifting those properties to provide quality housing for the residential community. Combining a unique understanding of real estate finance, acquisition and structuring to assist clients in crafting innovative solutions to bring each transaction to a successful close and generating weighted average returns of 18.33% for the investment community.
Property Management 1990 -Present
· 25 years of investing and property management
· Responsible for placing into operation 167 housing and apartment units in East Greensboro
· Over 30% of the units are occupied by clients receiving section 8.
o Understands the Section 8 process regarding approval and inspection procedures
· Average vacancy rates: < 5%
· Low eviction rates
· Possesses the highest market rate rents (out of over 700 multi-family units) for one and two bedroom apartments in East Greensboro.
· Familiar in working with clients with credit issues
· Sited in the News and Record as a top landlord in the city of Greensboro
Investors 1990 - Present
· Offers what a traditional property manager provides with additional skill sets for investors
· Secured and closed over $8M in real estate assets, which include both multi-family and single family projects.
· Producing complete and comprehensive pro-forma statements that include a breakdown of all necessary repairs and time to completion
· Providing the expertise in managing repairs of projects
o Securing contractors and carpenters for repairs
o Working with engineers for the development of site plans
o Working with city officials to ensure building and parking compliance
· Producing comprehensive monthly management statements, net operating income statements and ROI statements that will provide a complete picture for the investor
· Working with lending institutions on what their needs are from the investment community
· Forms the necessary legal entities (LLCs) and operating agreements to properly run the project
· Works closely with CPAs, to ensure all filings are properly completed and K-1’s are distributed to investors
· Board Member of the Greensboro Housing Coalition 2007 – 2011
· Board Member of the Triad Real Estate Investment Association 2012 – Present
This month Kenny will share with you how he Evaluates a 6/12 Unit. We’ll cover how to Determine rehab costs, securing contractors, and Acquisitions
Charlotte REIA Members Can Attend for NO CHARGE.Guests Pay $15 Online or $20 at the Door. RSVP Now! (https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=JTMKU795UPRLE)
Don’t miss the Charlotte REIA M (https://www.paypal.com/cgi-bin/webscr?cmd=_s-xclick&hosted_button_id=JTMKU795UPRLE)ain Meeting on Thursday, February 2nd, 6:30 PM, where our special guest speaker will be Kenny RoundTree. The meeting will take place at the Rain Tree Country Club which is located @ 8600 Raintree Ln, Charlotte, NC 28270 (http://www.raintreecountryclub.com/)
If you are serious about building wealth in today’s real estate market, you don’t want to miss this presentation! RSVP Now!
Charlotte REIA Members Please RSVP on Meetup.com (https://www.meetup.com/CharlotteREIA/events/230548263/)
All this is happening at the Charlotte REIA main meeting on Thursday, February 2nd, 2017 at 6:30 PM at the RainTree Country Club, 8600 Raintree Ln, Charlotte, NC 28270
As always, Charlotte REIA Members can attend the event at no charge and Non-Members can Register Online for $15 (http://rsvp.charlottereia.com/) or pay $20 at the door. Be sure to bring your business cards with you and join us for an evening of real estate deals, vendors, networking, education and fun! See you there!
Late Nite Networking @ Chili’s – 8136 Providence Rd, Charlotte, NC 28270 (https://www.chilis.com/locations/us/nc/charlotte/the-arboretum/?utm_source=SinglePlat&utm_medium=local&utm_campaign=gmb)
After the conclusion of the Charlotte REIA Meeting, we will be reconvening in the Chili's
6:00 PM: Meet, Greet & Networking
6:30 PM: Announcements, Introductions, Haves & Wants
7:30 PM: Special Presentation How to Buy a Small MultiFamily Property
9:30 PM: Late Night Networking @ Chili’s 8136 Providence Rd, Charlotte, NC 28270 (https://www.chilis.com/locations/us/nc/charlotte/the-arboretum/?utm_source=SinglePlat&utm_medium=local&utm_campaign=gmb)
*Please Note: Meeting agenda is subject to change.
See Charlotte REIA Events Calendar (http://charlottereia.com/calendar/) for More Events!