We had to do this deal!

I’ve drastically changed my buying criteria over the years. In 2019, it shifted from owning and managing smaller properties in the inner cities around Albany, NY to purchasing larger properties in the townships of NY’s Capital Region and Florida/Tennessee.

It’s been great! Every deal is different but one large similarity.

RENT GROWTH as our core business model. We focus on properties that have a rent roll way below the current market. The added revenue drives the NOI, creating massive value in a relatively short period of time.

Since 2019, the best and most enjoyable action item has been networking. Networking nationwide and specifically in NY and Florida has resulted in great friendships and partnerships with like minded real estate investors.

New relationships have created new partnerships!

I met Dave Page through my friend Jose Segura from the Wealth Advisory Group at the Collecting Real Estate Meetup we ran in Albany for a few years. Dave is an engineer and a highly motivated real estate investor seeking the next best deal.

I met Ben Oevering through Adam Gelman, who is a long time friend and Investor in Albany from the past 20+ years. Ben has a brilliant real estate mind and has a growing enterprise.

The 3 of us have dabbled with a handful of potential opportunities over the past year. Fortunately, Dave sourced an off market, value add/rent growth opportunity on Washington Park in Albany, NY.

This opportunity is similar to the 61 Vandenburgh Ave deal we repositioned over the past 2 years. 61 Vandenburgh didn’t fit my exact criteria when it was presented to me in late 2021. It was only 15 units and situated in the city of Troy. I was familiar with the excellent location and had driven past the well built, brick structure many times over the years. It took 20 minutes into a walk through of a few apartments, with rent roll in hand to realize WE HAD TO DO THIS DEAL!!!

Dave is excited to oversee this opportunity and Ben’s management/construction company is operating and repositioning the asset.

The seller is a notoriously great landlord who kept excellent care of his properties in the city of Albany. He reached a point in his career where he could no longer own and manage his properties.

It’s in great shape, half vacant and existing tenants are way below market rent.

There’s the opportunity!

It’s not exactly what I’m looking for, BUT WE HAD TO DO THIS DEAL!!!

Regards,

Bill

REAL ESTATE LINGO:

NOI - Net operating income

Off market deal - Not on the open MLS or commercial real estate sites.

Value add/rent growth - in this case, we change out appliances, install granite countertops in some kitchens, and make strategic floor and lighting improvements. The units will rent for 25% more than previous occupancies.