Update on the apartment in Houston
November 8th, 2007 by KenricI know that some of you have asked about the apartment building in Houston so I’ll try to post a little information about it here. It has only been a month since we closed. And as I’ve mentioned before I really cannot post specifics here since it is a deal with multiple partners.
I can say that things are going well and as planned. We are in the process of improving its curb appeal and repairing what was neglected by its previous owner. Rents have been being raised and a few tenants evicted, but we’ve been getting many new tenants. The building is at 90% occupancy.
Posted in Apartments | 
Stumble it!
I just read an article on John Chow about how if you bought a $300,000 apartment building 10 years ago, it would be worth over a million. The tricky part is getting the initial investment.
Congratulations on your new success.
-Chris
By Self Improvement Journal on Nov 8, 2007
I you bought an apartment building 10 yrs ago for 300K then you ‘just’ needed something between 30 and 60k to get it… does not sound too bad when you think of what you are getting for that money. Also, there are some ways to get the property without too much of a down payment if the seller finance part of the purchase.
In any case, Kenric’s accomplishments are impressive.
By Andres on Nov 8, 2007
That sounds great! I’m so glad it’s going well for you! Did you, or can you, say how many partners there are? In other words, what’s your share of the property/profits?
By Trisha on Nov 8, 2007
I’m not exactly sure the number of partners. I think its somewhere around 8-10. My share is pretty small as it is a $5M deal.
By Kenric on Nov 9, 2007
Houston’s a fantastic town to invest in, really turning around~ Congratulations!
By ConnieBrz on Nov 11, 2007