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Ep 537: Having A Seller Invest In Their Own Deal
Manage episode 427186716 series 3413169
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In this episode of The Hive With Us Podcast, host Daniel Martinez is joined by special guests Kyle Thompson and returning guest Paul Montelongo. They delve into interesting and challenging real estate deals, sharing their experiences and insights into property management, negotiations, and the importance of thoroughness in the real estate business.
Chapter 1: Introduction and Previous Episode Recap (0:00 - 1:22)
Daniel introduces the guests and briefly recaps the previous episode with Paul Montelongo, encouraging listeners to check it out for insights on multifamily properties, life, and marriage.
Chapter 2: Deal Breakdown - Property Management Challenges (1:23 - 5:25)
Paul shares a story about acquiring a property in San Antonio in December 2020, where the property management contract fell through the day before closing. Paul and his wife had to manage the property themselves initially, dealing with tenant issues and rent collection. They faced challenges like tenants refusing to pay rent, highlighting the importance of having professional property management in place.
Chapter 3: Successful Property Turnaround (5:26 - 8:30)
Paul describes the process of turning around the problematic property by clearing out issues like drug problems and ensuring proper management. Despite the initial difficulties, they managed to sell the property 16 months later, achieving a 40% return on investment for their investors.
Chapter 4: Corpus Christi Property Acquisition (8:31 - 9:56)
Paul discusses their recent acquisition of a 101-unit property in Corpus Christi, which had survived five hurricanes and was operating at high occupancy. They faced a different negotiation environment in late 2023, requiring detailed discussions and building a relationship with the seller.
Chapter 5: Final Thoughts and Contact Information (9:57 - End)
Paul highlights the importance of thoroughness and adaptability in real estate transactions.
Daniel wraps up the episode, encouraging listeners to check out previous episodes and promoting their annual event, The Hive Summit.
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