Newman Family Properties, LLC | Application Preview
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General Information
Business Registration Number: Newman Family Properties
Location: Gulfport, MS, United States
Length of Operation: 6-10
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
I currently rent nicely maintained townhomes primarily to minority families for $900's/month and 1 very nice townhome for $1095/month. I want to acquire more rental homes and apartments to provide nicer homes than than comparably priced rental homes for families who take care of their homes but who can not afford to buy comparably nice quality family home.
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Business Plan
I plan to maintain positive cash flow, increase working capital reserves through retained income from operations. My personal income requirements come from other, unrelated sources. I plan to buy homes in family neighborhoods. I maintain my homes in the same condition as my personal home. When appliances need to be replaced and when maintenence, including preventative maintenance is required, I do so with higher quality appliance, carpets, flooring and paint. There are more and more commercial properties becoming available at below replacement cost. I would like to buy this type of property and reconstruct them for residential multifamily. I am retired from a career of project management. I have an MBA from Vanderbilt University. My parents owned rental property my entire lives. I maintained property for my parents when I was growing up. I have successfully owned residential income property continuously for the past 7 years. My property is managed by a full time professional property management team. I am honest, trustworthy and professional.
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Self Identified Competition
My competitors are other landlords. I do my best to upgrade my properties and keep them in better condition and slightly lower rents to attract high quality tenants. My properties are only positive cash flow. My specialty is finding and structuring good deals. My property manager is the best I know of. My title lawyer is the best I know of and we have done close to 100 properties. My Insurance agent is the best i know of and we have worked together for over 30 years.
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Contact Applicant
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