Taking advantage of historically low interest rates, Fat Property has secured new financing from Freddie Mac on a collection of their inner loop properties.

“This new financing will remove the uncertainty that existed with our previous loans, which were mostly done at 5 year terms a few years back.   It’s reassuring to lock in funds under 5% that we’re not going to have to think about for 10 years.  We were able to both cash out a bit and lower our monthly payment.” – Cody Lutsch, Fat Property

Fat Property worked with ReadyCap Commercial out of Irvine, CA on the deal.   And while Freddie Mac loans are known for their time consuming and paperwork extensive nature, the team at ReadyCap worked diligently to push things though.  Getting timely data helped.

“Cody and his team really helped make the process smooth from our end.  They were very fast in providing all the data and financials we needed.  Fat Property has a solid track record of performance in multifamily.  When dealing with a strong operator who can respond quickly, our job becomes much easier and we can be more effective” – John Drennan, ReadyCap Commercial, LLC

For more information about ReadyCap Commercial LLC, visit their site or see them on our friends page

 

Last year, Fat Property gave up management of the two properties located in the SE inner loop.  5610 Royal Palms and 6215 Tierwester.  As of this month, we’ve resumed.  Look for the improvements to come to both properties very quickly.

We’ll let Izaak talk about himself and his accomplishments on our chitchat page, but for now we’d like to take this moment to welcome him to the Fat Property team!   He’ll be taking on the role of operations director.  Basically running the office, dealing with vendors, and managing the staff.  It’s not an easy job, but he’s ready for it.

 

Jasmine has recently joined our team and her extensive property management background has allowed her to hit the ground running.  She currently manages some of our larger properties in the south east area of the inner loop.

You can hear more from and about her on our chitchat page.

Our largest single property to date.  Over 100 units, on over 7 acres of land.   The property is named “Tierwester Village”.   All units are detached 2 bedroom / 1 bath.   They start at $650.

Update:  We flew our drone over the property.  That was fun: https://vimeo.com/104459643

 

 

 

 

 

 

 

An awesome 3 story commercial property located right next to a lot of new construction in the heart of the midtown area of Houston!

The property is located at 3700 Fannin, right by the lightrail stop on Main St. and W. Alabama (if you’ve been to Tacos a Go Go or Continental club, you’ve been close.

We’ve wanted this property for a long time.  It’s been sitting empty and we saw the potential.

Well, now it’s ours.

We’ll gut it and fix it up.   We already have talked to a few operators that want to run a business out of the club.  But rather than spill the beans about what they have planned, I’ll let them announce the news when they see fit.   In the mean time, here is a fun “before” picture.  There will be more photos on our Fannin page

We’re often asked ‘how did you guys get started?’.  Well, it’s a long story.  We are working on a “history” page to really explain where we came from, where we are, and where we’re going.  While our first draft of a ‘history’ page isn’t as detailed as we’d like it to be, we still thought it might be an interesting read.

We’ll slowly update the page with pictures and more quotes as time permits. Check it out here

Here are some before / during / after shots of our 20 unit property in 3rd ward

Before: Old single pane windows. Missing siding. No insulation.

 

During: New insulation added, new sheeting, new windows, new siding

 

     

After: New modern paint job. Fully leased to a great group of new tenants. While these shots were not taken when 100% done, we were too excited to wait for good pictures, so we’ll use these 🙂

 

Recently, we learned of a suit the city or state was filing or about to file in regards to one of our favorite properties (we don’t have many details, as we were informed by a Houston real estate blog rather than the city itself).

Rather than take too much of the front page, you can read our reply here.  Since we don’t have many details, the response was written quick quickly and might be updated as we learn more.

(as posted on our Holman property page)

We’ve now owned Holman for about a year and plan on having a “1st birthday” party on November 9th, 2013.  All Midtown/Montrose tenants are welcome to attend (we’ll e-mail out invite).

Over this first year, almost all the work we’ve done has been getting units ready for new tenants. Or doing a lot of ‘unsexy’ upgrades like plumbing/electrical that are never seen.  The whole time we’ve been working on the property we’ve wanted to make the place actually LOOK better from the exterior.  However each time we’d start, our team would be pulled away to get more units ready.  Now that most of the units have been upgraded, we’ve finally had a chance to get back to our exterior projects.  They include:

Gating the entry to the property (done)
Gating the courtyard (done)
Cleaning out the old courtyard area and installing nice path and landscaping (done)
Painting the steps that go up to each building entry (done)
Painting/repairing all the old railing (done)
Taking out the driveway entry between the buildings and planting new trees in that space (done)
Installing new sidewalks that lead up to the 1624/1630 steps (done)
Planting new plants — lots of them (done)

We still have some projects to finish up, including new lighting in the courtyard, sound system in the courtyard, and outdoor seating.  We’ve started the laundry room for the property as well as some of the surrounding landscaping.  Google Street view has some funny shots of what the exterior used to look like.  Here are some new ones (we’re not 100% done but we were anxious to get *something* posted as people who are interested in renting often look at the street view and believe that’s what it looks like today)