All our clients need to do is bring the capital. From that point on, they can be as hands off or hands on as they would like...Though we are happy to teach others along the way and encourage them to visit the property as many times as they want, our specialty is being the “active” partner and taking care of everything from A-Z with our knowledge and expertise.
When putting clients in touch with our preferred mortgage broker, they will be educated on what their maximum purchase price can be, the available capital they have, and what the maximum refinance value is that they can qualify for.
This process is incredibly easy and seamless and EPC does not make a profit by referring you to their team.
Typically, the timeline to have these numbers back from the mortgage brokers is 1-2 weeks-They will ask you to book a preliminary call, and following that they will request a variety of financial documents and statements from you to begin their analysis
Timeline for residential projects is anywhere from 6-8 months, and for commercial projects anywhere from 8-14 months depending on the size of the project.
Listed below, is a detailed index containing the specific details of the role Executive Properties Capital fulfills throughout the project.
1. Finding the property; How?
a) Off market deals - Negotiating with Seller's or their Agents
b) On market deals - Competing with 5-10 other offers to get the best price
c) Going on listing appointments; viewing upwards of 10 properties before finding "the one"
d) Approaching abandoned properties and researching the Seller
2. Completing the analysis on the property
a) Determining all necessary details; i.e. purchase price, renovation budget, tenant payouts, paralegal fees, refinance amount, capital needed for the deal, all out result
b) “Working the numbers” to determine if certain costs can be shaved if need be
3. Closing the deal
a) Submitting the offer, negotiating with the other side to get the best deal
b) Completing all necessary paperwork with the Agent representing the other side once there is an accepted deal
4. The Rolodex of Contacts
a) Putting you in touch with our preferred team including but not limited to; mortgage broker (commercial and/or residential), insurance agent, lawyer
5. Property Closes…What now?
a) Working with our preferred paralegal, on any delinquent or legacy tenantmatters
- Weekly progress reports
- Joint Venture to receive updates weekly/bi-weekly"
b) Per Property Case: Architectural Drawings / Permit Process
- Completing walk through of property with preferred architect re: drawings
- Discussing scope of work needing to be done based on plans; i.e. structural engineer involvement etc.
c) Renovation Scope of Work
- Completing walk through of the property with Investors Edge Construction team to discuss scope of work;
- i.e. demolition, layout, coordinating to ensure proper master trades are available (i.e. plumber, electrician), preferred finishes, timeline
- Construction contract drawn up and sent to client for approval
- Weekly updates on the project sent to client
- Working with Project Manager to ensure project is on track
d) Post Renovations;
- Contacting preferred appraiser to schedule a visit to property
- Meeting with appraiser, detailing the work that was completed
6. Project “Complete”…Now What?
a) Leasing of property:
- Taking pictures of the property
- Virtual/Physical staging (per property basis)
- Briefing applications
- Calling references of potential applicants
- Requesting credit reports or any additional information
- Compiling a portfolio for potential AAA applicants and submitting for approval
- Coordinating “move in” inspections, sending out Welcome Letters
b) Property Management:
- Equipped with a maintenance team, property managers, book keepers and a leasing dept.
- Maintenance team deals with any issues (including ones that occur after hours)
- Property managers deal with any/all tenant related inquires/requests
- Leasing team takes care of ensuring vacancy rates at your property are minimized
After all that….REPEAT!
Results they can expect can be anywhere from 90-100% return on their money. Our goal is to have 100% of the capital invested, returned PLUS a surplus.
- 32 Joint Venture projects completed
- These projects ranged from triplex’s to 45 unit apartment buildings
- Increased our portfolio to 350 doors
- Our team grew by 4 new members
- Approximately $1M in GCI
