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Conquest Real Estate Investment Corporation Introduction
Conquest Real Estate Investment Corporation is a real estate investment company. We have 8 years’ experience in the evaluation, purchase, rehab, and renting of real estate. Conquest's focus is the acquisition of real estate with the business model or rent and hold. We purchase single family or multi-family property, rehab the property, and rent out the property. We also wish to expand to additional multi-family, additional single family, small commercial properties such as stores, small office buildings, and larger apartment buildings. We have successfully done this with a small number of single family and 1-4 unit multi-family properties. We look for properties that will yield a capitalization rate of 15-25% annually after rehab is complete. So far, although the number of properties we have is small, we have consistently stayed in this range or better. If our current projects are too small, we can bundle them together along with other properties, if necessary, to meet your minimum loan requirements. We are also open to equity sharing with the option for Conquest to buy out the lender’s equity share, of course.
Conquest does not pay any owner salaries. As part of our 5 year plan, all revenue is reinvested in new property acquisition, loan/mortgage payments, and capital repairs/improvements. Our objective is to steadily grow the business using the same successful process and formula, not get a new yacht or disperse dividends. Our formula is simple:
Our Process
1. We carefully research the property and the area with an eye not on flipping, but on its viability as a long term revenue generator.
2. We look at the marketability of the property. Who is our customer ? What demographic would want that property ? What specific changes would be needed to attract our target customer ?
3. We have full-time staff for project management from planning through implementation of the acquisition and rehab of the project. The rehab process is planned and budgeted with an eye on the point of diminishing returns.
4. All rehab work is planned and executed based on state code compliance, local village or city code compliance, and section 8 compliance. No shortcuts are taken even if they are cheaper.
5. After the rehab project is planned and bid, we implement according to a tracked schedule. Before the property is acquired, however, Conquest always gets preliminary quotes in order to get a solid assessment of the potential capitalization rate.
6. We line up potential customers BEFORE acquiring the property. This is to ensure we do not have a non-performing property in inventory.
7. We advertise the property and hold open house showings. We make sure our agents take notes on what customers what to see even in the smallest details.
8. We allow the customer to customize and personalize their unit or property. A customer that has personalized the unit by choosing the kind of bathroom sink, or color of the paint, or type of counter-tops is more likely to be a long term, profitable tenant because they have a vested stake in the property.
9. We continue proactive capital investments. Preventive maintenance and inspections regarding issues of HVAC, Plumbing, and electrical are critical.
10. Ongoing customer relationship management via the full time staff is built into our budget. The premise is long term, stable revenue. That can only be achieved via satisfied customers.
11. Conquest does not pay any owner salaries. As part of our 5 year plan, all revenue is reinvested in new property acquisition, loan/mortgage payments, and capital repairs/improvements. Our objective is to steadily grow the business using the same successful process and formula, not get a new yacht or disperse dividends.
Experience and Current Projects
The following is a list of current projects that show our current needs and experience. The projects are listed in order of priority with purchase first, then refinance later, and rehab.
1. Paid Off - We have a brick 4 unit in East Chicago, IN that is fully rented. This was a total gut rehab project from permit and planning to advertising and renting. This property is paid off and can be used as cross collateral for funding projects. Current value approximately 167k.
2. Paid Off - We have a brick 2 unit in Chicago that is rented. This was a gut rehab project. 1st floor is rented and 2nd floor is used as storage for Conquest. This property is paid off and can be used as cross collateral for funding projects. Current value approximately 45k.
3. Paid Off - We have a brick single family 4 bedroom, 2 bath in Hazel Crest, IL. This property was a rehab project from permit and planning to full section 8 renting. Part of the rehab was to turn it from a 3 bedroom 1 bath to a 4 bedroom 2 bath approved by section 8. This was done to increase the rental amount. Total time from closing through rehab, inspections by the village, inspections by section 8, and rental - 3 months. This property is paid off and can be used as cross collateral for funding projects. Current value approximately 65-75k
4. Purchase Loan Needed– We have a contract for a brick 3 bedroom 2 bath in Hazel Crest, IL. This product needs minor touch up work (painting and so forth). But is otherwise move in ready. We will also perform some tasks to make it section 8 compliant. The purchase price is 80k. The comps show 97k value. Rental CMA supports 1400. We need down payment of 10% or less.
5. Purchase Loan Needed– We have a contract for a brick 3 bedroom 2 bath in Hazel Crest, IL. This product needs minor touch up work (painting and so forth). But is otherwise move in ready. We will also perform some tasks to make it section 8 compliant. The purchase price is 72k. The comps show 95k value and higher. Rental CMA supports 1400. We need down payment of 10% or less.
6. Purchase Loan Needed– We have a contract for a brick 3 bedroom 2 bath in Hazel Crest, IL. This product needs minor touch up work (painting and so forth). We will also perform some tasks to make it section 8 compliant. The purchase price is 65k. The comps show 80k value. Rental cma supports 1300. We need down payment of 10% or less.
7. Refinance Needed - We have a brick single family 4 bedroom, 2 bath in Hazel Crest, IL. This property was a rehab project from repair and planning to full section 8 renting. Part of the rehab was to turn it to a 4 bedroom 2 bath approved by section 8. This was done to increase the rental amount. Total time from closing through rehab, inspections by the village, inspections by section 8, and rental - 2 months. This property is financed via a short term lender and needs a refinance with longer terms (2-10 years) and better interest rate. (5-10 max depending on parameters). Current LTV is 60%
8. Refinance Needed- We have a brick single family 6 bedroom, 2 bath in Hazel Crest, IL. This property was a rehab project from repair and planning to full section 8 renting. Part of the rehab was to turn it from a 3 bedroom to a 6 bedroom 2 bath approved by section 8. This was done to increase the rental amount. Rehab in final phase and will be complete in 2 weeks. Tenants already secured. This property is financed via a short term lender and needs a refinance with longer terms (2-10 years) and better interest rate. (5-10 max depending on parameters). Current LTV is 60%
9. Refinance Needed - We have a brick single family 4 bedroom, 2 bath in Hazel Crest, IL. This property was a rehab project from repair and planning to full section 8 renting. Part of the rehab was to turn it from 3 bedroom 1 bath to a 4 bedroom 2 bath approved by section 8. This was done to increase the rental amount. Rehab in final phase and will be complete in 2 weeks. Tenants already secured. This property is financed via a short term lender and needs a refinance with longer terms (2-10 years) and better interest rate. (5-10 max depending on parameters). Current LTV is 60%.
10. Rehab Loan Needed– We have a brick 6 unit multi-family building. Each unit has 2 bathrooms and 3 bedrooms. Our plan is to turn each unit into a 4 bedroom, 2 bathroom and add walk in closets to the 2 rear bedrooms. The building has a brick 6 car garage space. The property is completely paid off, but is in need of a rehab loan to bring forth the full potential and make it rentable. Rehab completed and managed internally would cost approximately 160k. Current before repair value is 200k. After repair value would be 450k with each unit rented easily at 1300.
11. Construction Loan Needed – We have a 1.4 acre lot in Blairsville, GA overlooking mountain views. Conquest will build on this lot for resale of 3000+ sqft home or renting of timeshare/vacation home. This project would be lower priority as the other projects present immediate income potential.
12. Construction Loan Needed – We have a 1.3 acre lot in Blairsville, GA overlooking mountain views. Conquest will build on this lot for resale of 3000+ sqft home or renting of timeshare/vacation home. This project would be lower priority as the other projects present immediate income potential.
Contact our loan processing specialist, Mirkala Tellez, atMTellez@cmcdevelopment.com , 3122389383 ext 204 with the application and documents you will need to get the process started.
Thank you!
Malcolm Burton
Malcolm@cmcdevelopment.com
Mirkala Tellez
Business Analyst
Corneilius&Merril Corporation
MTellez@cmcdevelopment.com
P: 312-238-9383 ext 204
F: 888-254-4015
CALL US NOW!..
Written June 2014 on a Wednesday
(2014-06-04)
