Real Estate Investing Company

MULTIFAMILY INVESTING

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about

ABOUT US

Located in the greater Boston area, Homeslee, LLC is a real estate investment company that focuses on buying, holding and repositioning under performing multifamily properties in the Northeast.

Fundamental Long-Term Investments

“Fundamental” investments serve as the cornerstone of the company’s strategy. Purchasing properties with the ability to generate consistently strong cash flow over the long-term allows the company to withstand large market fluctuations and will continue to receive passive income into perpetuity. Properties considered as fundamental investment are located in areas where long-term growth (population, job, income, etc) is expected to thrive.

Value Play Short-Term Investments

When available, the company makes “value play” investments to generate short-term (1-5 years) capital gains. The key to the value play is to purchase mismanaged properties in temporarily depressed areas at well below current market rates; the goal is to add short-term value and resell or refinance for large capital gains. These types of transactions provide the working capital needed to acquire additional longer-term “fundamental” investments.

team

MEET OUR TEAM

As our business grows, our dedicated team becomes even more important. We stand together and provide first class customer service to all our residents and our committed pool of vendors/suppliers.

CHAD DUVAL

Chief Executive Officer – Click Here for more…

BRIAN BISSON

Certified Public Accountant

BRETT ALLERD

Attorney/Legal Counsel 

JOANNE GAGNON

Debt Analyst – Bank of New Hampshire

STEVE WALLS

Construction & Project Management

ERNEST (ERNIE) MILLETTE

Commercial Real Estate Broker

REAL PROPERTY MANAGEMENT

Property Management – Click Here for more…

KEN DUVAL

Physical Structure Analyst

DEB WALLS

Grounds Management & Resident Relations

acquisition

ACQUISITION CRITERIA

Even with these tough economic times, Homeslee is actively pursuing new multifamily investment opportunities. Here's some of the criteria we look for when acquiring new buildings.

Cap Rate

We prefer that the property have a capitalization rate of or greater than 8%, but can differ based on the potential upside of the property

Cash-On-Cash

Property must have a year 1 cash-on-cash return greater than 8%, and subsequent year cash-on-cash returns greater than 10%

DSCR

Per our lender’s requirement, property must have a debt service coverage ratio (DSCR) of at least 125%

Number of Units

The company specializes in buildings with 10 to 50 units, where barriers of entry are too high for average investors and too small for institutional investors

Value Add

Property must have a value add component, such as able to raise low rents to market rate, fill low occupancy and able to recover expenses utilizing a utility bill back system

Total Return

Property must have a year 1 total return of at least 12% (assuming 0% appreciation). Total return consists of cash-flow, equity accrual, appreciation, and tax benefits

scores

STATISTICS

2112

Offers

26

Units

3

Cities

4

Acquisitions

portfolio

PORTFOLIO SUMMARY

15 Unit – New Hampshire

Creative Financing & Negotiation

Purchased at $50,000 below appraised value
Bank loan from a regional bank with only 15% down
Seller-second of $75,000

Property Issues - Pre Acquisition

Extensive interior and exterior deferred maintenance
Rents 22% below market rent
In need of major unit upgrades to keep up with competition

Implemented Solutions - Post Acquisition

$35,000 used to address deferred maintenance
Increased rents to market rate
Enforced late fee policy and added on-site laundry facility

 

9 Unit – New Hampshire

 

Creative Financing & Negotiation

15% down payment
85% seller financing
3% broker fee contribution

Property Issues - Pre Acquisition

Interior and exterior deferred maintenance
High vacancy rate and poor utility management
Unit rentals were 8% below market rate

Implemented Solutions - Post Acquisition

Conducted necessary maintenance to all units, once vacant
Developed unit advertising and referral programs – resulted in 100% occupancy
Implemented Utility Bill Back System – yearly cost savings of $11,571
Implemented late and pet fee’s – $1,320 yearly income increase

2 Unit – Connecticut

Creative Financing & Negotiation

USDA loan with 0% down payment
Seller repaired $9,000 of chimney work prior to closing and paid all closing costs

Property Issues - Pre Acquisition

Extensive interior and exterior deferred maintenance
Unfinished walk out basement
Dismal landscape and lack of curb appeal

Implemented Solutions - Post Acquisition

 Used $9,000 chimney savings to immediately address deferred maintenance
Transformed unfinished basement into in-law apartment, yielding additional $300 in monthly rent
Re-landscaped property to increase curb appeal and rent-ability

 
get-connected

STAY CONNECTED

DAILY UPDATES ON TWITTER

@iamchadduval 

FACE-TO-FACE WITH SKYPE

@iamchadduval 

WEEKLY POSTS ON BIGGERPOCKETS

@iamchadduval 

download

GET OUR COMPANY’S INFOGRAPHIC NOW!

We’ve designed this tool for Bankers, Brokers and Investors alike. Download to receive information on our team, buying track record, buying criteria and investment cycle, all packaged into a nice little infographic. **Our company is constantly changing so some parts of the infographic may be incorrect**

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contact

CONTACT US