Frederic Petit
Gaithersburg, MD (USA)
Role(s):
Founder/Owner/Principal
Acadie Properties
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Startup
Location:
Gaithersburg
Industry:
Real Estate
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
Acadie Properties is a real estate investment company located in Maryland. We buy distressed residential properties to rent and hold at 80% OR LESS of the current fair market value at the time of purchase, and with a cap rate of 10 percent or more. Occasionally, a property under contract might be assigned to another investor or be re-sold right away for a profit in order to generate cash for the company but our main purpose is to rent and hold.
We are looking for a financial partner in order take advantage of the opportunities that the current real estate market provides and to be able to purchase more properties faster. Our financial partner will provide a revolving line of credit that will be used to temporarily finance the acquisition of our properties. With an available line of credit, we will be able to take advantage of some the best opportunities currently available on the market by making cash offers. Once purchased, the properties will be rented and refinanced, and our financial partner's money will be returned and made available in our line of credit. Once refinanced, the money available in the line of credit will be used again to purchase another property.
All our target properties will cash flow. Once refinanced, the total gross income from rents will cover all the operating expenses of the property to provide a steady net operating income. The net operating income will cover the debt service and provide a positive and spendable cash flow for our company. We will then wait until the market prices rise again and resell the properties for a comfortable profit.
We have already bought our first property in a very well located area with our own funds and we already know that the business model works. Our first property was purchased for 80% of the estimated current fair market value. Acadie Properties owns this first purchase free and clear. We are not planning to refinance this property at this time. We are planning to keep it instead as our first and main asset and from there, build a portfolio. We might choose to refinance this property in a few months if we think that it is the best option for our company.
Acadie Properties was created by Frederic Petit. Frederic is also a Realtor, licensed in the state of Maryland, Washington DC, and the commomwealth of Virginia. As a Realtor, he is affiliated with Long and Foster, the largest independently owned real estate brokerage firm in the mid-Atlantic region. Frederic earned the Long and Foster SSC and the CDPE designations. SSC stands for "Short Sale Certified". CDPE stands for "Certified Distressed Property Expert". Frederic also earned the CIAS designation. CIAS stands for "Certified Investor Agent Specialist". These designations guarantee that Frederic has the knowledge necessary to understand the distressed property and Investor real estate markets.