Tim Walsh

Highlands Ranch, CO (USA)
Role(s):
Founder/Owner/Principal

MinCo Properties, LLC

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Location: Highlands Ranch
Industry: Real Estate
Year Founded: 1998
Number Employees: 1-10 people
Description: Because of the housing collapse, now is an incredible time to purchase rental properties with tremendous cash flows. The rental market is flourishing due to all the displaced families needing to rent. Denver’s current vacancy rate is at 2.7%, the lowest in 20 years, and average rents continue to climb. We are focusing on lower income neighborhoods and catering to section 8 clients because of the guaranteed rent provided by the housing authorities and the high motivation of the clients to stay in compliance with the regulations of the program to retain their housing vouchers. We are a small family owned business that has currently acquired 11 properties. We have paid cash for these and are currently free and clear. We have exceptional credit and a very high work ethic. Below are the prices paid and the rents received: 1431 Norfolk--$38,000--$900/mo 1435 Norfolk--$34,890--$900/mo 4137 Madison--$46,314--$995/mo 9420 Rose Ct--$45,000--1,125/mo 4978 Milwaukee--$46,550--$995/mo 15703 E 13th--$31,000--$900/mo 4100 Saint Paul--$60,000--$1,150/mo 15779 E 13th--$32,900--$900/mo 15747 E 13th--$31,000--$900/mo 15813 E 13th--34,285--$900/mo 914 Utica--$60,000--$1,550/mo 6 are townhomes and 5 are single family homes. The prices have fell on average 66% from 3 years ago. We have purchased all the equipment necessary to rehab these properties quickly and efficiently. We have a fully stocked equipment trailer that is moved from site to site and we have a converted warehouse to house our supplies. Currently, we have a full time crew of 5 employees, not sub contractors, rehabbing our properties. We use porcelain tile on all the flooring except the bedrooms to minimize future wear and tear (carpet replacement expense). Our color schemes and beautiful finished product have resulted in an almost immediate rental placement upon advertising. We also feel that this will lower future vacancy rates because we provide a superior product at market rates. We currently have two tenants waiting for us to complete the rehab to move in and the last home rented in literally 5 minutes from placing the sign in the yard. I have been an investor since 1998 primarily focusing on fix and flips. I am also a full time realtor as well and do not pull a salary from this company. We intend to acquire as many rental properties as possible during this collapse to establish cash flows and future wealth when the market recovers. We are in need of cashing out our current capital investment to purchase more and continue to pay employees and rehab expenses. The down side to the housing collapse is the associated credit crunch. Lenders are very conservative right now and many programs for this type of investment have disappeared. We are looking to cash out all of our properties to the tune of about $700,000-$800,000. We will give the investor a 1st note and deed of trust to these properties in exchange for the cash out. We anticipate this to be a short term note, about 2 years maximum until the credit crunch subsided and we obtain long term financing. We feel this investment is a great safe alternative to the current stock market climate. Whatever payment structure you are looking for, we will accommodate. This will free up our reserves to purchase more properties. With this, our cash flow increases every property we place a tenant with. I would be happy to discuss the operation further with you and send you photos of our finished product and even get you in contact with some or all of our tenants to hear their perspective on our management style and the finished product. I will be spending this week meeting with several local Colorado business banks to search out the best finacing scenario for our company in lieu of not locating a private investor.