Newman Family Properties, LLC | Application Preview
Newman Family Properties, LLC is seeking government grants to expand its rental housing options for minority families. The business currently offers well-maintained townhomes at competitive rates of $900 and $1,095 per month, aiming to acquire more properties that will provide better quality homes for families who are unable to purchase a home outright.
The business plan focuses on maintaining a positive cash flow while increasing capital reserves through income retained from operations. The owner, who has multiple income sources beyond this venture, emphasizes purchasing homes in family-friendly neighborhoods and maintaining them at a high standard, similar to their personal residence. Improvements are made with quality materials, ensuring the properties remain attractive and functional.
Newman Family Properties aims to capitalize on the growing availability of commercial properties at below replacement costs, intending to repurpose them into residential multifamily housing.
The owner brings a wealth of experience, having retired from a project management career and holding an MBA from Vanderbilt University. With a background in managing family-owned rental property and over seven years of successful ownership in residential income property, the owner emphasizes integrity and professionalism.
In a competitive landscape primarily populated by other landlords, Newman Family Properties distinguishes itself through property upgrades and lower rents, attracting high-quality tenants. The business relies on a skilled property management team and established relationships with professionals in law, insurance, and real estate, enhancing its ability to find and complete advantageous deals.
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General Information
Business Registration Number: Newman Family Properties
Location: Gulfport, MS, United States
Length of Operation: 6-10
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
I currently rent nicely maintained townhomes primarily to minority families for $900's/month and 1 very nice townhome for $1095/month. I want to acquire more rental homes and apartments to provide nicer homes than than comparably priced rental homes for families who take care of their homes but who can not afford to buy comparably nice quality family home.
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Business Plan
I plan to maintain positive cash flow, increase working capital reserves through retained income from operations. My personal income requirements come from other, unrelated sources. I plan to buy homes in family neighborhoods. I maintain my homes in the same condition as my personal home. When appliances need to be replaced and when maintenence, including preventative maintenance is required, I do so with higher quality appliance, carpets, flooring and paint. There are more and more commercial properties becoming available at below replacement cost. I would like to buy this type of property and reconstruct them for residential multifamily. I am retired from a career of project management. I have an MBA from Vanderbilt University. My parents owned rental property my entire lives. I maintained property for my parents when I was growing up. I have successfully owned residential income property continuously for the past 7 years. My property is managed by a full time professional property management team. I am honest, trustworthy and professional.
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Self Identified Competition
My competitors are other landlords. I do my best to upgrade my properties and keep them in better condition and slightly lower rents to attract high quality tenants. My properties are only positive cash flow. My specialty is finding and structuring good deals. My property manager is the best I know of. My title lawyer is the best I know of and we have done close to 100 properties. My Insurance agent is the best i know of and we have worked together for over 30 years.
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Contact Applicant
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