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One-9 Holdings: February Update

Writer's picture: Cory MortensenCory Mortensen
Mar 2, 20232 min read


FEBRUARY UPDATE

 

Hello, One-9 Holdings Investors and Stakeholders,


In February, we carried our momentum forward with our fundamental activities including underwriting multifamily properties and networking with developers, property managers, brokers, and lenders. We're actively signing up investors and searching for off-market opportunities. Here are some highlights from this month's activities:

  • 4 Tuesday Terms

  • 4 Quick Tips:

  • Our blog:

  • Acquisition Activity:

    • We received an off-market opportunity from one of our brokers for a two-property portfolio consisting of 150 units in Lubbock, TX. The winning contract offered to pay more than we were willing and we trust and follow our underwriting.

    • We fully underwrote 8 apartment complexes and submitted an LOI on the deal that met our investor's return criteria. The competition was high and we were outbid by a company executing a 1031 exchange.

    • We negotiated with an off-market 8 duplex portfolio owner and are currently exploring buying opportunities with his other multifamily properties in San Antonio, TX.

  • Direct-to-Seller Campaign:

    • Our first batch of 75 mailers went out this month, and we are sending an additional 200 mailers out to owners in March.

  • Networking Events:

    • Cory attended an investor meetup, connected with operators, vendors, and investors, and has meetings on the books to solidify relationships.

    • Dani successfully hosted a Women in Business meetup in Winter Park, CO, and has recurring monthly meetings scheduled with female entrepreneurs and business owners.

We are predicting strong buying opportunities in the next 18-24 months as rate caps expire on deals purchased in 2022, and our relationships with owners, operators, brokers, property managers, and lenders position us well to capitalize on future buying opportunities from motivated sellers. Likewise, as we ramp up our direct-to-seller campaign we anticipate generating a steady stream of off-market opportunities for us to buy at a discount at today's prices.

Finally, if you have some time, check out our recent blog post about How Multifamily Investors Avoid Paying Taxes... Legally!

Please don't hesitate to reach out if you have any questions. We're looking forward to connecting with you soon!


Sincerely,

Dani, Cory, and the One-9 Holdings Team

 

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