Black Cat Properties
Black Cat Properties was formed in response to what the Company believes is a significant buying opportunity, brought about by this historic economic downturn. The confluence of the sub prime mortgage debacle, unavailable credit, skyrocketing unemployment and home foreclosures have driven home prices down in certain markets by as much as 50%. To take advantage of this unprecedented opportunity the Company is targeting bulk portfolios of single family residential property currently being held by the department of Housing and Urban Development (HUD), FDIC banks, Fannie Mae, Freddie Mac, and private mortgage companies. These properties are commonly referred to as “REO’s”. The target acquisition price is up to <= 60% of current market value.
The target property type is detached single family residential homes from $100,000 to $400,000. No condominiums, town homes or manufactured homes will be considered. The target markets are select cities within California, Arizona and Nevada . The target transaction size is $3,000,000 to $50,000,000.
Black Cat Properties is a Direct Buyer and Seller of Bulk REO Properties Throughout the Southwestern United States
Disciplined acquisition is the key to success. As any seasoned real estate investor will tell you, profit in real estate is made on the buy side. The experience of Company in valuation, underwriting, due diligence, deal structuring and negotiation of nearly $800 million in residential and commercial real estate transactions, provides the Company with a real competitive advantage and the ability to minimize the risks inherent in real estate investing. Our general acquisition guidelines are:
- Buy at significant discounts to current market value, 35% to 50%
- Buy in areas wherein the population base is greater than 25,000 people
- Buy in stable neighborhoods located in the best school districts
- Minimum 3 bedroom, 2 bath, 2 car garage, 1,300 to 4,000 sf
- Property shall require less than $20,000 in rehabilitation
- Property shall be single family detached residences – no condominiums, town homes or mobile homes
- Utilize Brokers Price Opinions (BPO), the multiple listing service (MLS), and comparable sales data to determine actual market value, during due diligence
- Invest only in geographic areas that the Company has extensive knowledge of and or investment experience in.
Black Cat Properties is a Direct Buyer and Seller of Bulk REO Properties Throughout the Southwestern United States
To contact us with a portfolio for sale, or to purchase a portion of a portfolio we are buying or already own, please contact us direct:
Black Cat Properties
4500 S. Lakeshore Dr. Suite #322
Tempe, Arizona 85282
Phone: 480-831-2666 Fax: 480-831-9077
Email: doug@dougesteves.com
