Staff Menu (IO ID#: 3949):
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Completed Debt
Residential
Harvest Park Single Family Rehab
Memphis, TN
INVESTMENT STRATEGY
INVESTMENT TYPE
Debt
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100% funded
Offered By OCG Properties
%* TARGET IRR 9.0%-%
* TARGET EQUITY MULTIPLE
Estimated Hold Period 12 months
Estimated First Distribution
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Overview
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OCG Properties

Owens Consulting Group ("OCG") is a professional residential rehabilitation company based in Memphis, TN that specializes in purchasing, renovating, tenanting and selling investment properties. OCG has completed over 300 transactions in the past five years alone, representing over $25 million in real estate, most of which has been held for long term growth or sold to cash flow investors.

The OCG team consists of property managers, contractors, insurance agents, certified public accountants, attorneys, title companies, funding sources, lenders, and realtors. OCG’s team has over 60 years of combined experience in various aspects of real estate investment including due diligence, acquisition, renovation, property management and sales on all of its properties, therefore increasing its efficiency and decreasing outsourcing risk.

OCG runs its own in-house property management and renovation companies in order to control and protect investors' assets more efficiently and is currently acquiring 5 to 10 investment properties per month.

http://www.ocgproperties.com
  • Mathew Owens, CPA
  • Tyler Owens
Mathew Owens, CPA

Mathew graduated from UC Santa Barbara with a B.A. in economics and an emphasis in accounting. He earned his CPA license in 2000 and specializes in real estate investments, syndications, corporate and individual taxation, business consulting and real estate consulting. He worked as a CPA, auditor and business advisor while running his own tax business before founding OCG. Matt is responsible for operations management, deal analysis, advertising, sales, accounting control systems and teaching financial literacy courses.

Tyler Owens

Tyler is the Acquisition and Finance Manager with OCG. Tyler earned his B.S. in Business Finance at Cal State Dominguez Hills. Tyler established an E-bay business in addition to working for various finance companies before joining his brother in an effort to create OCG.

Now with several years of real estate experience and his own real estate portfolio, Tyler assists in all parts of the business inlcuding the acquisition of properties, investor relations, property analysis, due diligence, property management coordination, renovation estimates, marketing, sales, accounting, bookkeeping and record retention procedures.

Track Record

Business Plan
Property

At A Glance

Property Type: Residential, Single-Family
Investment Type: Loan Purchase*
Estimated Return: 9% annualized
Loan Term: 12 months
Location: Memphis, TN
   
Purchase Price: $84,000
Loan Amount: $75,000
Est. Value After Repair: $135,000
Est. LTV After Repair: 56%
Est. Protective Equity: $60,000

Summary

OCG Properties is obtaining a loan for the purpose of a rehab. OCG Properties is performing renovations on the property and will look to sell as quickly as possible at a higher price than the purchase price. Upon completion, the property will look like other renovations OCG Properties has executed.

OCG Properties plans to rehab the property as quickly as possible and resell it to an end buyer. Renovations will likely include new paint, new carpet, AC system replacement, minor plumbing upgrades, minor electrical upgrades, and general clean up items.

Investors will receive interest payments of 9% with a final balloon payment at the end of the loan term.  The underlying security interest is a deed of trust secured by the property in first position.* 

Comparable Transactions
STREET ADDRESS PURCHASE PRICE SQUARE FOOT PRICE PSF YEAR BUILT PROXIMITY DATE CLOSED
7251 Nicholas Lane $140,000 1,921 $73 2006 0.46 mi 08/30/13
7657 Mineral Crest Circle $110,839 1,345 $82 1996 0.37 mi 08/22/13
7743 Roxshire Cove $131,314 1,643 $80 2000 0.56 mi 05/03/13
4836 Pine Forrest Drive $118,737 1,341 $89 2005 0.77 mi 04/25/13
7164 Peppermill Lane $100,000 1,333 $75 1991 0.68 mi 04/11/13
             
4764 Harvest Park Drive $75,000** 1,659 $45 1997    

**Loan Amount

Risk Mitigation***

  • There is a personal guarantee on the borrower loan.*
  • The borrower is a real estate investor with a history and a track record of success.
  • The underlying security interest is a deed of trust.*
  • The borrower loan is protected by title insurance.
  • Investor returns are not contingent on the appreciation of the property value and investor returns do not increase based on any resale price. The borrower is still obligated to repay the corresponding borrower loan.
  • In a worst case scenario, a foreclose of the property is possible. Proceeds would be distributed to investors according to the percentage of the total investment opportunity initially funded net of any expenses incurred for the foreclosure proceedings. 

*An investment in this loan will be made through a borrower dependent payment note issued by Realty Mogul.  These promissory notes are dependent for payment on payments that Realty Mogul receives on the underlying borrower loan.  While the borrower loan is secured by legal title to real estate, the borrower dependent payment note is not itself secured nor does it have a personal guarantee. 

***The above is not intended to be a full discussion of all the risks of this investment. Please see the Risk Factors in the Investor Document Package for a discussion of additional risks.

Location

Memphis is the largest city in the state of Tennessee with a population that exceeds 650,000 people.  Memphis boasts a diverse and growing economy with its primary industries in distribution, manufacturing, agribusiness and healthcare. With more than 50,000 people working in the medical industry, Memphis is internationally recognized for its contribution to the medical field.  Memphis is also known as “North America’s Distribution Center” due to its central location and the presence of the FedEx World Headquarters. Memphis has a growing bioresearch hub and is home to four Fortune 500 companies with the population projected to continue growing.

The property is located within the E Shelby Dr / Hacks Cross Rd neighborhood, which is a suburban neighborhood located in the southeast corner of the Memphis city limits. The area's boundaries are equivalent to E Shelby Dr to the north, Riverdale Rd to the west, E Holmes Rd to the south, and Hacks Cross Rd to the south.

The real estate in the E Shelby Dr / Hacks Cross Rd neighborhood is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the E Shelby Dr / Hacks Cross Rd neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

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