CREI Partners

Real Estate Investments

The Untold Stories of Real Estate Investing Podcast

Execute Strategy through Due Diligence and Construction with Jorge Abreu

by

CREI Partners
CREI Partners
Execute Strategy through Due Diligence and Construction with Jorge Abreu
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It takes years of experience to become an expert at due diligence leading up to closing and then implementing a value-add strategy through construction, renovation, and repositioning.  In this episode, Wayne talks to Jorge Abreu, CEO of Elevate Commercial Investment Group and owner of JNT Construction. Jorge is a full-time active and passive multifamily real estate investor with 1,720 doors on the general partner side and more than 1,400 doors on the limited partner side. Topics on Today’s Episode:
  • Due Diligence Inspection Process: 
    • Gather information
    • Schedule due diligence
    • Hire professionals and manpower
    • Inspect each unit
    • Outsource leases to third-party property management company
  • Inspection Tools: Software apps (HappyCo), phones, tablets, and power packs
  • Most overlooked due diligence aspects and issues include:
    • Drainage
    • Plumbing and Sewage
    • Storm damage 
  • Retrade or Renegotiate? Goal is to not retrade, unless issue is found, but not disclosed
  • Cost Per Door: Ask a lot of questions to get accurate numbers to make appropriate offer
  • Property Must-haves: Rebranding depends on budget and reputation for curb appeal
  • Full Renovation Costs: From $5,000 for affordable housing to $10,000 for all inclusive
  • Competent Contractors: Effective communication of change orders is critical for success
  • Risk Management: Safety first—insurance coverage is necessary in case of claims
  • Why actively invest? Transform properties to build up community, portfolio, and wealth
  • Why passively invest? Returns and tax benefits are positively great
  • Equity and Experience: If you need help, seek partnerships and teamwork 
Links and Resources: Jorge Abreu’s Email Jorge Abreu on LinkedIn Elevate Commercial Investment Group JNT Construction HappyCo Wayne Courreges Free Passive Investor eBook by Wayne Courreges The Untold Stories of Real Estate Investing Podcast

About Wayne Courreges III

Based out of Central Texas, Wayne leads the investment life cycle and investor relations for CREI Partners as the Lead Sponsor and General Partner. CREI Partners is a privately held investment company focused on acquiring multi-family value add opportunities throughout the Austin, San Antonio, and Houston region. Contact Wayne at 512-710-2500 or wayne@creipartners.com for more information on future investment opportunities.