Jeffrey L. owns NuVision Properties LLC, a real estate management company. He and his wife entered the real estate business in February 2008, during the middle of the housing crisis. With real estate affordable, they jumped at the opportunity to build long-term financial stability. Initially, they bought and sold foreclosed houses, but subsequently they moved into apartment management because of its efficiency (more tenants in one location) and financial stability. They currently own one apartment building, and their goal for 2011 is to acquire two additional apartment buildings, each with a capacity of twenty-four or more units. If they succeed, Jeffrey’s wife will begin managing the properties full-time at the beginning of 2012.
Jeffrey and his wife balance expanding NuVision Properties with their full-time careers. Jeffrey works with a software engineering company, and his wife is a director for an outpatient medical center. Jeffrey says that he and his wife manage their workload by working long hours and “burning the midnight oil.” He handles the finances and looks for prospective deals, and his wife manages the apartment building.
With this loan, Jeffrey and his wife are implementing a mail-out marketing campaign that will promote their business to real estate agencies, as well as to prospective apartment complex owners looking to sell. This campaign will focus on New Orleans, Baton Rouge, and select markets around Louisiana and adjoining states. This loan also helps them build their business credit, which will help them receive financing for later acquisitions.
LiftFund. (www.liftfund.com) is an award-winning nonprofit organization (previously known as Accion Texas) with a mission to provide credit and loans to small and start-up businesses that have limited or no access to credit from commercial sources. Established in 1994 in San Antonio, LiftFund has helped Texas and Louisiana entrepreneurs strengthen their businesses, stabilize and increase their incomes, create employment, and contribute to the economic revitalization of their communities. Learn more at www.liftfund.com.