In 1980, I went into partnership and purchased 78 rental units consisting of 29 one bedroom apartments, 30 two bedroom apartments, and 19 three bedroom houses plus a 68 pad mobile home park and a convenience store for the sum of $843,000.00 in Warner Robins, Georgia located on approximately 53.2 acres, of which 30 acres were undeveloped.We tore down and rebuilt the convenience store when it burned and made improvements on the entire complex totaling over $400,000.00. In 1983 the property was refinanced for $1.3 million. A MAI appraiser valued the property at $2.4 million. In 1984-1985 an additional 16 townhouses were constructed for rent on the property. In 1985, we also constructed an additional 12 units on the adjoining property with the intention to eventually construct 40 units either for rent or resale. In 1988,one partner died of a heart attack, and we sold said property at absolute auction. Ivie Mini Warehouse, Inc. purchased and still owns the 68 pad mobile home park.
Over the last 17 years, I have purchased and sold 17 rental units in Ashburn, Georgia including an 8 plex that was completely remodeled. In January 1985, I was pursuaded to purchase a one-half interest in a 54 unit apartment complex in Tifton, GA and then completed over $500,000.00 on renovations to this property from 1985-88. The occupancy rate was increased from less than 40% to over 90%. This property was later sold. In January 1985 through Pinewood Investments, Inc. in which I was a 50% owner, a total of $838,000.00 of REO property from Great Southern Savings and Loan Association was purchased. This list of property consisted of 13 houses in Savannah, 2 houses in Richmond Hills, 2 duplexes in McRae, 3 parcels of land located at I-16 at U.S.1 of approximately 15 acres, 3 parcels of land in Brunswick, G consisting of 1.05, 1.09 and 27.5 acres, 5 fee simple townhouses in Hinesville, and 3 condominiums in Hilton Head, South Carolina. I sold all of the property within 2 years. In 1986,I purchased 11.92 acres in Tallahassee, Florida and subdivided it into 28 lots for resale. Lots were sold within the first 60 days with the development of net profits exceeding $60,000.00.
In July 1986, a development corporation i.e. Ochlocknee Management Corporation(OMC) was formed with its primary business in Tallahassee, FL. in which I was President, director, and stockholder. OMC developed a 110 acre property known as Avondale in four phases consisting of 194 lots. In a joint venture, OMC developed a 10 unit office condominium complex and all units were sold. OMC also negotiated the purchase and development of 4 smaller residential parcels, i.e. 1 acre, 6 acres, 8 acres and 12 acres into residential lots. OMC has built and sold a 1 man office building and other office buildings. OMC was involved as a joint venture partner in a 242 acre PUD known as Northampton which consisted of a 12 acre commercial, 85,000 plus square foot shopping center, 6 acre commercial area, 6 acre office residential area and 4 single residential phases of over 200 lots. The total loan fron Barnett Bank was over $5.5 million. There is also a new elementry school and 3 church sites within the PUD. All parcels have been sold. OMC bought and sold 6 Office Residential lots in Northampton. OMC sold an out parcel to Sun Trust Bank. OMC bought, developed and sold a 51 lot residential phase with lots varying in price from $40,000 to $103,000. Over 8 years, OMC developed and sold over 8 million in property. In the 1980s, I established Bio-Plus, Inc. which owns a 90,000 square foot manufacturing faciity for various products from peanut hulls including but not limiited to inert carriers for insecticides, cat litter, and pelleted feed in which I hold four patents. I sold my stock but still consult and represent Bio-Pl
