Fix and flip single family homes – focused on the Houston metro area – seeking $100+/- of equity and/or debt capital for this unprecedented opportunity
- Marengo REI, LLC (“Marengo” or the “Company”) is a fix and flip single family home platform focused on the Houston metro area
- Seeking $100+/- million of equity and/or debt capital to execute on this unprecedented opportunity
- Purchase and renovate homes damaged by post Hurricane Harvey flooding, or impacted by market price dynamics resulting from the storm
- Homes will be renovated and offered for resale in 6-9 months
- Marengo is a diversified real estate investment and development company based in Houston
- active in real estate for more than twenty years
- led by seasoned executives with extensive experience in risk management and large-project development
- Thousands of houses in the Houston metro area are expected to come to market shortly as banks start foreclosure proceedings
- Foreclosures expected to accelerate through the remainder of 2018 and 2019, with an estimated value of $10-$15 billion.
- There were approximately 270,000 houses, condos, townhouse, commercial and industrial facilities, and other properties flooded by Hurricane Harvey in Houston and surrounding cities
- flood reservoirs (Addicks and Barker) holding water from normal rain fall were overwhelmed
- US Army Corps of Engineers was forced to open flood gates and drain these flood reservoirs, damaging houses that normally would not have flooded
- In addition, due to businesses permanently shutting down and laying off their employees because of a lack of insurance coverage to restore operations, there are approximately another 200,000 houses impacted due to employees not being able to pay mortgage loans
- Several banks (Wells Fargo, Bank of America, Citibank, Chase, and other regional/local banks) expected to soon start foreclosure actions on properties directly or indirectly impacted by Harvey flooding
- banks provided a six-month grace payment period for owners to financially collect on insurance and start paying on mortgages
- many homeowners cannot make payments because their dwellings were not covered by flood insurance, or government insurance will take several years to payout
- Buy first time flooded or post Harvey flooded dwellings in Houston, Texas at substantial discounts in bank foreclosures
- Renovate the homes to modern standards – kitchen, baths, carpet, etc.
- Sell the homes 6-9 months after purchase
- Marengo has extensive Houston residential real estate expertise and crews in place
- Established company based in Houston with deep knowledge of local markets
- Unparalleled relationships with top real estate brokers, banks, mortgage companies, credit unions, and note holders
- Experienced management team with excellent track record doing large scale development projects requiring significant labor deployment
- Consummate business leader with over 40 years of broad-based experience in operations, project development in real estate and energy facilities, and management
- People-oriented, team-building management style with strong communication, planning and organizational skills
- Significant contribution to revenue, performance and profit improvement
- Over the eight-year founding of Energy Maintenance Services Group I, LLC, created a new integrated model to service the requirements of the Pipeline Safety Act, Clean Air Act and Nuclear Regulatory Act.
- Ramped US, Canada and Mexico workforces to 2,000 employees
- In 2011 founded Dimension Energy Services, Inc.
- Has been involved in numerous real estate acquisitions and development projects as a former senior manager with Marathon Oil Company
- Experience in real estate, banking, manufacturing and energy – focused on risk management, organizational set-up and human resource management for more than 35 years
- Involved in the administrative functions of growing a company from start-up with six people to over 1,200 people