Qualifications of Jeffrey Rich

1. JEFFREY RICH
5 Litchford Road 919-929-3408, 919-818-7747 [cell]
Chapel Hill, NC 27514 innisfree@mindspring.com
SUMMARY: 23 years experience in real estate as broker and appraiser of residential, multi-
family and small commercial properties, including 11 years in property management. Seeking
role as leader or contributor to leverage expertise in evaluating single and multi-family
properties and small commercial for mortgage lending or asset disposition.
Recognized for skills in:
• Acquisition, Leasing and Management of Multi-Family Rental Properties
• Conducting Research • Determining Acquisition Price • Obtaining Bank Loans
• Setting Rental Rates • Tenant Screening and Evaluation • Rent Collections
• Negotiating Repairs / Improvements / Carrying Costs
• Achieving Appropriate Debt Coverage Ratios • Driving Profitable Sales
EXPERIENCE
Managing Partner/Principal Owner, Innisfree Properties, LLC, Chapel Hill, NC 1996-Present
NC licensed real estate firm that acquires, manages and sells single- and multi-family properties
in Central NC. Specializes in rehabilitation / resale of single-family homes, and acquisition /
management of multi-family properties. Offers brokerage services to home buyers and sellers.
• Acquired 65 multi-family rental property units in Durham and Nash counties
• Purchased, rehabilitated and re-sold several single-family properties for average profit/unit
of $12,000 in strict compliance with local housing code standards
• Generated quick positive cash flows with three multi-family units
o Identified and secured qualified tenants on one, raised rents on other two
o Sold one unit four years later for substantial profit
• Bought 16 rental income units with 100% financing
o Initial gross income provided small negative cash flow
o Within 12 months increased total gross to positive annual cash flow
o Sold four years later, netting profit >$75,000
• Evaluated new property acquisitions using Durham GIS System, Tempo/Triangle MLS
System, Courthouse Retrieval System [CRS]
Co-Managing Partner, Lake North, LLC, Raleigh, NC 2005-Present
Real estate investment partnership specializing in multi-family and small commercial real estate
projects with annual revenues of $300,000+.
• Since incorporation in July 2005, more than quadrupled Lake North value in net equity
o Conducted research, analysis and acquisition of income-producing properties, using
ProForma software, County GIS Systems, LoopNet.com and Multiple List Systems
• Led rehabilitation / renovation of $400,000+ 16-unit residential apartment building
• Achieved profit of $200,000 by acquiring, managing, selling daycare center
o Purchased at foreclosure; optimized appraisal enabling 100% financing
o Generated positive cash flow immediately with initial tenant
o Sold property 16 months later, netting substantial profit
• Acquired vacant medical building and parking lot
o Directed renovation of building and premises
o Leased seven months later, generating positive cash flow
• Solicited, reviewed contractors’ quotes on renovation/rehabilitation projects, established
budgets, monitored work, schedules, invoices and construction draws

2. Manager of Residential Appraisal Department, 1993-1996
Hastings & Associates Ltd, Inc. [now Spivey Group, Inc.], Orlando, FL
Real estate appraisal firm with $3MM in annual revenues, and 12 employees. Specialized in
commercial / residential appraisals to government municipalities and lending institutions.
• Managed residential appraisal department, performed and reviewed appraisals of real
property throughout Central FL
• Performed and reviewed Uniform Residential Appraisal Reports (URAR) and Relocation
appraisals according to Uniform Standards of Professional Appraisal Practice [USPAP]
• Retained large relocation clients, increased volume from residential lender clients by 20%
• Serviced appraisal needs of fifty mortgage lender clients
• Supervised and reviewed appraisal work of three residential staff appraisers
PREVIOUS EMPLOYMENT
Residential Staff Appraiser 1989 – 1993
Great Western Bank [now Washington Mutual Bank], Orlando, FL
COMMUNITY AND VOLUNTEER INVOLVEMENT
Member, Durham Association of Realtors and Triangle Multiple Listing System Present
Past President, Triangle Real Estate Investors Association 1999 – 2001
Greater Durham Chamber of Commerce and Leadership Durham Graduate 2002
Member, Wake County Apartment Association Present
Member, University United Methodist Church, Chapel Hill, NC Present
Volunteer, Inter-Faith Council Shelter, Chapel Hill, NC Present
EDUCATION AND TRAINING
Bachelor of Arts, English Literature, Rollins College, Winter Park, FL
Licensed NC Real Estate Broker
Member, National, North Carolina and Durham Association of Realtors
Certified Residential Real Estate Appraiser in Florida for over 10 years
Appraised 4,000+/- units of residential and multi-family real property
Completed Real Estate Licensing and Certification courses
Appraisal Theory, Residential Valuation, Housing Inspection / Analysis, Basic Construction
Concepts and Uniform Standards of Professional Appraisal Practice