Address: Regency Square Apartments
Number of Units: 84
Value Add Deal? Yes
Purchase Price: $1,450,000
Estimated monthly increase projected? $100 mo /unit
Anticipated value after value add: $Appraisal came back at $2,340,000 with rent increases and other updates by year 5 $3.5m Estimated Cash on Cash Return: 9.8%
Estimated Internal Rate of Return: 23.05%
Everyone is so eager to help!
We were brought the property off market.
Bank debit24 mo Interest only, $721,515 construction loan.
We have a few other active investors in on the deal.
We ran into issues with 48 units missing an occupancy permit, and had to have the township sign a letter they would not require an occupancy permit unless there was a change of use or major reno.
We had some issues with slow legal counsel, slow title, lenders counsel was slow to respond. To keep in mind some of the vendors you deal with won’t be quick to keep in communication.
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in Rod’s training and coaching. The participants shown are not paid for their stories.