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I started out as a licensed professional counselor (LPC), then went on to become a full-time realtor. All the while picking up rental properties through the years. I built a strong portfolio of 21 units that cover most of my living costs but decided I was ready for that next class of investment when I decided to join the warrior program. I had plenty of doubts and frustrations as I joined during one of the worst years of real estate in 2023 but now find myself with an outstanding first deal and excited for more.
Address: 6745 Cindy Pl, New Orleans, LA 70127
Number of Units: 14
Value Add Deal? Yes
Purchase Price: $550,000
Estimated monthly increase projected? $$1076/unit
Anticipated value after value add: Stabilized appraisal price is 801k
Estimated Cash on Cash Return: 250% – I invested 24k total for the 600k loan and will get 60k in cash flow/year once stabililzed.
Estimated Internal Rate of Return: 33%
MLS.
I used a private lender and took out a loan of 600k to cover rehab costs as well. The lender placed 2nd lien on a high equity rental of mine as the down payment. I sold one of my single-family residences and used the 34k in profit as a 1031 into the deal. I also received a commission on the deal as the buyer’s agent.
Neither, I bought it myself.
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It was mostly psychological. I was really scared to take it on, a lot of anxiety and fear of failure surfaced but I kept pushing through as the numbers and all the signs kept making sense.
Do all inspections! no matter how good the deal. I skipped the electrical because everything looked good, but it turned out the electrical was never permitted and I had to file for an extra meter.and then re-permit the whole complex. An added 7k expense.
* 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.
If you hold interest in multifamily property investing, then we have numerous multi-family real estate investing courses for you under which we offer the best multifamily investing coaching. All you need to do is to enroll yourself in one or more programs and we will provide the best apartment investing coaching as we connect you with apartment investors network. So, what are you waiting for? Enroll today!
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242 S. Washington Blvd Suite 319
Sarasota, FL 34236
