Warrior Win

Barry Coppedge

I have been in the construction and development industry for 25 years. I started in the residential flipping houses 20 years ago and now develop and build apartments and commercial buildings.

 

 

 

 

Property Details

Address: 617 S. Kerr Ave Wilmington NC
Number of Units: 24
Value Add Deal? Partially. We will installing new flooring and some other misc. capex improvements.
Purchase Price: $5,200,000
Estimated monthly increase projected? $75/unit
Anticipated value after value add: $11,000,000
Estimated Cash on Cash Return: 11-21%
Estimated Internal Rate of Return: Phase 1 = 16.05    Phase 2 = 28.59

Warrior team
shout outs:

Any comments about your experience so far in the Warrior Program?

I have toughly enjoyed my experience with the Warrior program. I have met many great contacts and would not be progressing as I am with out the support of the Warriors.

How did you find this property?

I built the property for the original developer.

How did you structure the financing of this property?

 
Conventional Bank for phase 1 70% LTC
Construction to Perm for Phase 2 .

Was this a joint venture or syndication?

Syndication

How did you raise the equity?

Each partner reached out to friends and family.

What was the equity raise?

$2,900,000

What are some hurdles you had to overcome to get this deal done?

It was a lengthy process to get under contract due to some of the parcels did not have clear title. We had to switch bank midstream.

What are some of the lessons you learned with this deal?

Always have more that one bank and Raise more money than you need sooner than later.

* 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.