Warrior Win

Brendan Manning and Matt Gardner

We started Oak Nine Capital just under 90 days ago together. We are two best friends from High school, 24 years old. Brendan comes from a family office background in real estate and helped manage a portfolio of real estate through both acquisitions and asset management, as well as working for a real estate private equity company helping source large preferred equity through institutional capital partners. Matt worked for a Fortune 500 company where he assisted in helping build national promotions, as well as advertising where he leverages his background to help facilitate our capital raising efforts. Both of us are passionate about boating, and real estate.

Property Details

Address: 9501 El Centro Dr Dallas, TX
Number of Units: 70
Value Add Deal? No — Ground-Up Development
Purchase Price: $13,000,000
Estimated monthly increase projected? N/A
Anticipated value after value add: $19,000,000
Estimated Cash on Cash Return: 3.2%
Estimated Internal Rate of Return: 22.5% Investor level — 32% project level

Warrior team
shout outs:

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

Without this program, we are not sure we would have been able to have the knowledge, confidence, and coaching around us to make this jump successful, and certainly not as quick. This program has a ton of people taking action, and it has held us accountable to make things happen and compete as hard as they do. We are both super thankful for our experience so far and could not be more grateful for the coaching, and opportunity meet such great people.

How did you find this property?

We connected with a real estate private equity firm out of Dallas, TX and built a close relationship with them. They are a seasoned firm that has a great track record developing Mid-Market Multifamily in Dallas and Tampa. They bought into us as individuals and decided to give us a Co-GP opportunity and raise capital on one of their deals to begin our relationship moving forward, and assist with the investor relations and asset management throughout the build.

How did you structure the financing of this property?

8.5MM Loan, 65%LTV, 6.8% interest rate, 15 years, 25 years amortized.

Was this a joint venture or syndication?


How did you raise the equity?

We raised our portion of the total 4.5MM equity raise through our retail investors list as well as our family office relationships in our network that we have developed over the years.

What was the equity raise?


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

Originally, we had fear that we had to have a portfolio built up before getting into the industry and warming up our investors. We feared that they would not take us serious being 24 years old, and not having a hefty resume to invest alongside of. We shortly realized that you can leverage the teams experience, and showcase the operator of the deal, not yourself and there is true value in being a connecter. We had to overcome this fear to realize there is value in bridging best in class operators, with investor capital.

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

Some of the lessons that we have learned with this deal are that people buy into you as an individuals when you are starting up, not the deal itself. We had individuals that bought into our character, bought into their past experiences with us, and gave us a shot. We also realized networking is truly a value exchange. Our primary goal was not just to meet as many operators as we could, but to provide as much value to them as we could in order to be given an opportunity to prove ourselves for this first capital raise, like we just did.

* 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.