Warrior Win
Brian Corr and Jay Boersma
We joined in 2020 Jan LA and the the pandemic hit. So it took a while for us to get our first deal.
Property Details
Address: Cedar Oaks Apartments
Number of Units: 72
Value Add Deal? Yes
Purchase Price: $3,600,000
Estimated monthly increase projected? $200/M per unit
Anticipated value after value add: $6-$6.5 M at 6 cap in 5 yrs.
Estimated Cash on Cash Return: 8-17%
Estimated Internal Rate of Return: 18%
Warrior team
shout outs:
Any comments about your experience so far in the Warrior Program?
How did you find this property?
Jay grew up in Stillwater Ok and new the family that owned this property for years. He used to ride his bike and drive by it everyday a a kid.
How did you structure the financing of this property?
70/30 with investors. 7% pref. We got a loan from a local bank with a rehab LOC
Was this a joint venture or syndication?
JV
How did you raise the equity?
Through friends and family and 2 senior GP partners we met at the events.
What was the equity raise?
$1.3 M
What are some hurdles you had to overcome to get this deal done?
Raising the money, missed the closing deadline and thought we lost it, reinstated the deal with seller. We had a flood insurance expense come up in underwriting way above our estimate and shopped for a better rate to help save the deal.
What are some of the lessons you learned with this deal?
Partners are key and having a team is instrumental in doing a larger deal. I was always a one man band and the synergy of having a team and the benefits are amazing.
* 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.