Warrior Win
Danny Sallis
US Army Special Operations for 12 years, transitioning full-time into real estate within the next 6 months. Zero real estate experience prior to first acquisition. I’m an avid outdoorsman, golf fanatic, and family man.
Property Details
Address: 3700 Delancy St. Greensboro, NC
Number of Units: 12
Value Add Deal? Yes
Purchase Price: $1.2 M
Estimated monthly increase projected? $390/unit
Anticipated value after value add: $2MM
Estimated Cash on Cash Return: 8%
Estimated Internal Rate of Return: 25%
Warrior team
shout outs:
Any comments about your experience so far in the Warrior Program?
Great program that is like the bootcamp for getting into the multifamily space. All of the tools, resources, education, and network provided, only thing left to do is take action.
How did you find this property?
Wholesaler.
How did you structure the financing of this property?
3.8% 6 month I/O 25% LTV – obtained through local credit union.
Was this a joint venture or syndication?
JV.
How did you raise the equity?
JV Warriors and Family.
What was the equity raise?
$380,000
What are some hurdles you had to overcome to get this deal done?
Dealing with inexperienced wholesaler and very difficult seller. Took 6 months to close due to seller attempting to back out of the deal.
What are some of the lessons you learned with this deal?
Property managers can change overnight. We interviewed 4-5 property managers by referral and went with the best one we thought would work at the time. This property management company has been unable to retain employees and we are a lot more involved with the day to day operations than expected.
* 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.