Warrior Win
Ed Modzel
Property Details
Address: Chateau Pointe Apartments
Number of Units: 40
Value Add Deal? Yes, $368K Capex
Purchase Price: $1,345,000
Estimated monthly increase projected? $200/unit
Anticipated value after value add: $2,400,00
Estimated Cash on Cash Return: 139% in 17 months
Estimated Internal Rate of Return: Off the charts
Warrior team
shout outs:
Any comments about your experience so far in the Warrior Program?
I have been a Warrior over 3 years and it has been a major factor in my success.
How did you find this property?
Through the CRE broker with whom I’ve built a relationship with and asked me to take over the deal.
How did you structure the financing of this property?
Local Bank
Was this a joint venture or syndication?
Joint Venture
How did you raise the equity?
From people I met at my meetup group and other meetup groups.
What was the equity raise?
$400K
What are some hurdles you had to overcome to get this deal done?
I had to fire 2 property managers within the first year and take over the role myself and bring the asset to sale
What are some of the lessons you learned with this deal?
Property management is a challenge on a 40-unit C class asset. Referrals are a must when selecting a property manager.
* 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.