Warrior Win
Eric Lindsey
Property Details
Address: 116 Spring City Dr, Johnson City, TN 37601: Spring City RV and Mobile Home Park.
Number of Units: 78
Value Add Deal? Yes
Purchase Price: $2,250,000
Estimated monthly increase projected? $280/unit
Anticipated value after value add: $3,900,000
Estimated Cash on Cash Return: 8% COC in Yr. 2
Estimated Internal Rate of Return: 18%
Warrior team
shout outs:
Any comments about your experience so far in the Warrior Program?
The Warrior program is worth it’s weight in Gold. I would not have been able to do this deal without the group! The Network within the Warrior program is amazing!
How did you find this property?
I found this property through a Cold Call, I went direct to seller.
How did you structure the financing of this property?
We used a local bank: The terms were 30% Down payment: 5.75% Fixed: 5 Yr term: No Prepayment penalty.
Was this a joint venture or syndication?
Syndication
How did you raise the equity?
I had two partners raise all of the equity. I found the deal.
What was the equity raise?
$920,000
What are some hurdles you had to overcome to get this deal done?
I gave up my Memorial Day to get this property under contract, boarded 4 flights, and risked not being able to get this property under contract. The seller was very difficult, and refused to sign a contract unless I met him in person. I had to risk catching a flight and trusting that a seller would sign the contract. Once arriving the seller met me and signed the contract without even looking at the contract.
What are some of the lessons you learned with this deal?
I learned that going direct to seller is still alive. The seller kept stating that he didn’t know why he chose to work with me because he receive calls on a day to day basis and mailers. I also learned that you have to do things that others aren’t willing to do to get deals sometime. I also learned that a deal isn’t dead until it is dead. Many times throughout the life of the contract I thought that this deal would die, but through persistence, faith, hard work, and utilizing the Warrior group I was able to get the deal to the finish line.
* 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.