I have owned several commercial properties and single family residences for rentals.
Address: Thomas ridge apartments in Augusta Georgia and now sandover apartments In Charleston SC
Number of Units: 104
Value Add Deal? Yes
Purchase Price: 8,600,000
Estimated monthly increase projected? $200/unit
Anticipated value after value add: This will be in stages we project in three years a sale price of 13,000,000
Estimated Cash on Cash Return: 7%
Estimated Internal Rate of Return: 17%
I never could have done this without the warrior program. I was really able raise the expectations I have for my life. I believed I had achieved success in life but also felt like I had peaked. I now know the best is still to come.
My coach Ed Modzel found them.
We are using banc corp bridge debt. 3+1+1 . Originally we were looking at a 2 to 3 year hold but now we are looking at a longer term and will be shopping for agency debt next summer once we are stabilized.
It is a tic with me owning 44% in the tic there is a syndication shock ownes the other half I am a 16% gp on the syndication also. The other property is 137 units and all syndication. I am LP investor of 500k and a GP of 6%
I contributed my cash plus raised about a million from other investors.
3.8 million for Thomas ridge 6.3 million for sandover
Thomas ridge was relatively easy once we got the deal structure done. We are rapidly increasing rents and filling vacancies . Sandover was difficult because of some fire burned units causes some issues with insurance. Lender had issues with it, rising interest rates combined with insurance causes capital raise to go up over a million dollars at the last minute.
I love multifamily real estate. Things are much more fluid than I have ever experienced in commercial real estate. Fund raising is something I really enjoy. Good property managers are extremely valuable. I fell like I could go on for days about this.
* 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.