Warrior Win

John letters

I have owned several commercial properties and single family residences for rentals.




Property Details

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%

Warrior team
shout outs:

Any comments about your experience so far in the Warrior Program?

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.

How did you find this property?

My coach Ed Modzel found them.

How did you structure the financing of this property?

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.

Was this a joint venture or syndication?

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%

How did you raise the equity?

I contributed my cash plus raised about a million from other investors.

What was the equity raise?

3.8 million for Thomas ridge 6.3 million for sandover

What are some hurdles you had to overcome to get this deal done?

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.

What are some of the lessons you learned with this deal?

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.