Warrior Wins – Loren Jacobs

Warrior Win

Loren
Jacobs

Masters of Science in neuromuscular physiology, worked in a clinic of physiatry treating patients suffering from chronic pain conditions with regenerative therapies

researched utilizing stem cells as a therapeutic treatment option for these patients. Have since become a certified steam engineer and work at a canola processing plant.

Acquired 3 single family rentals and 1 commercial retail rental since 2016. After attending Rod’s Multifamily Bootcamp in LA last January I have become an LP on Views of Mt. Airies (282 units) with my partner, Lisa Campbell, closed on a new construction project (3 unit townhomes) and just closed on a syndicated 46 unit apartment community. Total: 335 units

331 of those came in the past 8 months!

Thanks Rod! This would not have been possible without you!

Property Details

Address: Woodlawn Apartments – 3762 Up River Rd., Corpus Christi, TX 78408
Number of Units: 46
Value Add Deal? Yes
Purchase Price: $2,950,000
Estimated monthly increase projected? $25/unit
Anticipated value after value add: $3,800,000
Estimated Cash on Cash Return: 18%
Estimated Internal Rate of Return: 16.8%

Warrior team
shout outs:

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

10/10. We are actively chasing deals and getting more under contract as we speak. I will always be a huge advocate for the program! I have been working hard to get out of the W2 so I can attend more of the training sessions.

How did you structure the financing of this property?

Used a regional bank as bridge debt, 75% LTC 4.25% with 1 year i/o, 5 year term.

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

Learned a ton working with inspectors and getting construction bids during DD. Great experience working with and forming relationships with lenders and legal professionals. Putting together a syndication. Raising money is harder than you think, but, the right deal, structured and presented property will sell itself. Managing time and stress, taking care of my mental health. Taking less on the first few deals to set yourself up to do more in the future. Partnering with and adding value to experienced operators/positioning yourself to become a long term partner with experience operators.

How did you raise the equity?

506(b) offering. Put on a webinar and invited friends and family. We were fully funded in less than 3 days.

How did you find this property?

A local PM I met at Rod’s Bootcamp in LA brought the deal to me.

What was the equity raise?

$865,000

Was this a joint venture or syndication?

Syndication

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

Covid: we started looking at this deal in March – agreed to a 90 day option.

Negotiated two seller credits: one for the rebuild of the 6 down units ($300,000) and another for collapsed sewer mains we discovered during DD ($40,000).

Time: committing enough time to make this deal happen considering I work full-time, have two young kids (4 yr old and 1 yr old), self manage our single family and retail rentals, we own and operate a commercial gym and are partners in a commercial cattle operations with 140 pairs of Black Angus.

* 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.