Warrior Win
Marvin
Mitchell
I own a financial advisory firm. I starting my real estate journey last year as a supplement to my business. Own 10 doors before closing on the 76 unit.
Property Details
Address: The Reserve of Spanish Lake in St. Louis MO
Number of Units: 76
Value Add Deal? Yes
Purchase Price: $3,600,000
Estimated monthly increase projected? $100/unit
Anticipated value after value add: $4,400,000
Estimated Cash on Cash Return: 17%
Estimated Internal Rate of Return: 23%
Warrior team
shout outs:
Any comments about your experience so far in the Warrior Program?
Warriors have been a great help. I wouldn’t have had this deal without the warriors program. I was able to learn from several people along the way and fellow warrior Lee Fjord is Who founded the deal. Another warrior is Chris Nantista. And Rasool is a limited partner.
How did you find this property?
We found it through a wholesaler
How did you structure the financing of this property?
Local loan. 4.2%. No prepayment. Some of the rehab cost is built into the loan
Was this a joint venture or syndication?
Syndication
Please outline major inprovements
We plan to add a better security gate, landscape, better lighting, security cameras/ stripe and seal parking lot, dog park. As units turned updated bathroom, cabinets etc.
What was the equity raise?
500k
What are some hurdles you had to overcome to get this deal done?
Mom and pop seller, decision on whether to do a joint venture vs syndication, attempting a terrace based on inspection, an insurance claim for hail damage to the roof. Going back and forth with legal for PSA. Delay of closing due to survey and environmental study.
What are some of the lessons you learned with this deal?
* 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.