Warrior Win
Rasool Mutawakkil
Working as a Senior Financial Analyst for my 9-5, my wife and I decided that we need to start looking at other investment vehicles to grow our net worth.
Property Details
Address: Oakwood Gardens 3880 Mayfield Road Cleveland Heights, OH 44121
Number of Units: 42
Value Add Deal? Yes
Purchase Price: $2,220,000
Estimated monthly increase projected? $128 average unit increase
Anticipated value after value add: $3,200,000
Estimated Cash on Cash Return: 22.5%
Estimated Internal Rate of Return: 17.63% IRR
Warrior team
shout outs:
Any comments about your experience so far in the Warrior Program?
I really wanted to thank this group for being as amazing as it is. Every team member helps make this place an amazing spot to learn and grow and build a network of people who want to grow and succeed in this space. Rod’s way of teaching commercial in the bootcamp is better than anyone could ever hope for.
How did you find this property?
Networked with a broker who was looking for capital partners to get their deals done.
How did you structure the financing of this property?
25% down payment, 30 year amortization, 2 year interest only period at 3.38%. refinancing after rehabs are complete around the beginning of year 3 to return 80% of the capital to the investors conservatively.
Was this a joint venture or syndication?
Syndication 506b
What was the equity raise?
$975,000
How did you raise the equity?
I personally spoke with investors, explained our business plan and projected returns based on very conservative estimations. I had the full amount within 5 days of beginning the raise
What are some hurdles you had to overcome to get this deal done?
The most difficult part of this deal was getting to it. I had underwritten hundreds of deals before, fallen out of contract on a few deals, partnerships that didn’t go anywhere, but finally, when this deal presented itself I knew that it was an amazing one and I would easily be able to build confidence in my investor group
What are some of the lessons you learned with this deal?
Persistence is truly the key to success. There were many times when I felt like I was just wasting my time. But even though I wasn’t closing on deals, the failures looked slightly different each time. They were happening a little further along in the process each time so I just had the feeling that if I kept pushing on that boulder, eventually it would come rolling down the hill.
* 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.