Remodeling contractor in commercial and residential properties for 20 years, Owns Kitchen Design Lab (Cabinet Showroom), Jersey Gourmet (Restaurant) and other small businesses. Is Married with 3 Kids, 2 girls and a boy. Has flipped over 40 properties. Currently owns 50 Units JV, 76 LP and 208 as GP.
Address: 2800 Jerridee Circle, Dallas, TX 75229
Number of Units: 208
Value Add Deal? Yes
Purchase Price: $32,000,000
Estimated monthly increase projected? $250/unit
Anticipated value after value add: $48k
Estimated Cash on Cash Return: 6.1% 1st Yr
Estimated Internal Rate of Return: 14%
Love the program, especially the local warriors, which i get to meet monthly.
Through selling broker.
Raise 14.5 Mil in capital, then 22.1 Mil in 10 Yr Fannie Mae fixed interest only agency loan.
I raised a small portion of the equity around 1.075 Mil, the other GPs came up with the reminder.
The stock market was starting to tank much faster and crypto also tanked around this time, so investors were very hesitant to invest. I ended up speaking to a lot of people about this deal. Also this was my first capital raise, so didn’t know what to expect and or put together the right approach.
I learned that you have to be very flexible and to have a very strong team behind you to get the deal done. We almost lost this deal because we couldn’t raise capital fast enough, since this was a more conservative type of deal and not a very heavy value add 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.