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I purchased my first rental property when I was 18. I have purchased many single family homes and small apartments over the last 40 years. I am currently a licensed building contractor and licensed broker in the state of Florida. I own a property management company that manages a little over 500 units in central Florida.
Address: Hoosier Mobile Home Park 2735 W 10th Street, Lakeland, FL 33805.
Number of Units: 19
Value Add Deal? Yes….Rents were undermarked and there was some differed maintenance.
Purchase Price: $1,375,000
Estimated monthly increase projected? 30% first year. 10% next year. 3% after that.
Anticipated value after value add: $3,200,000
Estimated Cash on Cash Return: 8%
Estimated Internal Rate of Return: 15%
I believe it is the best program out there for apartment syndication.
I found it on the MLS.
100% limited partner funding. No bank loan involved. LPs are receiving 7% preferred return from day 1.
Syndication.
506B. Friends and family.
$1,700,000.
This was owned by a mom and pop and there record keeping was not real good. This made our due diligence process a little difficult.
Start raising money earlier. On closing day we did not have the full amount to close. We had to fund all but $175,000 on closing day. The final part came in a couple days later and everything worked out but it did take some negotiating to get it done.
* 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.
If you hold interest in multifamily property investing, then we have numerous multi-family real estate investing courses for you under which we offer the best multifamily investing coaching. All you need to do is to enroll yourself in one or more programs and we will provide the best apartment investing coaching as we connect you with apartment investors network. So, what are you waiting for? Enroll today!
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K L Promotions, LLC
242 S. Washington Blvd Suite 319
Sarasota, FL 34236
