Address: Broadway Palms
Number of Units: 12
Value Add Deal? Yes
Purchase Price: $1,278,500
Estimated monthly increase projected? $400
Anticipated value after value add: $2,150,000
Estimated Cash on Cash Return: 7.44%
Estimated Internal Rate of Return: 34.2%
The warrior group is one of a kind and I’m so grateful for this group.
Off Market deal.
12 month bridge loan at 80% LTV at 8.79% interest (lastminute financing change) with refi Y2 to traditional 30 yr term at 75% LTV at 6.0% interest. CapEx is a draw.
Friends & Family.
With rates changing, our initial lender couldn’t meet his quote and went dark, unable to reach him and he didn’t return calls/emails. With no initial extension built in, we were able to extend our closing date and scrambled to get a new lender on board with inspections, appraisals, etc. completed before the new closing date. Our bridge loan rate wasn’t ideal but we were able to get it done and have enough equity in the deal to overcome the initial rate.
Moving forward we will ensure at least one extension is baked into the PSA. We’ll also work with lenders who are worked with from within the warrior group and build a strong lender relationship.
* 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.