Warrior Win
Tyson Burtenshaw
I am an Engineer Manager at a Rocket facility with an engineering degree & an MBA. I have always loved RE. Our first home was a 4plex which we updated, managed and have kept till this day. Our family has grown to 6 kids so continuing to build meant turning to Multifamily, which has been an incredible decision. We joined the Warrior group in April 2020, joined some deals with Warriors as an LP and help close our first deal, a 297 unit in Houston last fall.
Property Details
Address: Elan Memorial Park – 920 Westcott St, Houston, TX 77007
Number of Units: 297
Value Add Deal? Yes
Purchase Price: $83,500,000
Estimated monthly increase projected? $120/unit Anticipated value after value add: $106,300,850
Estimated Cash on Cash Return: 7%
Estimated Internal Rate of Return: 16%
Warrior team
shout outs:
Any comments about your experience so far in the Warrior Program?
Tons of experience and everyone willing to share what they know. Lots of friendly people, coaches, mentors, and people learning side by side striving to be the best version of themselves and help everyone be successful in Multifamily!
How did you find this property?
This property was one found by Raj Sarangam & Jack Aduwo. Working with Colby Fryar we joined them in this deal.
How did you structure the financing of this property?
75% LTV, 5 yrs, 5.4% interest, I/O 3 yrs, $1.485M Rehab, 30 yrs.
Was this a joint venture or syndication?
Syndication
How did you raise the equity?
Friends & Family (for my part)
What was the equity raise?
$22,784,728
What are some hurdles you had to overcome to get this deal done?
I had originally raised $500k for another deal in Dallas, TX but that deal ended up not working out with the shift in financing and the seller not willing to move. This deal in Houston was open and available for the investors to move their money into. I had a couple of investors decided not to come into the Houston deal as a result of changing.
What are some of the lessons you learned with this deal?
Make sure I am an active part in the GP. I have had to try to be a part of the operating side of the business and be more of an active part of the GP team.
* 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.