Successful 84 unit purchase!
6 Replies
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Todd Dexheimer Multi-Family Syndicator from St. Paul, MN
posted 3 months agoAfter months of hard work we finally closed on an 84 unit value add apartment building in Lexington, KY. My company raised $960,000 in order to close on the property and will begin a large renovation in order to be able to raise rents $125 on average. The closing was a challenge to say the least, but we got it across the finish line and now the real work begins!
The main take away for me is that consistent and persistent effort pays off, as well as very careful due diligence. I will be posting a blog article to go into further detail on the deal later today, but to give an idea of what we dealt with:
- Difficulty finding investors that would commit
- Phase 1 troubles that almost killed the deal
- Surveyor dies during the process
- Lender issues
- Report showing 24 vacancies vs the original 9 at contract signing
Overall, we got through it thanks to the flexibility of the seller, help from the RE broker and our thorough due-diligence. It was a fun one to say the least, but we are excited and know that it was well worth it in the end!
Nathan Platter Investor from Minneapolis, Minnesota
replied 3 months agoCongratulations @Todd Dexheimer ! 84 units sound daunting but I'm sure your perspective changes after successfully going through the process from start to finish.
To your success!
Adam Widdicombe Investor from Farmington, Minnesota
replied 3 months agoCongrats! Sounds like a lot of headache but the reward will hopefully be worth it.
Got any opportunities in the Twin Cities area? If so, message me.
Chris Finck Investor from Santa Monica, California
replied 3 months agoah man! Should've given me a ring. Got cash just sitting here :(
Todd Dexheimer Multi-Family Syndicator from St. Paul, MN
replied 3 months agoOriginally posted by @Nathan Platter :
Congratulations @Todd Dexheimer ! 84 units sound daunting but I'm sure your perspective changes after successfully going through the process from start to finish.
To your success!
Thank you Nathan. You will be there soon!
Todd Dexheimer Multi-Family Syndicator from St. Paul, MN
replied 3 months agoOriginally posted by @Adam Widdicombe :
@Todd Dexheimer
Congrats! Sounds like a lot of headache but the reward will hopefully be worth it.
Got any opportunities in the Twin Cities area? If so, message me.
Thank you Adam! PM me with the type of opportunities that you are looking for.
Todd Dexheimer Multi-Family Syndicator from St. Paul, MN
replied 3 months agoHere is the blog for more details:
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