First Syndication 32-Unit Apartment Building
7 Replies
Daniel Krueger
Rental Property Investor from Minneapolis, MN
posted 11 months ago
Investment Info:
Large multi-family (5+ units) buy & hold investment.
Purchase price: $2,400,000
Cash invested: $1,000,000
This property was our first syndication. We raised a total of $1m which was a combination of $200,000 from myself (GP) and $800,000 from investors. This was a great value add opportunity. 1BR rents were averaging $734 but the market supports $875-$900. 2BR rents were averaging $848 but the market supports $1100-$1200. After re position we should see that value go from $2,400,000 to $3,000,000-$3,200,000. We plan to refi after re position and continue to hold for at least 5 years.
What made you interested in investing in this type of deal?
Huge value add opportunity in a great neighborhood
How did you finance this deal?
We used an 80% loan from the bank and raised funds from investors.
How did you add value to the deal?
We are fixing up the units and improving the tenant base.
Roni Elias
Investor from McLean, VA
replied 11 months ago
Great job. Share some of the before and after pictures once done. I would push on your GC on get the renovation done ASAP. Especially the sooner you can refinance the better. I would run dual tracks refinancing and selling what buyers would pay.,
Yonah Weiss
Cost Segregation Expert and Investor from Lakewood, NJ
replied 11 months ago
Congrats @Daniel Krueger ! How did you find the deal? and is it local to your market or out of state?
Daniel Krueger
Rental Property Investor from Minneapolis, MN
replied 11 months ago
Thanks @Yonah Weiss ! The property is in our local market. A broker that I had never met before shot me an email with the deal after seeing some of our social media content.
Yonah Weiss
Cost Segregation Expert and Investor from Lakewood, NJ
replied 11 months ago
Originally posted by @Daniel Krueger :Thanks @Yonah Weiss! The property is in our local market. A broker that I had never met before shot me an email with the deal after seeing some of our social media content.
Awesome! Thank you for sharing, that is very encouraging about the social media.
See @Ellis Hammond @Chris Salerno @John Fortes @Logan Freeman
John Fortes
Multi-Family Syndicator from Brockton, MA
replied 11 months ago
Good work @Daniel Krueger now the operations side of things are the most important part of the project now. Go run that business plan and I'm looking forward to hearing more about the lessons you learned from this. Thank you for tagging me @Yonah Weiss . Happy investing!
David Acosta
from San Diego, CA
replied 11 months ago
Congrats, @Daniel Krueger . Looking forward to following along!
Logan Freeman
Specialist from Kansas City, MO
replied 11 months ago
Congratulations @Daniel Krueger !
Thank you for the mention @Yonah Weiss , let me know if i can be of any assistance in the future
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