Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
We finally closed today on our first multi-family apartment complex! Seems like such a long road after making the decision to transition out of SFH last Fall and selling off our portfolio in the Spring. I ramped up my education quickly as I knew nothing about cap rates, NOI, due diligence, etc. The pressure was really on when we elected to do a 1031 exchange. We were under contract on a property pretty quickly but after numerous extensions the deal fell apart. Thankfully, we had a good backup plan and used what we learned in the first deal to nail it on the second. Much hard work in front of us but we will celebrate tonight!
New Iberia, LA · Member since 2017 · 133 posts · 89 votes
8y
Congrats @Tony Castronovo ! sounds like a great learning experience. Would love to see any numbers on the deal you would be willing to share. I am educating myself currently in the hope that someday soon I too can do what you just did.
Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
8y
Hi @Katie Neason. It's over on E 29th Street. Somerset apartments. BTW, would love to connect with you if you'd be willing to share a referral or two. Really wanting to work with local folks on the renovation, make-ready's, etc.
Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
8y
Hi @James Dickens. Thank you. I'll see what numbers I can share publicly as I am still a bit cautious on exposing too much for any tax assessor to get their hands on. TX is a non-disclosure state so would like to take advantage of that. But PM me and I can chat with you further.
Real Estate Broker/Owner & Property Manager · Sugar Land, TX · Member since 2013 · 660 posts · 459 votes
8y
Awesome @Tony Castronovo. Just saw your post celebrating your next step towards bigger investment goals. I remember talking to you about your first contract. It seems like your back up worked out better than initial one. I am happy for you. Is this close to the portfolio you sent me earlier last week?
Anyway, All the best and I know you always plan and execute your investments.
Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
8y
Hi @Joseph M.. Based off our purchase price plus our expected renovation costs we are expecting between 10-11% cap rate. A lot has to go right of course....but very achievable. ;)