FINALLY Closed on My First Multi-Family Apartment Complex

FINALLY Closed on My First Multi-Family Apartment Complex

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!

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Specialist · Louisville, KY · Member since 2017 · 166 posts · 154 votes
8y
@Tony Castronovo Congrats! Please do keep all of us updated with progress increasing the rent, etc. 👍👍
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  • Investor · Saint Paul, MN · Member since 2015 · 98 posts · 64 votes
    8y
    Congrats! Tony Castronovo
  • Flipper/Rehabber · Newport News, VA · Member since 2016 · 128 posts · 54 votes
    8y
    @Tony Castronovo congrats!!
  • Real Estate Investor · Flushing, NY · Member since 2016 · 210 posts · 77 votes
    8y
    @Tony Castronovo Congrats!
  • Specialist · Louisville, KY · Member since 2017 · 166 posts · 154 votes
    8y
    @Tony Castronovo Congrats! Please do keep all of us updated with progress increasing the rent, etc. 👍👍
  • Realtor · Dallas - Fort Worth Metroplex, TX · Member since 2016 · 1k+ posts · 925 votes
    8y
    @Tony Castronovo you’ll do great! Super excited for you !
  • Flipper/Rehabber · Bryan, TX · Member since 2014 · 258 posts · 170 votes
    8y

    Congrats! What complex is it?

  • Waxhaw, NC · Member since 2018 · 14 posts · 2 votes
    8y
    @Tony Castronovo Congratulations! ... looking to do the same thing in the very near future ;)
  • Wholesaler · Manasquan, NJ · Member since 2017 · 2 posts · 2 votes
    8y
    Congratulations! @Tony Castronovo
  • Investor · Arlington, VA · Member since 2012 · 1k+ posts · 491 votes
    8y

    Awesome!  Keep grinding!

  • Houston, TX · Member since 2018 · 34 posts · 12 votes
    8y
    Congrats! Bryan/College Station is a fantastic area
  • Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
    8y

    Congrats, are you planning to do value add?

  • 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
  • Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
    8y

    Will do @Kyle Schlosser.  Thanks!

  • Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
    8y

    Thank you @Lucia Rushton.  I appreciate the encouragement.

  • 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

    Best of luck to you @Rick Anderson.  Let me know if I can help in any way.

  • Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
    8y

    Thank you @Frankie Woods.  I love the grind!  Some days it's a little stressful, but the results of hard work make it all worth it.

  • Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
    8y

    Thanks @Hunter Beck.  I believe so too.  Do you have any experience in B-CS?

  • Rental Property Investor · Park City, UT · Member since 2016 · 678 posts · 531 votes
    8y

    Hi @Adrian Chu.  Yes, most definitely.

  • 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

    Thanks @Vijaianand Thirunageswaram.  Just PM'd you.

  • Flipper/Rehabber · Los Angeles, CA · Member since 2009 · 1k+ posts · 732 votes
    8y
    @Tony Castronovo Congrats ! What do you expect cap rate to be after increasing rents to market ?
  • 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.  ;)

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