Updated over 4 years ago on . Most recent reply
My first Multifamily 120 unit apartment complex in Beaumont,Texas
I am happy to report a successful purchase of 120 unit apartment complex right next to Lamar University in Beaumont, Texas.
Purchase Price: $5.1M
Loan : 75% of LTC
Interest Rate : 3.75%
Rehab Budget: $250,000
Operating Strategy: Value Add and increase NOI. Renovate units and swimming pool, secure perimeter and add secure access gates. Increase rents with renovated units plus organic rent increase and controlling expenses.
Exit Strategy: 10-25-100 rule, increase the NOI by 10%, which increase the equity by 25% which gives 100% return on your original investment, refinance or sell in 24 to 36 months.
