All Forum Posts by: John Cohen

@Alina Trigub Thank you!! We have some more deals selling now that should be similar 

@Alina Trigub 2.5 years. The market is solid secondary market, Greenville, SC. Property was never below 92% occupied when we purchased and when we sold it was 96%. 

@Simcha Davidman the $3,000,000 included all costs. The closing costs, insurance premium, legal, etc. was about $200,000 ballpark. The cap on purchase was in the 7% and year 1 was about 8%

Investment Info:

Large multi-family (5+ units) other investment in Taylors.

Purchase price: $9,250,000
Cash invested: $3,000,000
Sale price: $13,250,000

200 Unit multifamily family property outside of Greenville, SC

What made you interested in investing in this type of deal?

The basis was great for the market and the market was growing

How did you find this deal and how did you negotiate it?

Broker brought deal to the table, it had a affordability component to it so that gave us an advantage

How did you finance this deal?

12-year Fannie Mae debt, fixed rate with a 30 year amortization

How did you add value to the deal?

We upgraded the exteriors with landscaping, dog park, playground, and shutters. Then we sub-metered the water and started to bill back residents

Lessons learned? Challenges?

Lessons learned were never pass on a deal out of the box, find out the story and make an offer that makes sense for you. This deal was a pass by us, then I checked back in on it and found out pricing expectations where less then expected

@Alan Zee will add you to the meetup! We do own 1 deal in Cincy and 2 in Covington, KY right across the river 

Multi all day!! 

@Rochelle Flowers - shoot me a direct message with email address and I can add you

@David Rosenberg - added to the list

@Joseph Suarez - added to the list

@Steven Hoyler - added to the list

@Carol C. - added to the list

@Eric Hrlbock - added to the list

@Aqil Dharamsey you were added to the list also

@Raina B. and @Sharon L. you have been added to the list.

@Shellon Bristol please send me your email address

@Steven Knox added to the list 

@Roger Von Urff next event is October 18th, same place as mentioned earlier in the post. Holiday Inn Westbury at 7PM

@David K.

@Amanda Kronin