All Forum Posts by: Julian Sanchez

Following this, 

WIll pass the 1M net worth this year, anyone else can share what other requirements there are? 

Their experience with GoBundance?

@Vern Harris

Hey Vern, we have a 71 bed soon under contract in south florida and are looking for more in this asset class. 

When would be a good time to speak to you?

@Kelly Iannone This was two separate small apartment complexes, congrats on your 6 unit

@Dmitriy Fomichenko Thanks man another 20-unit to close in Ohio next month plus a a 71 bed ALF will soon be under contract 

@Yonah Weiss
Thank you sir, it has been so far even though COvid

Investment Info:

Large multi-family (5+ units) buy & hold investment in Jonesboro.

Purchase price: $865,000
Cash invested: $600,000

Contributors:
Andres Duarte

A 34-unit bank foreclosed portfolio of properties needing a lot of work

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

We do own other commercial multifamily in the area

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

had a good relationship with the broker who brought it to us early last year, then covid happened...

How did you finance this deal?

the bank understood our previous financing fell through due to Covid. We came to an agreement that they would finance the purchase no money down with the condition we put with them the money needed to do the renovations which we then raised as our first syndication

How did you add value to the deal?

Remodeling every single apartment

What was the outcome?

We'll be cash-out refinancing in a couple of months at a 2.4M dollar valuation. We'll return our investors' money, pay ourselves some cash out proceeds and continue to own and maintain a cash flowing property

Lessons learned? Challenges?

Older buildings do a full plumbing scope to look for rotted galvanized pipe.
Metal roofs are much cheaper nowadays and look awesome
Tenants that go for months rent free because the bank did not wanna charge them are the worst to evict
Prices of lumber skyrocketed due to Covid...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Spencer Bateman from Jonesboro AR

@Zeb Rodes Hey Zeb. a great bank foreclosure 34 unit apartment deal came our way and we focused on that one. 

Still have not gotten into self storage 

Bringing this back to life, 
Any meetups happening in Cleveland?

@George Mill what did you do with this one?

Really... 

Well that's awesome man congrats. 

Yes, I got a term sheet from Mary Patterson for a bridge loan for a 20-unit in Ohio

Also got on the phone with her and David (the bossman) regarding a hotel conversion project we are looking at in Orlando 

Investment Info:

Large multi-family (5+ units) commercial investment investment in Jonesboro.

Purchase price: $310,000
Cash invested: $60,000

Contributors:
Andres Duarte

8-plex. local bank gave us a 15%down interest only for 12 months with an appraisal subject to. We refinanced with the same bank on 12-2020 pulled our invested capital back out and the property is now worth 400k. We created 80k worth of equity in a few months time.

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

Deal came from a broker, small but we wanted a foot print to get started in this market

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

Broker was the owner, he came to us through another broker we had met in person and made a quick relationship with.

How did you finance this deal?

Local bank, just called all of em. Now all our locals deals flow through them. Great relationship

How did you add value to the deal?

Fix a roof, upgrade some of the tenant base, raise rent to others. Minor cosmetic repairs to half the units

What was the outcome?

Cash out refi our initial investment (down payment + repair costs) plus have 80k of equity left

Lessons learned? Challenges?

Rough area, got solid property management fortunately that is specialized in the area.
Lesson learned?
A power washer is great for removing blood from the parking lot after one of your tenants shoots and murders someone. (true story)