All Forum Posts by: Lance Jorgenson

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Purchase price: $941,500
Cash invested: $63,050

6 unit apartment building that sits adjacent south of 35 O Street. This property also features covered
parking for each tenant. The County records conflict on the year built; however, it does appear to be built at or around the
same time as 35 O Street. Overall, The property has been well maintained and in good condition. Current rents are
approximately 14.81% under market.

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

Rents under market value

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

Meet with owner and work out a win win

How did you finance this deal?

Conventional Loan with my partners I am 17% owner on the deal

How did you add value to the deal?

Working on increasing rents

What was the outcome?

Building up my portfolio of Assets

Lessons learned? Challenges?

Just to be ready when opportunities come around.

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

PM me and I will go over the details

Investment Info:

Large multi-family (5+ units) fix & flip investment in Salt Lake City .

Purchase price: $1,726,500
Cash invested: $11,557,095

11 unit apartment built in 1953 and is located in the Avenues in Salt Lake City. Unlike most properties in
the Avenues, this property features covered parking for each tenant which is a great amenity to the property. Originally
built in 1953 the property has been updated over the years and is in very good condition. Current rents are approximately
17.53% under market.

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

That the rents were under market value

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

Meet with owners and work out a win win for both parties

How did you finance this deal?

Conventional loans with my partners I am a 17% owner on the deal

How did you add value to the deal?

The ability to increase rents

What was the outcome?

Excited to add assets to my Portfolio

Lessons learned? Challenges?

That it is important to always be working on resources and money streams so when deals come along you can the deal down.

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

PM me and will go over details with me

Did you have your grandma sign a rental agreement might help them see that there will existing income to help cover mortgage?

@Jingwen Ni in Palmetto, GA 

Investment Info:

Industrial commercial investment investment.

Purchase price: $630,000
Cash invested: $30,000

50,000 SF Warehouse/MFG Facility
5.5 acre site w/2+ acres outside storage

My Partners purchases this property for our company for a East Coast Distribution hub

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

Our company can pay for the bldg and do upgrades while build up a huge asset. I am a 25% owner

Right the we just got the property appraised it is worth $2,200,000

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

The bldg. was almost in foreclosure and hadn't been use for 1 + we negotiated a 1 year option to lease with a option to buy at anytime during that time. Purchased it for $630,000 which they tried to get out of since the property increased in value during that time

How did you finance this deal?

Commercial loan with a 20% down with 4.42% interest rate

How did you add value to the deal?

We have had to clean up the facility and have done upgrades as our company has required

What was the outcome?

Building a nice assets and nice Cash flow with everything little invested of my own personal money

Lessons learned? Challenges?

We needed to do a better job of coming up with a better operation agreement with the other partners it is super hard to get all parties on the same page. Example i want to refinance to get the equity out of the bldg. and use to purchase other properties but the others don't see the value

I have bought a property in the Dominican Republic it has been a challenge to coordinate people when you are not there and getting them to understand my plans I would say it never will be a good investment I did it more to have a vacation property where my wife is from. It currently has small Commercial rental space and with 5 completed 2 bedroom apartments and 1 2 bedroom that is not complete.  I don't feel it was a good investment for money wise learned alot.  

@Jeffrey Paul Ferlo I have been to 2 of the SLREIA events and it has been nice to be around other investors and talking with time still trying to figure out how to network.  

Investment Info:

Large multi-family (5+ units) fix & flip investment in Salt Lake City.

Purchase price: $2,231,600
Cash invested: $119,503

12 unit townhome style complex with covered parking. The property was built in 1964, features
townhome style two bedroom units, and has been updated over the years. Each unit features central air and two stories so
no tenant has another unit above them. The property has been well maintained and in good condition. Current rents are
approximately 15.61% under market.

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

That the rents were under Market

How did you finance this deal?

I have 17% ownership in the property we did commercial property loan with my partners. 1/2 of the money came from the proceeds from the sales of 3 plex I sold in November.

How did you add value to the deal?

We are going to go in a raise rents to Market rates or close to it. Also going in and cleaning up and upgrading where required

What was the outcome?

We are estimating a return from 34 - 43% on the property in 2 -3 year deal cycle

Lessons learned? Challenges?

It was a lot of work getting all of paperwork, & loan documents filled out. Since I started on this I have put all of my Bank, taxes, Banking, properties, paperwork into Box in one file so it is easy to access.

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

Agent, Property Manager
PM me and I can set up a meeting

@Carl Turner I would defiantly get with a good real estate agent that is focus on investment properties.  This might be a good deal us your own home but as for rental the numbers don't seem to add up.  My guess is your mortgage is going to be around $4,000 + a month alone. Unless this is a duplex and can rent each side out for that amount.  

@Brandon Slater PM me I have a contact for a GC that does remodels fix and flips. They have help me with a the couple of the purchase and holds I have. They have gotten the properties rent ready