All Forum Posts by: Larry Pendleton

@Sean Rooks 🙏🏿

@Sean Rooks 🙏🏿

Investment Info:

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

Purchase price: $550,000

506b syndication

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

$34k/door, D class property in a C+/B- area

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

Partner found the deal

How did you finance this deal?

$370k capital raise with a bridge loan

How did you add value to the deal?

Interior and exterior renovations and improved management plan in order to increase rents closer to market and mitigate expenses.

What was the outcome?

In progress....

Lessons learned? Challenges?

Capital Raise
Having a KP on the team
Property walkthrough
Building a plan for the 3rd party management company to run

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

Melvin Ferebee, Esq (sec attorney)

@Leigh Hall

Jackie Pierce 7576924685

Katie Brinson Atlantic Coast Mortgage

@Shannon Brill welcome! Good luck with your ventures. You are in the right place for the knowledge needed to achieve your goals. We are looking for multi family properties as well and always looking for good people to connect with.

@Alec Pitts Welcome to Norfolk and Biggerpockets. A lot of great people and info up here. Our team has experience in buying sfh and mfh properties in Norfolk and we are always looking to connect with good people. Good luck with your ventures.

@Carlos Toussaint A lot of good responses already. Great market to invest in due to the military, universities and steady job market. More opportunities for sfh investing but with the right connections, there are opportunities for mfh investing. Just do your research on neighborhoods and because they can switch from B-C-D quickly, esp in Norfolk and Portsmouth.  Good luck and hopefully we will do business together.