Manage episode 301977944 series 2942547
Today, I’m breaking down a 52 unit deal we recently purchased on the Gold Coast of Cleveland.
We purchased it for $2.7M (total cost is $3M with the wholesale fee) and after it’s renovated it’s projected to have a stabilized value of $5.2M!
Here’s where things get exciting: Once the renovations are complete, we’ll refinance at 75% LVR and be able to pull out $500k of tax-free refinance proceeds. And while it’s not a huge building with hundreds of units and millions in profit, we’re still going to have about $100k per year in tax free cash flow.
Funny enough, this property was offered to me 15 years ago, but I let my lack of confidence and limiting beliefs hold me back. You’ll hear me explain why I could have made it happen back then, if only I had the mindset that I have today.
I will also walk you through our steps for acquiring the building, making upgrades, bumping rents, and increasing the value to $5.2M!
- Negotiating the deal and making it happen after 2 years of persistence!
- The steps we’re taking to push gross income up from $425k to $619K.
- After renovations are complete, refinancing at 75% LVR should generate 500k in tax-free proceeds with enough equity to generate 100k per year in net-free spendable cash flow.
- Never underestimate the power of a positive mindset.
- Why I mistakenly turned down this deal 15 years ago.
- Why networking is critical to your success in sourcing deals.
- Confidence is a choice. It doesn't really matter what other people think of you, what matters is what you think of yourself.
- Don’t let fear or a lack of confidence hold you back.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/223
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