1st Apartment Acquisition

[Matt Prater]

Hey Guys,

Been networking, grinding, & LOI'ing my tail off to get a decent deal locked down in my first 6 months of my commercial MF journey. Finally got a 48 unit tied up and looking for some extra guidance in crossing all I's and T's now that the game is on.

Current details:

48 Unit 

Current Rent: $600/unit

Market: $850/unit

Purchase Price: $3.3M

Current NOI: $207,500

NOI post rent bump: $293,600

 Potential Value Add: Approx. $1.4M 

Most units renovated. Solid property

Offer accepted. Contract signing in 3 days. Ernest $ will transfer, etc. Checking property out tomorrow. Will look in every unit, roofs, all the essentials. Will obtain all finance info & previous environmental inspection report (last 3 yrs).

Any tips on further steps of the process? Further inspecting, financing, etc.?

Will be a JV deal with business partner. 50/50 split. Will self manage