First Multifamily Project Successful!!

[Cody Journell]

Our first DEEP value add multifamily project here in Radford, VA just stabilized and refinanced out of the 12 month construction loan. 6 unit apartment building all 2x1 near Radford Campus. It was our first multifamily project and we did a full rehab. Not only did the investment side work out but it was also the first apartment building our property management company has done a full lease up on. They brought in leases over the budgeted rents and did it just in time for the end of the term. Couldn't be happier with every team member involved. Have already started #2!! @GravityPropertyManagement

Purchase: $310,000

Rehab: $350,000

Gross Income Annualized: $100,800

Appraised Value Post Stabilization: $1,010,00

Cash Out 70% LTV: $700,000

[Cody Journell]

Quote from @Account Closed:

Congratulations!!! You are where I want to be!

 It wasn't too long ago (about 7 years now) I was flipping my first mobile home trying to get some cash together! It happens fast if you're determined and willing to learn.