First GP Property

[Joseph Bagley]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Norwich.

Purchase price: $11,600,000

Invested as a GP on this. Definitely learned ALOT. Excited to do more.
- 142 units
- 5 year hold
- 16-17% IRR
- 8-10% CoC

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

Bigger is better.

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

Partners found the deal.

How did you finance this deal?

Raised capital through investors

How did you add value to the deal?

Renovations and better management

Lessons learned? Challenges?

Raising money takes work but not that much work. Be prepared in the beginning by having a warm network. Also have potential investment amounts from you investors and timeframe to gauge their seriousness.

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

Asset Living