Mentor & Student Team Close 104-unit in Virginia

[Paul Wilcox]

Investment Info:

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

Purchase price: $9,250,000

104-unit multifamily, mix of 1, 2, & 3 bed, completing 60 unit renovations over next 3 years

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

I'm on a mission to achieve financial freedom and nothing beats multifamily.

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

My mentor Phil Capron, through the Michael Blank mentorship program, found and negotiated this deal. Phil is an established investor in this market. He brought a few of his students in on his deal to gain experience and help close it.

How did you finance this deal?

Bridge loan, 3 yrs I/O, 80% LTC, 100% Cap Ex, Floating Rate Libor + 295 bps

How did you add value to the deal?

Raised capital, assisted in all aspects of investor relations, created a pitch deck

[Erica Osborn]

@Stephanie P. I know you have a property here locally and personally I LOVE Portsmouth for it's cash flow ability and have an 8 unit there myself, but Portsmouth even though close, is drastically different from the Chesapeake market and certainly in the eyes of the renter! I believe there were a few other things about this deal that brought the $/unit up as well.....Paul didn't it have water access?

@Paul Wilcox I know Phil, Anthony and Darren who are all in on this deal, I believe. He certainly does know this market and creative ways to get into and appreciate deals. Nice work!