16 Unit Syndication in Newport News VA

[Larry Pendleton]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $550,000

506b syndication

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

$34k/door, D class property in a C+/B- area

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

Partner found the deal

How did you finance this deal?

$370k capital raise with a bridge loan

How did you add value to the deal?

Interior and exterior renovations and improved management plan in order to increase rents closer to market and mitigate expenses.

What was the outcome?

In progress....

Lessons learned? Challenges?

Capital Raise
Having a KP on the team
Property walkthrough
Building a plan for the 3rd party management company to run

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

Melvin Ferebee, Esq (sec attorney)