Under Managed Acquisition

[Lance Jorgenson]

Investment Info:

Large multi-family (5+ units) fix & flip investment in Salt Lake City.

Purchase price: $2,231,600
Cash invested: $119,503

12 unit townhome style complex with covered parking. The property was built in 1964, features
townhome style two bedroom units, and has been updated over the years. Each unit features central air and two stories so
no tenant has another unit above them. The property has been well maintained and in good condition. Current rents are
approximately 15.61% under market.

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

That the rents were under Market

How did you finance this deal?

I have 17% ownership in the property we did commercial property loan with my partners. 1/2 of the money came from the proceeds from the sales of 3 plex I sold in November.

How did you add value to the deal?

We are going to go in a raise rents to Market rates or close to it. Also going in and cleaning up and upgrading where required

What was the outcome?

We are estimating a return from 34 - 43% on the property in 2 -3 year deal cycle

Lessons learned? Challenges?

It was a lot of work getting all of paperwork, & loan documents filled out. Since I started on this I have put all of my Bank, taxes, Banking, properties, paperwork into Box in one file so it is easy to access.

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

Agent, Property Manager
PM me and I can set up a meeting