All Forum Posts by: Lance Jorgenson

Im in Salt Lake City

@Tucker Cummings  Thanks it is appreciated 

@Ned J. Who do you your bridge funding with? 

@Vinh Nguyen my question would be why would an investor want to invest $50k with you at 10% return?  If I was you and just getting started I would being looking for a mentor more then figuring out legal details. You most likely need network and find someone to work with and build a partnership and trust through finding a couple deals for them and working out details as you work things out. 

If you only keep it for 3-6 Months how do you make sure you are covered in case of an emergency? @Nathan G.

Thanks @Waleep Alvi

@Joe Aiola Thanks for the reply it makes since just sucks to not really be making money. But you need it accessible  for emergency.

@Brandon Rush I found it through my property manager/Real estate Agent it was an off market deal 

Investment Info:

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

Purchase price: $4,320,000
Cash invested: $300,000

On this property I own 18.75% of the partnership. The plan is the raise the rents from $775 avg a month rent to be $1,100. During the process we are going to update the apartments and make ready to sell in 1 - 2 years.

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

The current rents are really below market rents so we can raise the rents easy and make a lot of money once we decided to sell

How did you add value to the deal?

Raising rents and updating the apartments with with new counter tops, ceiling fans, & plumbing fixtures

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

Agent, Property Manager

@Jason F.  Thanks for the info I signed up for the SLREIA lunch in this Friday. Excited to meet some new people