We have opened up our partner list again. If you are interested, please fill out the application.
Eaton Ledge Apartments
This off-market deal was located through our network. We were able to negotiate seller financing and brought on a partner for the down payment. This project performed better than expected. The project excelled in three areas: 1. Rents were originally low and we were able to bring them to market without sacrificing occupancy. 2. We were able to fill all vacant units quickly at market rents. 3. We were able to upgrade the coin washer/dryer and raise the income adding over $25,000 in additional value to the project. Right one schedule this property was refinanced and the valuation came in nearly double what we purchased and were able to pay back our investors exactly how we projected.
This off-market deal was located through our network. Rents were well under market and previous buyers were having difficulty financing the property. We were able to bring on a bank and negotiate interest-only payments for the first year which allowed us to still be cash flow positive while raising rents. We implemented a strategy to raise rents on existing tenants resulting in over 92% occupancy while implementing higher rents. We were also able to renovate an additional unit that was previously not in operation. This project is also performing ahead of our proforma. Our debt partner is receiving their full expected profits and we should be able to pay them back early with their full profits.
209 W River
This is an example of a fix and flip project that we regularly do in the greater Lansing area. This off-market deal was located through our network and required immense renovations. Over more than a year the property transformed and is now the highest-grossing single family in our portfolio. Renovating properties to this high of level allows us to get top-dollar rents, have a large tenant demand and reduce vacancy costs. Our partners on this project received their full profit and have already expressed their interest in rolling their profits and capital into the next deal.