Principle
CurrentLast Deal: 4915 Gaston Avenue, Dallas, TX 75214(21 Unit Multifamily Property)I found this property, at the time a vacant dilapidated 21 unit multifamily building that was owned by a group of bondholders in NYC that specializes in $20+ million office buildings. Between being an off-market deal and the ownership focused on other properties, I was able to get the building under contract (10 day look, 10 day close) for close to $300K under market value. I then secured financing via Belclaire Investments, and we closed on the property. The contractor I hired immediately went to work fully rehabbing the entire building. He essentially rebuilt the entire building except for the existing frame and 5 months later, the property looked like new. As it stands now, the property is worth approx 5x what we paid for it and almost 3x our all-in cost. With rent prices going up and with each new tenant, the value continues to increase.Status: SOLD The deal took 18 months from start to finish and had a cash on cash ROI of 131%. Had we financed the property, the ROI would've be north of 250%.
