Closed on a beautiful 28 unit in Louisville, Ky a few weeks ago. Thanks @Christian Osgood for the guidance. The property is in great condition, but was poorly managed. I've put together a 3 year plan to get it performing optionally and we're off to a good start. 50 work orders in the first 2 weeks, fixing what the old owner wouldn't and making our new tenants happy.

#WednesdayWin 🙌🏼 I didn’t fund this multifamily EMD (earnest money deposit) deal! That’s right, not all money is good money. I rather my funds kept safe in my bank account vs lost on a deal a buyers attorneys set up as a trap! I’ve been working with this investor on a multifamily deal in TX over the past month. Everything was going well, until the last minute. I’m so so grateful I have had 7 years experience to lean on to notice something isn’t right… This investor was very transparent. But when it came to working with his attorneys, things got messy. Let me explain… Attorneys are great assets but sometimes may not have the best interest for the 3rd party lenders on the transaction. Most attorney’s only have the clients best interest in mind.. not other parties involved on the deal. I had my mutual release addendum (MRA) provided to the investor and attorneys, and boy did they butcher this document! My own personal attorney wrote this document for me - NOTE: if you’re a private money lender, always hire an attorney or have a community to lean on to ensure your funds are protected! The attorney’s red-lined majority of my document and said they wanted the mutual release addendum to match the PSA (purchase and sale agreement). This was a red flag for me! The purpose of an addendum isn’t so it matches the initial document… its to simply amend and/or supersede any language in the initial document… Without edits, at a high level, my MRA protects my funds where I have full control of my funds and no other party has authority over this. It also states the funds are refundable throughout the refundable period (not limited to the due diligence period) either to a specific date OR through the close of escrow date. …and those attorney’s edits?… well… They removed majority of the language from my document and in place of it allowed the buyer to make it okay for everyone involved on the transaction to have access to my funds! They added that the title company could use my funds to pay for any non-refundable buyer’s costs! Additionally, they stated my EMD funds would be charged in the event of damage.

My first time doing a full bathroom remodel. This, plus a few other upgrades in the unit, led to a $250 rental increase. This is in my first ever multifamily building, a humble little duplex. What do you think?

Garrison Haddon closed on a 28-unit and NichKRagland-Johnsen Closed on a 14 Unit this Week. We also had a ton of deals go under contract in the last week within this community, so I just wanted to give huge congratulations to everyone. This is what it's all about, though. It's about seeing people close larger deals than they were previously doing and then going out and repeating it again and again. Garrison's done a lot of transactions where this is his biggest deal. This is also Nick first commercial multi-family deal. Way to go, you guys!

Excited to share that Flintridge Apartments, a 188-unit multifamily community in Arlington, Texas, has officially closed. This one took a real team effort to get across the finish line. Toward the end, there were a lot of normal closing items being worked through, including seller-side city items, lender requirements, insurance updates, closing amendments, updated vacancy and delinquency information, and pre-closing walks to verify unit condition before takeover. A big thank you to our investors for their trust and partnership. We do not take that lightly. Thank you as well to our partners, lenders, brokers, attorneys, property management team, vendors, and everyone else who helped move this forward. There are always a lot of people behind the scenes on a transaction like this, and we’re grateful for each person who played a part. Now the focus shifts from closing the deal to operating the asset well. That means supporting the onsite team, serving residents, improving leasing, staying disciplined with the business plan, and being good stewards of the property and the capital entrusted to us. Grateful for the team, grateful for our investors, and looking forward to the work ahead.