Grant Caron participated in the show Under Cover Billionaire:
The competition - to arrive in an unfamiliar city, with 100 dollars, a phone without contacts and an old commercial vehicle and within 90 days to establish a business worth at least a million dollars -
If not, Grant will pay a million dollars out of his own pocket.
One of the methods taken by Grant that is of course relevant to us -
1. Find a significant property - multi-family - and increase its value
2. Send a Letter of Intent to the buyer of the property
3. Negotiate the amount of the purchase - asked for 10 million, Grant offered around 8 million - came back to him with 9.4 million - said he would not play the game of the middle - offered 9 million.
4. Deposit - 200 thousand dollars - recruit investors for the project - Grant went to the local bookstore that knows many investors - brought 9 of them to one room and presented the project
Offered everyone to invest 20 thousand dollars.
5. Down Payment - after paying the deposit, the 2 million must be raised for payment and bank financing
6. Value Add properties - increasing rents - there are 3 types - Distrust, Value Add, Turn Key
In the podcast, we'll show you how we do it with examples of the last two multi-family properties we invested in:
1.
180 Units, Park 45, Houston, Texas
A deal of 180 apartments - 150 of which were built in 2018
130 in 2021
Have been upgraded
We already know how much the rent has gone up
75 percent financing from the bank at 3 percent interest
Total project cost 36 million
1. 26,250,000 financing from the bank
2. 8,750,000 - from the entrepreneur and the investors - 30 percent of the entrepreneur, i.e. 2.6 million
Remaining - 6.1 million
Yield Street - a company with over 300,000 investors entered with a large amount
More big investors came in with several millions.
1.5 million remained from small investors.
2.
Indianapolis - a project of 470 apartments
Originally from 1977
The current owner invested over 4 million in upgrading the roofs of public areas, etc. - including $500,000 on roofs, $250,000 on gutters and parking lots, $250,000 on a clubhouse and fitness center, and about $100,000 on pool and picnic area upgrades
172 of the 470 apartments were upgraded - the more opportunity - again -
Value Add
These are also the most durable assets during a crisis
In short, you can get rich fast -
Grant says
Go big or go…
Bigger
(Not Home)
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Thanks,
Lior Lustig and the real estate team and for the matter
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