DOING GOOD FOR OUR PARTNER/INVESTORS: THE STORY BEHIND THE ACQUISITON. PART 3.
January 10, 2021.Hello everyone. This is Juan Carlos Gastelum. I am a real estate investor in Texas. This is a written segment of a series of videos: Today is January 10, 2022. So this is our 20 unit multifamily property that we are closing on today in Edinburg, Texas. (for a look, go visit our YouTube channel at onewaytexas). We are eager to take this under management. We’re going to turn it around with the rents at market value. And we’re going to get a cash-on-cash return of around 12%. So we’re very excited about this. I’m here at the title company ready to sign ready to close, and we’re so excited about this deal that we know it’s going to be a great return for our investors and we’re just thrilled. So we’ll tell you about it once we start operating it. The way the closing works is that we bring a check for the down payment minus certain expenses that are going to be carried by the seller. There’s a settlement statement that is prepared by the title company. Once that settlement statement is prepared, we know how much money to bring to the table. Today, we’re bringing in $328,000 Dollars just because we want to raise the amount and bring that up to the next thousand. It’s actually $327,223 Dollars, but we don’t want to worry about any other fees popping up or any other expenses that we need to pay out of pocket. So having said that, we are prepared to close bringing in our check for the $328,000 Dollars and we expect the full closing to happen within two to three days. So now all we need to worry about is bringing in the right insurance coverage for the lender to be satisfied. And as we said, we’re going to be operating our 20 units soon. That’s it for now. Take care. Best wishes on your real estate journey and God bless!.
