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225: 164 Heights Case Study: How Great Teams Overcome Great Challenges
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Our net operating income was stagnant, we were running into vacancy issues due to COVID, and if that wasn’t enough, we were being sued!
Here’s the deal. We purchased this 164 unit property for $9.2M in August 2019, with a projected valuation of $14.2M after increasing the rents and completing some minor interior upgrades over a two year period.
The problem was, due to COVID, our net operating income stayed flat, we couldn’t get into the units to renovate them, and some of the medical students didn’t return to class at the university nearby.
And on top of that, the local school board sued us when they found out that the property had been sold so that the real estate taxes would be reassessed. We were looking at a $200k increase in real estate taxes, per year!
Thankfully, we were able to get a lot of these issues sorted out and even had a few things work in our favor. It definitely was a bit of a rollercoaster ride, but in today’s episode, you’ll hear how we overcame some of these major challenges.
Key Takeaways : 164 Heights Case Study
- How COVID forced our hand and altered our projections.
- Our net free cash flow nearly doubled thanks to the drop in interest rates.
- How we negotiated a deal with the school board with a one-time payment for the real estate taxes increase.
- Having a good asset manager and business partner paid off in dealing with so many issues during the pandemic like leasing, evictions, and general COVID concerns. Shout out to Jack for everything he did. He was phenomenal.
- The property manager matters! We were so lucky to have someone that the residents trusted during the past year.
- That was another huge bonus that we were able to keep someone like her.
- How our lender and broker were a tremendous help to getting these appraisals completed and navigating through the refinance process.
- Forging great relationships with private investors and being transparent with them builds trust which is a huge asset to making deals in the future.
- How purchasing a Class-A property in a Class-A neighborhood helped overcome the challenges that we faced during COVID.
- Forging great relationships with private investors and being transparent with them builds trust which is a huge asset to making deals in the future.
- How purchasing a Class-A property in a Class-A neighborhood helped overcome the challenges that we faced during COVID.
Want the Full Show Notes?
To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit https://acceleratedinvestorpodcast.com/225
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