Fairless raised over $800K in equity from his podcast audience
Joe Fairless · This 30 Year Old Bought a $6.2m Apartment Complex And Makes How Much Cash Flow? With Joe Fairless Episode 239 · Apr 15, 2016 · at 14:57
Joe Fairless, founder of Ashcroft Capital and host of 'Best Real Estate Investing Advice Ever', discusses using his daily podcast as an organic lead generation funnel for real estate syndication.
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“I've raised over 800,000 dollars from investors who just know me through the podcast.”
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Fairless: Multifamily apartment repairs average $250 to $300 per unit annually
“I mean, on average, you're going to look at about 250 to 300 dollars per unit per year.”
Fairless: Multifamily syndicators charge 1-3% acquisition and 0.5-2% management fees
“Generally speaking, when you do, it's called multifamily syndication. And you know, there, there's multiple ways to do it, but generally the three main ways are one is acquisition fee and I'll get specific in a second. I just want to stay at a high level. One …”
Fairless: Retained 12.98% equity worth nearly $200K on first apartment deal
“And then on the ownership, I have 12.98% Ownership, which when you factor in the net worth, now cashflow standpoint doesn't mean anything until you actually sell it. But the net worth, you know, with the, with equity, it's valued almost around 200,000 dollars.”
Fairless: $5K per unit renovation yielded $75 rent bump, 20%+ return
“In the case of the last two deals, we put in 5000 dollars a unit, raise rents about 75 bucks and make over a 20% return on that.”
Fairless: 168-unit Cincinnati apartment complex had $105K monthly gross potential rent
“When you add up all the rents, 105,000 dollars. That, that would be gross potential income.”
Fairless: Master lease avoided nearly $1M prepayment penalty on 6.19% loan
“We did a master lease with option to purchase because there's a large prepayment penalty on the property. And you know, upwards to almost a million dollars. And the loan wasn't very desirable to assume because it was 6.19%.”