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When we started this thing a year ago, we wanted to give ourselves 3 years, execute a number of single-family or small multi-family rehabs and then eventually, move up to larger multi-family deals. Well, we're excited that the move to multi-family is happening faster than anticipated. We met a great team, Wild Mountain Capital, with multi-family syndication experience--they have a successful 13 property portfolio across 6 states. Their members have Air Force lineage and their company motto is, "Change Lives. Build Communities. Grow Wealth." They are our type of people and we are excited to get working on a joint venture together. The best educational accelerator is experience--we're excited to join forces and learn with a great team like Wild Mountain Capital.

We refinanced the property through a loan broker who specializes in 30 year commercial loans for real estate investors. We had originally underwritten and planned to refinance the project with a 20 year commercial loan--it was awesome to find lenders who provide 30 year loans to REI investors. The property appraised for $195K which is exactly what we were hoping for. We refinanced at 5.25% APR for 75% of the After Repair Value. The rehab cost more than we originally projected but as you see in the graphic, we still get an overall 20% cash on cash return on the investment with over $450 in monthly cash flow. Now there will be some repairs that will chip into that but with after completing such major renovations, repairs should be pretty minor for the next few years.

Thanks for checking in--look forward to updating you on our next steps.