Testimonial for J. Scott Scheel's Commercial Property Academy
Timothy Owens
Dana Point ,California
$1.5 Million with No Money Out-of-Pocket
I located a property, which is a 100-unit apartment complex, through my property manager. It was a pocket listing that was not on the market yet.
I picked it up for $2.8 Million which was considerably below market. We were able to structure the purchase for $3.6 Million and get a loan for $2.8 Million. Because I recently got my broker’s license I was able to collect $75,000 at the closing table as a broker fee.
I'm going to make approximately $800,000 in equity off of this property and as soon as I bring the rents up to market, I will be able to pull out another $700,000. So, at the end of this deal, I will be able to pull out close to $1.5 million with no money out of my pocket.
My future plans for my investment career are to purchase between two and three properties per year. At this point in my life, it is just nice to know that I have the lifestyle I always dreamt about.
When I started to looking for a Commercial coach I was surprised that there wasn't a whole lot out there that I thought was high-quality. Scott’s teachings are so far above everyone else’s. I know he doesn't have to do this but I'm very grateful he does.
Scott, thank you very much for doing this.