Noah's Limited Partner
Investments
Minimum investment amounts each give you an equity position similar to owning 1-3 units independently with a conventional loan.
9 Current Deals, 10 All Time, 1 Sold
Pinnacle Heights Apartments
5100 W Park Ave, Rogers, AR 72758
Units: 295U and 18 NN/NNN
Vintage: 2021
Year Invested: 2023
Investment Position: Limited Partner
Financing: FHA Assumption, 3.49% Fixed, 40 year amortization, 38 years left on term
Prepayment: Step down
Notes: Outstanding location and debt. Purchased from the developer. Only 8/18 NN/NNN were leased. Leasing these units both will increase NOI from additional income and also by transferring expenses to the tenant. Massive runway for a long term hold with 38 years left on the term.
Silver Falls Townhomes
900-974 Creekside Dr, Longview, TX 75604
Units: 58
Vintage:
Year Invested: 2022
Investment Position: Limited Partner
Financing: Bridge
Prepayment: 1%
Notes: $20,000 cash raised per unit for renovation and for reserves in addition to down payment. This $20,000 alone would have been just under 20% of the price per unit upon acquisition. Located right next to both a primary and elementary school which incentivizes long term tenants with children. Purchased at an incredible basis given market prices at the time.
Creekside Villas Apartments
707 El Dorado Blvd, Houston, TX 77062
Units: 202
Vintage: 1979
Year Invested: 2022
Investment Position: Limited Partner
Financing: Bridge, 3 year rate cap, 3 years interest only, 5 year total loan term
Prepayment: 1%
Notes: Household income for a one mile radius is close to 6x annual rent of this property. As of May 2023 NOI exceeds debt service even with rate cap maxed out.
CRE Fund 2022
26 commercial properties
Units: 26 NN/NNN
Vintage: Varies
Year Invested: 2022
Investment Position: Limited Partner
Financing: Fixed rate on all loans
Prepayment: None
Notes: Outstanding cash flow so far. Deals in fund shown below.
CRE Fund 2022 Assets
CRE Fund 2020
13 Commercial Properties
Units: 13 NN/NNN
Vintage: Varies
Year Invested: 2020
Investment Position: Limited Partner
Financing: Fixed rate on all loans, mostly fixed around 4.5%
Prepayment: None
Notes: My best cash flow out of all my deals, started around 12%, now has dropped slightly as some IO phased out and refinances occurred. Deals in fund shown below. One advantage is with these CRE funds is that you get consistent refinance checks.
CRE 2020 Fund Assets
630 Fairview Townhomes
630 Fairview Rd, Simpsonville, SC 29680
Units: 120
Vintage: Varies
Year Invested: 2020
Investment Position: Limited Partner
Financing: Freddie Mac, 3.29% fixed rate, 5 years IO, 7 year term
Prepayment: None
Result: 2.27 equity multiple in around a year and 8 months. Projected IRR was 16%. Result was 61.7% IRR.
Notes: Market timing influenced returns on this deal drastically. After Covid, asset prices rose around 20%. This asset was sold near the peak of pricing.
Lakeshore Apartments
300 Swisher Rd, Lake Dallas, TX 75065
Units: 140
Vintage: 2016
Year Invested: 2020
Investment Position: Limited Partner
Financing: HUD loan, 3.4% and 0%; 2.9% blended fixed rate, 35 year amortization
Prepayment: 10% to 1% step down. Step down 1% per year.
Notes: Outstanding debt. Long term hold asset. T3 annualized already shows substantial returns after 3 years of ownership.
Cardone Equity
Fund VI
Multiple Locations
Units: Fund
Vintage: Varies
Year Invested: 2019
Investment Position: Limited Partner
Financing: All fixed rate debt
Prepayment: Varies
Notes: Currently cash flows around 4.5%
Cardone Equity
Fund V
Multiple Locations
Units: Fund
Vintage: Varies
Year Invested: 2019
Investment Position: Limited Partner
Financing: All fixed rate debt
Prepayment: Varies
Notes: Currently cash flows around 4.5%