In this deal segment episode, Axel sits back down with Justin Dragone — Acquisitions Manager at Aligned Real Estate Partners — to break down Justin's very first personal real estate deal: a 3-unit property on the west side of Manchester, New Hampshire that he sourced via cold call, closed at a $50,000 discount to market, and recently refinanced to pull out equity and roll into his next deal.

This episode is a must-listen for any newer investor who's overthinking their first deal — and needs a real-world example of what a solid, sensible, non-flashy first deal actually looks like.

Join us as we dive into:

• How Justin bought the property for $500,000 — roughly $50,000 below what it would have fetched listed with a broker in late 2023
• Why Justin used conventional local bank financing at 75% LTV — and why that was the right call for a first deal
• How all three units turned over within the first couple of months post-closing — and why having a solid management company made that a manageable situation
• The unexpected CapEx items that came up: knob-and-tube wiring in the basement, an aging oil tank that needed replacement, and the lesson that units always cost more to turn than they look
• Why Justin hired a property manager from day one on a three-unit — and the philosophy behind valuing his time as an acquirer over saving a management fee
• Why the refinance process was far simpler than expected — especially with a local bank that already knew the property
• Why young investors shouldn't assume age is a barrier to getting a commercial loan — and why local banks underwrite the deal first, not the borrower

Connect with Justin Dragone:

Follow him on Instagram
Email him through: acquisitions@alignedrep.com

Are you looking to invest in real estate, but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners provides investment opportunities to passive investors looking for the returns, stability, and tax benefits multifamily real estate offers, but without the work - join our investor club to be notified of future investment opportunities.

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