#326: Buying 9 Units at Below-Market Value, Selling An Adjacent Lot, and Creating $400k in Value Within 10 Months with Ryan Corcoran

Axel sits down with Ryan Corcoran of Specialized Property Group for a new segment on the show. Ryan walks through a property he picked up for $1.325 million through an off-market agent relationship, with a simple business plan of renovating vacant units, pushing rents, and refinancing to hold long-term. What unfolded was a masterclass in staying opportunistic: an adjacent lot that the seller dismissed as worthless was taken through the zoning board, permitted for a three-unit development, and sold off for $250,000 — turning an already solid deal into an exceptional one. The episode doesn't just celebrate the wins. Ryan is candid about what went sideways — vacant units that sat for six months, the tension between maximizing rent rolls for a refinance versus filling units quickly, and a costly prepayment penalty that caught the team off guard when they pivoted from a hold to a sale. These are the kinds of real-world friction points that rarely make it into a highlight reel, and they're exactly what makes this episode worth listening to.Join us as we dive into:The adjacent lot play that nobody valued: how Ryan took an "unbuildable" lot through the zoning board, secured multiple variances, and sold it for $250,000 — a return entirely outside the original underwritingWhy three units sat vacant for six months despite a strong location near UMass Medical Center — and the hard lesson about rent-setting strategy when your goal is a refinance versus long-term holdThe sell vs. hold decision: why a $1.6M basis with a $2M exit made more sense than grinding for $20–30K per year in cash flow — and what that says about capital recycling and return on equityThe prepayment penalty trap: how a conventional commercial loan locked the team into a six-figure exit cost they hadn't fully accounted for — and how to negotiate 1-1-1 or step-down structures upfrontWhy having a licensed real estate agent as a partner (or spouse) is one of the biggest structural advantages in a transactional investing business — and how Ryan's team saved six figures in commissions last year aloneThe value creation hiding in oversized lots: why dedicating resources to subdivision and entitlement work on large parcels is one of the highest-leverage moves available to active investors todayConnect with Ryan:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Specialized Property GroupAre 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.Connect with Axel:Follow him on InstagramConnect with him on LinkedinSubscribe to our YouTube channelLearn more about Aligned Real Estate Partners