Super excited about this deal.
paid 106.5k 2b/1ba 4 plex
did a 30 year at 5.125% for a payment of $435 with Taxes and insurance adding ~250/month.
The place had a total gut and rehab in 2011 including a new roof, floors, paint, HVAC, plumbing, etc.
3 tenants in there at below market rent of $475 each. Section8 goes to 650 so I am going to move over to that as they open up.
Congrats @Judd Cambell
just curious for entertainment purposes? What is your monthly cash flow looking like with this new addition to your portfolio?
and what are the other 3 properties duplex, tri, quad?
I have a duplex that has revenue of $1600 and I have fixed payments of $935 (not great but it was my first deal, had it for 3+ years)
I have a townhome on a 15 year note all in for 337 on the payments while I rent it for 675/month.
This will put me at ~2.3k in CF / month minus expenses. I manage my own property and I have done a lot of repairs recently on the other two so I "should" be far from the big hitters for now.
Thats great! I am looking to hold long term now instead of just flipping so I enjoy case studies mostly for motivation.
Coming up on your 4th property any financing adjustments need to be made thought out now. I see a lot of investors overlook this. You're allowed 10 properties owned and fianced including your primary. The problem is you can only pull cash out owning and financing up to 4 properties so your 5th -10th property you won't be able to leverage your existing properties. The goal being to have one SFR and nine 4 units maximizing your loan allotment.
Sell anything less than 4 units, buy three 4 units, then cash out those to launch you into the 5th+ property.
If I have a HELOC on my primary with a balance will that be a problem when I look at financing my 5th property? I have enough reserves to cover 6 months payments on all the properties. I was thinking that was going to be my major hurdle.
I am making offers on my 5th now and it would be a rehab.