Unit 3-8 to 25 over the next 5 years
Just closed on 3 duplexes taking our portfolio up to 8 units! This was sitting on the market for 100 days for $495,000.00 and we were able to negotiate it down to $390,000.00 with 3% sellers' concessions with Lima one. We ended up bring 94k down to close and it will need another 36k roughly for rehab. This will allow us to get all 6 units rented to $1,000.00 each with a piti of $2,892.00 and the properties will be worth over $600,000.00 combined! (Appraisal came back at $180,000.00 for each duplex.) We were fortunate that the seller was motivated.
This will help boost our total portfolio to $9,500.00 in gross rents and a piti of $3,418.00.
We originally were projected to buy 6 houses/units this year, so this will help us scale quicker once these are stabilized (roughly 2/3 months for rehab and to get rented.)