East Los Angeles Multifamily
Purchased a multiunit - 3bd/1ba & 1bd/ba
Cost: $490,000
Down payment: $200,000
Renovation Budget: $70,000
Mortgage: $2100/month - 30 yr fixed @ 4%
Expenses: $190/Month (Utilities, upkeep, and administration)
Rental Income: $4000/month ($2400 3bd/1ba & $1600 1bd/ba)
Profit: $1600-$1710 a month depending on utility costs
To keep costs down my wife and I did as much work as we could, such as painting, installing kitchen cabinets, laminate flooring, light fixtures, etc. But hired professionals for things like plumbing ($6100), AC/Heating ($15,000), electrical ($2000) and landscaping ($5000)
All profit each month is directly applied to the principle. The goal is to pay off the house ASAP so we can have a stable income when my wife and I retire in the next 15-20 years
Let me know your thoughts or questions by leaving a comment.
Here’s a short video I made on the renovation process: