Closed on a 6 unit, from 400 dollars in the red to 1500 cashflow
Good morning BP,
My wife and I closed on a six unit yesterday after a successful 1031 exchange using @Dave Foster and his group. The process took 84 days from putting the Boston property up for sale using @Charlie MacPherson and his team, selling the house on the 31st of August, to closing on our six unit on 08 Sep.
- We sold our house for almost 54k over asking price in Boston thanks to Charlie and his awesome knowledge of the market. We purchased our 6 unit with 5 out of 6 units full and prorated rent for the month of Sep.
- We got a deal of 4.8 percent on the commercial loan, and found a great local lender to support our growing business needs.
Some background as to why we sold. We were losing at least 400 dollars a month on our Boston house PITI, since the rents were short, but made up for it in solid appreciation and great timing. Also, the property management was weak to say the least and I was tired of dealing with their system.
The property we exchanged for needs a solid 10k in work to get the insurance to come down, but passes all inspections. We have talked to our property manager to draw out a plan to fix the property using a 1000 dollars of the NOI. Even with that we are going to making 1500 a month after commercial loan, property manager, taxes, insurance (paid for the next year using the 1031).
BP has helped our company grow from 200 dollars a month, on one door, to 3400 a month, in six months and we are just getting started.
To all that are trying to get there follow the numbers, not your heart and you will get there faster!!
Time to contemplate the next move!!!!
Thank you,
Johnny
