East Los Angeles Multifamily

[Peter Sinclair]

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:

[Lee Ripma]

@Peter Sinclair Looks awesome! Very impressed with your final product and very cool that you did a lot of the work yourself to keep costs down. Would you mind sharing where you got your materials? Was it all Home Depot, Lowes, and IKEA or did you order some of the products direct? Are the cabinets RTA? Did you put the softclose hardware in? Love your look and just did something similar in Kansas City. Once my refi goes through I'm going to post a BP success story about it. I want to duplicate it on a larger scale making very livable small units with modern finishes. Looking at specing out all the materials right now and would love to hear where you got some of yours! Really great work!