Second rental in Lake Charles, Louisiana - BRRRRR
This is my second rental. I live in Colorado but bought out of town because the numbers are much, much better. I purchased this sight unseen (by me at least) through the seller's agent. I consulted with a local property manager to confirm rental numbers and fix up costs, had an inspector go through, and had my brother in law who is local take a look to get an unbiased opinion. It's not in the best area of town, but not terrible.
Numbers:
Purchase: $73k
Fix up/holding/purchase costs/etc: $5k
Rent: $950
I bought this cash with money from a HELOC, I am in the process of refinancing to get on a 20 year fixed. I had initially talked to local banks who said they could do it, but since I'm out of state no one will lend to me. Weird. So I'm going through Chase instead.
Onward and upward!
What area of LC?
I am in Lake Charles. I'm curious what area as well?
@David Mathews Clover Dr., just East of McNeese. What type of investing are you doing in LC?
@Adrian Tilley I am working on my 4th. 3 SFR BRRRs so far and this fourth that I closed on in the middle of December, is technically a SFR but it has a very odd layout which I plan to convert to a 4plex. It's already being used as a 3plex by the sellers and I have 2 tenants in place. I was impressed that I was already able to benefit from their rents in January. One paying $750 and one paying $775. My negotiation for this one was quite odd as well. In order to get the property at a price $45k below appraisal I negotiated an offer with the sellers staying in place rent free for 12 months with me having full ability to rehab and freshen up the rest of the property. So far so good.
That’s actually good part of lake Charles