All Forum Posts by: Alex Langerhorst

Hi Simmy, 

I send you an email to: [email protected]

Thanks, 

Alex

Hi,

I have a bank owned property under contract and I'm looking financing. I have multiple exit strategies but my main is to quickly turn this property around and sell it quickly for 580k. I've done multiple deals like this before, I'm actually closing on a deal that I rehabbed in 10days.

Where: Greenwich CT

Price: 450k

Size: 1438sf      3bedroom/2 bath. 

ARV: 575k - 640k

Amount of repair: 30k (I will finance this)

Example Properties that have sold in the same neighborhood within the last 90 days:

*3bed/2bath. 1152sf for 650K  (9/19/ '17)

*3bed/2.5bath. 1628sf for 645k. (10/11/'17)

Zillow link:

https://www.zillow.com/homes/for_sale/57304855_zpi...

Zillow link

If interested, please contact me ASAP!

Alex

Keywords:

CT, private money, Byram, bank owned, fix & Flip, Connecticut, Greenwich, single family home, investor

Hi Ali,

I do. Do you have an email so I can send you some documents? I can show you last years rent schedule and expense schedule?

The tenants have been there since I took over the building and evicted the previous tenants. They are on a month to month. The rents are 1950,-/month each apartment and I just handed the tenants the rent increase (2000,-/ month) starting this August.

Thanks,

Alex

A great Income producing, turn key 2 family for sale!

Two 3 bedroom apartments over 3 Garages, 2 blocks from main street Ossining.

The two units are currently rented out on a month to month lease.

*2 apartments each 3 bedrooms, one bathroom, kitchen and private porch/patio. Total rent: $3,900.-/month.

*Hardwood floors

*3 Garages

*Finished office in the basement

*Close to main street Ossining and train station (https://www.walkscore.com/score/8-yale-ave-ossining-ny-10562)

*Up-and-coming neighborhood, located one block from the newly renovated library.

*All new Plumbing, hot water heater, water lines, valves etc., electrical is fully updated.

*Storage units for both apartments

*Strong Ossining rental market

Rents: 2x 1950,-/month. Leases will be raised this July to 2x 2k/month

Taxes: 11k

Asking 384K

Please message me for more pictures  or if interested!

A great Income producing, turn key 2 family for sale

A great Income producing 2 family for sale

Two 3 bedroom apartments over 3 Garages 2 blocks from main street Ossining.

The two units are currently rented out on a month 2 month lease.

*2 apartments each 3 bedrooms, one bathroom, kitchen and private porch/patio. 

*Hardwood floors

*3 Garages

*Close to main street Ossining and train station (https://www.walkscore.com/score/8-yale-ave-ossining-ny-10562)

*Up-and-coming neighborhood.

*All new Plumbing, hot water heater, water lines, valves etc., electrical is fully updated.

*Storage units for both apartments

*Strong Ossining rental market

Rents: 2x  1950,-/month

Taxes: 11k

Asking 370K

Please message me if interested!

Two 3 bedroom apartments over 3 Garages, 2 blocks from main street Ossining. 

Currently the building is being updated with many new features, it has BRAND NEW PLUMBING, (Valves, pipes etc..) Brand new kitchen and bathrooms and updated electrical!! 

Income:

Apartment 1: 1900,-

Apartment 2: 1900,-

3 garages: about 150,- each

Net income: 4250,-

Example:

FHA loan at 3.5% down: $12,775.-
Monthly mortgage ( @ 4.5%) incl. tax interest and insurance: $2760,-
Median rent in Ossining for a 3 bedroom ($1,900,- @ Rentometer.com https://www.rentometer.com/results/7y3WWZ3cq5A ).

I assumed this mortgage from the previous owner at a 6% interest rate. My mortgage is $2750,-! 
Tenants pay for their utilities.
Monthly cash flow: $1498,- 

*2 apartments each 3 bedrooms, one bathroom, kitchen and private porch/patio.
*Hardwood floors
*Close to main street Ossining and train station (https://www.walkscore.com/score/8-yale-ave-ossining-ny-10562)
*Up-and-coming neighborhood.
*New hot water heater, new bathrooms, new kitchens, electrical is updated
*Storage units for both apartments
*Strong Ossining rental market

Thanks for the input Dennis! 

It turns out that because i purchased a multi family on a FHA loan last year this property will be hard to finance with a traditional mortgage since i'm almost maxed out (Income to debt ratio). I had another meeting with the seller and i also have some more specific numbers. He owes 224k on the property and the property was last appraised in 2012 for 315k (the market was a lot lower back then). There are tenants in place (and they have been there over over 20 years and the rents are below market value. There are also 3 garages beneath the units that could be rented out as well to get additional income.

His monthly bills are (mortgage, insurance, water and interest) are $2590,-

He is paying for all utilities which i think should be decided amongst the tenants. 

I see what you are saying about having cash and keep it for the long haul.. Part of me wants to secure the property and sell it, i think this would be a easy sell. The owner also offered 20k as a note.. Anyway, a lot of things to consider..

Buy and Sell for profit or try to get financing and keep it for the long haul..

Neil, What kind of terms should i look for? What are your terms for instance on that 30yrs in your area?