All Forum Posts by: Alma Mills

@Tim Ingram I think it was about $500 or $600

@Michael Bettencourt that's real high look around more

@Benjamin Dilg penfed credit union does non owner occupied heloc. Try them out and see

@Michael Ealy I do not have that kind of relationship yet but would greatly appreciate a referral to your credit union....my brother is remodeling a 17 unit in bond hill right now and is worried as he has spent a lot on the project but your post has given me added hope he can get an appraisal to get his money out. He's not next to a new hospital but there are many improvements planned in the area. What thoughts to you have on the south side of bond hill?

@Michael Ealy. Your deal sounds very similar to ours 22 unit 7 miles away in Pleasant Ridge, Cincinnati. Losangeleslivingcincy.com. We purchased for 669K and put in 1.1 million in renovation bringing in quartz countertops and islands adding washer dryers for each of the units and adding a fitness center and club house. Our rents went from around $600 to $1150 for 2 beds. We also have tenants pay utilities. We are having our appraisal next we and praying they use the income approach because we can't find any good comps... would love to connect.

Ray- we are buy and hold investors and love cash flow.  We have people we have been putting together out there but are based here in LA. 

Simmy- we will need about 280k to finish but could make it work with 100k as we can prelease and refi the property before completion. 

After prices of properties just got too high in Los Angeles my wife and I purchased a 22 unit in Cincinnati, Ohio at $30k a unit.  Being in Pleasant Ridge, a B neighborhood that is improving rapidly, we have done a complete remodel of the first 11 unit building and have staged a 1 and 2 bedroom and done a 3D matterport tour of the units.  I really like how it turned out but it is my first time using the 3D online tour.  We want to put it on our website losangeleslivingcincy.com and hope it will be worth it as we will need to show the units to lots of tenants.  Here are the links below to the 3D tour.  

1 Bedroom Unit -https://my.matterport.com/show/?m=uXXR1Ak8zum

2 Bedroom Unit -https://my.matterport.com/show/?m=9HXBa5bkqA2

What do you think?  

Anyone else used the 3D tour for apartment rentals?

Alma Mills

Looking for short term funding for remodeling a 22 unit apartment complex on Cincinnati. OH.  350k is what we need.  Would love to know if that might fit.