All Forum Posts by: Bobby Zandate
Bobby Zandate has started 1 posts and replied 2 times.
Post: 100% Cash purchase using HELOC
Bobby ZandatePosted
- Investor
- San Jose, CA
- Posts 2
- Votes 0
I apologize for the way the post was condensed...not sure why that happened.
Post: 100% Cash purchase using HELOC
Bobby ZandatePosted
- Investor
- San Jose, CA
- Posts 2
- Votes 0
Hello fellow BP Members...I'm hoping to get some opinions on this deal I'm interested in.
Just a little background. I have a HELOC for $175k which I was planning on using for 100% of purchase price+closing costs+rehab. Here are the #'s...
$49,900 asking price
$42,000 purchase price
INCOME
Rent- $1200/month
EXPENSES
Taxes- $103/month
INS- $30/month
Vac- $84(7%)
Repairs- $60(5%)
CapEx- $60(5%)
Prop Mgmt- $120(10%)
Mortgage- $333(HELOC PMNT @5.75%/30YEARS)
MONTHLY EXPENSES
$790/MONTH
CASH FLOW
$410/MONTH
$4920/YEAR
COC ROI
Purchase PrIce $42K
ClosIng Costs $1680(4% of PP)
Rehab- 15K
Total Invested $58680.00
CoC ROI 8.384%
TIA for takIng the time to look thIs over.
-Bobby Z.