All Forum Posts by: Mickey Petersen
Mickey Petersen has started 20 posts and replied 52 times.
Post: Before and After - Fully Renovated Unit
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
This unit took some work. What do you think? See after photos below!!
BEFORE:
AFTER:
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Quote from @Mickey Petersen:
Photos from second completed unit.
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Quote from @Allen Duan:
Congrats! I hope to be doing something similar in LA in the near future. If you're interested in setting these up as a MTR, let me know and I'd be happy to get some MTR numbers for you.
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Post: Negotiating Cash For Keys & 2023 Rent Control Update
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Id join as well. There is never any meetups in Long Beach.
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Property 1 - Purchase Price - 840k
Here's some photos of the first vacant unit that we are about to renovate at this property as well.
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Property 2 - Purchase Price - 575K
Here's some photos of the first vacant unit that we are about to renovate.
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Both properties were a part of a 1031 exchange. We sold a 4plex for 900k and bought 2 4plexs.
1st Property.
4 units. Sale price $840k appraised for $930k
%25 down - $210k
Rate is %6.25 adjusts after 6 months.
Monthly payment plus tax and insurance = $5,081
Current rents: UnitA - 0, UnitB 4950, UnitC $923, UnitD $1303 Total- $3,176 / NOI - $38,112
Rehab Budget:
Move out costs: $15k
Structure/safety: $15k
Cosmetic: $40k
Overage: $7k
Total: $77k
Cash Out Refinance:
Depending on what the rates are in 12 months of course. I based this off of %7.5
New Value, $1.1M, %30 LTV, New Loan Amount $770k
Payment Plus Tax and Insurance = $6,399
Market Rents: UnitA $1800, UnitB $1800, UnitC $1800, UnitD $2375 = Total - $7,775/month/ NOI $93,300
Cash flow after utilities and management is $775
Cash out = $123K
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Yeah not at all.
Post: Just Closed On This Property
- Investor
- Long Beach, CA
- Posts 57
- Votes 33
Thanks everyone. We now have 1 vacant unit. So that's great. Hopefully get to renevating that within the next couple weeks. I just bought some appliances for this unit. Took advantage of some Memorial Day sales lol. I want to go a bit nicer in these units because of the location. So Im going with stainless steel range, dishwasher, and microwave.
We also just closed on another 4plex! 2 of 2 to complete the 1031 exchange. Lots of work now lol.