All Forum Posts by: Mickey Petersen

Quote from @Mickey Petersen:

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.

 Photos from the finished unit.

Id join as well. There is never any meetups in Long Beach. 

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.

Property 2 - Purchase Price - 575K

Here's some photos of the first vacant unit that we are about to renovate.

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

Yeah not at all.

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.

Thanks Del!