All Forum Posts by: Peter Sinclair

All of the tile was from HomeDepot. The kitchen wall tile was the only one that was special ordered through the website at $2.09/sq ft. The bathroom wall tile and floor tile were $1.89 sq ft. 

The Bathroom vanity was from Ikea.. I think it was around $500ish 

We order our cabinets from a small local business that imports his stuff in from China. Although we didn’t intend to put in softclose, he ended up giving us all the softclose hardware on the house. The handles were ordered from Amazon. 

We try to make the units appear very high end using inexpensive materials where we can. In all honesty, the units we renovated so far look better than our actual house. 

I cant wait to read your BP success story! 

Here’s a video of our very first renovation:

https://www.youtube.com/edit?o=U&video_id=SIsky7tk6j4

Purchased a multiunit - 3bd/1ba & 1bd/ba

Cost: $490,000

Down payment: $200,000

Renovation Budget: $70,000

Mortgage: $2100/month - 30 yr fixed @ 4%

Expenses: $190/Month (Utilities, upkeep, and administration) 

Rental Income: $4000/month ($2400 3bd/1ba & $1600 1bd/ba)

Profit: $1600-$1710 a month depending on utility costs

To keep costs down my wife and I did as much work as we could, such as painting, installing kitchen cabinets, laminate flooring, light fixtures, etc. But hired professionals for things like plumbing ($6100), AC/Heating ($15,000), electrical ($2000) and landscaping ($5000) 

All profit each month is directly applied to the principle. The goal is to pay off the house ASAP so we can have a stable income when my wife and I retire in the next 15-20 years

Let me know your thoughts or questions by leaving a comment.

Here’s a short video I made on the renovation process:

I own two multi units around downtown Los Angeles (East LA & Boyle Heights)

I use craigslist, hotpads, and zillow when I’m doing a rent analysis. Essentially, I look at rent prices comparable to the unit that I am trying to rent and how long each property remains listed. Hotpads has a section on the unit listing that shows how many people have contacted the listed property. This gives you an idea of the renter demand and the price they’re willing to pay. For example, there was a unit listed $2800/month for a 3bd/1ba somewhat renovated received 1 contact for the week whereas another 3bd/1ba listed for $1800 had 143 contacts for the week... 

Also, if you use cozy, they have a paid service (Currently $20) for a rent analysis of your area if you want to save time. 

Hello Everyone,

I am from the Los Angeles area and looking to buy a rental property in the Boyle Heights area of Los Angeles. 

I want something with atlas 3 units but 4 is ideal. 

Any comments, suggestions, or advice would be much welcomed and appreciated!