All Forum Posts by: Fernando Angelucci

Hello BP Family!

I took two properties back deed in lieu on foreclosure. It is a package of two properties in Rushville, IN.

The first property is a fully rented 7-unit apartment building with professional management in place kicking out super high cashflow. $36,960 Annual Gross, $13,697 Annual Expense (37% Expense Ratio), $23,263 Net Operating Income.

The second property is a vacant 11,000 sqft brick 7-unit that needs renovation. $65K to get it rent ready. It is a brick **** house that I would use as a bomb shelter during the apocalypse. Old school house with massive limestone foundation and 18 foot ceilings on both the 1st and second floor.

Taxes will not be prorated but they are super cheap ~$2,500 for the fully rented property and ~$2,900 for the brick **** house.

Make an offer! Just want to get them off my books and I know I will already lose money on them. I am an investor and am super motivated. My all in cost on these is $214,540, but will accept less!

I have already done over $15,000 in repairs since I received the properties but here is a drop box link to the photos when I first bought them (I have already fixed all the items in the grey sided building and have done the initial interior demo on the brick **** house):

Brick **** House: https://www.dropbox.com/sh/ijbn76b83f7skbu/AABZLH3...

Fully Rented Sided Apt: https://www.dropbox.com/sh/w2l2dhk0vt39574/AAABkho...

Email or call me for the full financial analysis excel sheet on both properties!

Hello BP Family!

I took two properties back deed in lieu on foreclosure. It is a package of two properties in Rushville, IN.

The first property is a fully rented 7-unit apartment building with professional management in place kicking out super high cashflow. $36,960 Annual Gross, $13,697 Annual Expense (37% Expense Ratio), $23,263 Net Operating Income.

The second property is a vacant 11,000 sqft brick 7-unit that needs renovation. $65K to get it rent ready. It is a brick **** house that I would use as a bomb shelter during the apocalypse. Old school house with massive limestone foundation and 18 foot ceilings on both the 1st and second floor.

Taxes will not be prorated but they are super cheap ~$2,500 for the fully rented property and ~$2,900 for the brick **** house.

Make an offer! Just want to get them off my books and I know I will already lose money on them. I am an investor and am super motivated. My all in cost on these is $214,540, but will accept less!

I have already done over $15,000 in repairs since I received the properties but here is a drop box link to the photos when I first bought them (I have already fixed all the items in the grey sided building and have done the initial interior demo on the brick **** house):

Brick **** House: https://www.dropbox.com/sh/ijbn76b83f7skbu/AABZLH3...

Fully Rented Sided Apt: https://www.dropbox.com/sh/w2l2dhk0vt39574/AAABkho...

Email or call me for the full financial analysis excel sheet on both properties!

Hello BP Family!

I am not sure if you have ever considered investing in what Bloomberg has referred to as the real estate asset with the "best risk-adjusted return" of the last decade: self-storage.

Lien law, person-less management, and long term renters are some of the many benefits. With none of the tenants, trash, or toilets that drive investors away from traditional real estate, and operating expenses that often are less than 35%, we have been fans of self-storage for years. Now, we are extending the opportunity for you to experience the benefits firsthand.

We have a small self-storage facility in the northern suburbs of Chicago available for sale. Attached is a detailed investment analysis of the facility but here are the quick facts:

• Purchase price: $397,000 (includes projected acquisition/due diligence costs)

• 88 units with room to build 20-25 more

• Located in residential area of northern suburb of Chicago

• Currently cash flowing with no repairs needed

• Could be managed part time, remotely, or by a kiosk

• Projected net cash flow of over $40,000 by end of Year 1

• Projected net cash flow of over $80,000 by end of Year 5

• Sale in 5 years would result in over $800,000 in profit
  

Let us know if you or anyone you know is interested. We will pay you a $1,000 referral fee. For further information, please review the attached investment package. If you have any questions or are interested in the property, please reach out to us as soon as possible as this one will not last long.

Please EMAIL me if you are interested as I do not check BP very often and I know this one will move quickly.

Hello BP Family!

I have one of those real estate unicorns available for wholesale... a bank approved mortgage assumption!

The situation is as such, the seller purchased this Legal Non-Conforming 3-unit (converted from a large single family before current owner purchased) in a predominantly Single Family neighborhood in a partnership with her brother-in-law, then a few years later she got a divorce, now she she wants out of the partnership because its "awkward." She is not an investor and has no idea what she is doing. This can be retained as a 3-unit for rental purposes or converted back into a Huge Single Family for Flip purposes.

Summary

Cost out of Pocket: $13,000 broken down as such...

Assumption fee = 1.5% of remaining balance ~$3,000

Wholesale fee = $10,000 (not contingent upon buyer passing underwriting so have a strong borrower profile if interested)

Monthly Net Operating Income = $551.66/mo current ($1,154.15/mo at market rate & par taxes)

Yearly Net Operating Income = $6,619.92 current ($13,849.80 at market rate & par taxes)

Equity = $75,000

Cash on Cash Return = 50.9% current (106.5% at market rate & par taxes)

Here are the detailed numbers:

Income

$2,555/mo from rentals (were on year leases then she let them lapse to month to month a few years ago because she did not want to deal with the hassle of re-signing). Market rent would be $2,950

$55/mo from laundry income

Total = $2,610/mo Income ($3,005/mo at market rate)

Expenses

Tenants pay utilities

Taxes = $691.67/mo (must be contested because they are over par by 32%) $484.17/mo at par

Insurance = $166.67/mo

Principle & Interest = $1,200.00/mo

Add property management at 8-10% if you will be using one

Total = $2,058.34 Expenses ($1,850.84 at par)

Mortgage Details

Subject to Chase Underwriting - less strict than regular purchase underwriting

Remaining Balance = $198,000.00

Remaining Term = 25 years fixed

Interest = 5.5%

P&I = $1,200/mo

Comps & Details

This is a legal non-conforming 3-unit that has grandfather status with the city of Brookfield. It will only lose its grandfather status if more than 50% of the structure is demolished and rebuilt.

Single Family Comps = $350,000

3-unit Comps = $275,000

This property has cosmetic maintenance typical of any rental property.

Owner is not willing to prorate taxes.

Photos and Documents

Here is a dropbox link with: https://www.dropbox.com/sh/16687fa0ui1etpj/AADvD7J...

Photos

Leases

Rent Roll

Tax Bills

The Original Mortgage and Promissory Note

Mortgage Assumption Documents

PLEASE EMAIL ME IF YOU ARE INTERESTED AS I DO NOT CHECK BP VERY OFTEN AND THIS ONE WILL GO EXTREMELY FAST TO THE FIRST ONE WITH EARNEST MONEY IN ESCROW AND OUR SIGNED ASSIGNMENT OF CONTRACT.

Very professionally presented. Well done Bob!

10 year architectural roof, 7 year siding, newer mechanicals.

Current rents are 750 and *675. Does anyone know how to edit the property details?

We have a fully rented duplex in downtown Aurora available for immediate sale. Currently the property is owner-managed, but even with professional management at market rent, the property would bring in over $920 a month in net profit. If you know of someone who is interested in the property, we will pay you a $1,000 referral fee.

The year leases converted into month to month in 2013 at below market rent because the owner "did not want to fuss with it." Owner is retiring and divesting his portfolio. The renters are looking to sign another 1-2 year lease at market rent. Market rent is $1,700 a month ($850 each). Tenants pay for all utilities except for water and sewer. With an estimated market value of $115,000, the property is available to you for $79,900.

All Photos (76): https://www.dropbox.com/sh/ku9ublqjqsbzes5/AAApPgc...

Let us know if you are interested, as this opportunity will not last long. EMAIL ME for access to additional photos, leases, utility bills, tax docs, zoning docs, all financial etc. A single group showing will be set up for interested buyers unless a sight unseen offer is presented and paperwork signed prior to the showing. 

Great questions!

The numbers I posted here are the 2015 Actuals not a pro-forma.

These are the inflows and outflows of cash so reserves and vacancy factors are not in these numbers. Based on the rental numbers, there were no vacancies in 2015. 

They manage the building themselves so no property management was paid. In this area it is typical to see 8%-10% management fee. They do not have laundry or parking income.

@Meghan McCallum and @Tony Hardy, if you are interested please call me as time is of the essence on this one. We have already received two offers above the asking price here. The other principles and I will meet on Monday to discuss the offers.

Cheers!