All Forum Posts by: Trent Ecklar

Pleasure meeting on BiggerPockets!

@Jaysen Medhurst these are the actual #'s after the first eight months. This property is two duplexes that face each other for a total of 4 units. Yes, the current rents are $675, $650, $650 & we just raised the $500 unit to $600 so the rent total is now $2,575 per month. $100 more than when posting this update.'

 The only update we have completed is refinishing the hardwood floors and general upkeep and maintenance that goes with a C class property. 

We put the property on the market in August 2019 and received multiple offers in the $170's on the 1st day the property was listed. We have ended up at $165,500 after the buyer's inspections. The contract has expired due to the buyer's lender not being able to perform on schedule and we have to decide if this property is a "keeper" or if we sign another extension and "ring the register".   

We have completed one eviction on this property which bumped up the vacancy a bit. I'm finding that the C class requires a lot more maintenance and repairs than the B's and A's I've self managed for the past decade. Our loan was completed in February 2019 when we purchased and the best rate we could find at the time on the local bank's commercial 20 year note was 5.75% rate have gone much lower since then. The same lender is now at 4.75%, our PM is 8%, lawn care is completed by the PM for $35 per mow around eight times per year, no snow removal is necessary. Water and sewer is divided and billed back to the tenants through the PM.

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*This link comes directly from our calculators, based on information input by the member who posted.

Todd Helpbringer

firepoint 

I look forward to connecting again Dan.

Good evening Harman!

San Francisco is a great city! Pleasure meeting on Bigger Pockets. Let's connect while you're here in Columbus. I personally have 32 doors ranging from C to A class here in Columbus Ohio. 

Pleasure meeting on Bigger Pockets!

6 unit in Delaware Ohio 

I'll keep you posted here in Columbus Ohio.