We sold a Buy and Hold project in LA, what fun of numbers. What a beautiful job. …
We sold a Buy and Hold project
In LA
What fun numbers.
What a beauty of work.
And there's a story, too.
We couldn't have done it without Avior, an agent who is a brother.
He helped us manage all the renovations, the organizations, the remote control. And if there are agents who, if they are first of all human, is one of them.
Thanks king !!
Most of the agents we talked to about the house said we would include a roof to sell it on 580. And I was told to even get ready for 560 at worst because the market is weak now.
We put the house up for sale at $ 595,000
How many do you think we sold?
The renovation was designed by Alexa ?, The staging was of a high standard, the pictures were excellent and our agent prepared the open days right.
All of these elements together helped us bring about 100 people home during the open days we did.
In practice, we did not receive many offers. And all we needed was one good offer.
The amount of people who did come home made those who put in the proposal think they would be full of competition. And before they gave their suggestions, we made them realize that there were "full" offers on the house, so they should be competitive.
We went with the strongest buyer, and not necessarily with the highest bid, because we didn't want to get into a situation where the buyer got out of a deal because the bank didn't approve a loan or anything like that
We received 3 concrete offers from all the people who came to see. 635, 627 and 595.
.
We closed a starting price of 627 thousand with the strong buyer. And after negotiations we agreed to close with him
About 620 thousand.
And here's the math:
Rental Property We Hold Since September 2018 (Year and 3 Months)
Revenue:
Property Sale = 620,000
Rent = 23,000 after insurance and taxes
Total = 643,000
Expenses:
Property cost = 475,000
Renovations = 15,000
Maintenance = 5,000
Sales Expense = 25,000
Total = 520,000
Profit = 123,000 thousand
Calculate cash on cash =
145,000 down payment + 15,000 renovations =
Total cash we took out of pocket 160,000
123,000/160,000
Yield after 15 months = 77%
— feeling thankful with Avior Ovadya in Fort Worth, Texas.
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Indeed an impressive achievement….
A question from the practical direction, why did you choose to rent for such a short period in the Buy and Hold project? Does profit justify the risk that such a short-term tenant will damage the newly renovated property?
Stunning!!?
Respect, and lots of it
??
Awesome dude! Well done!!??
Stunning
Tamir Abutbul is impressive.
Well done ? Through action and thinking of champions
Fadi Al
Stunning
Inhale, an amazing deal.