It is fun to have a successful project, even more fun that it is in the days of Corona. The type of property we have ...
It is fun to have a successful project, even more fun than it is in Corona.
The type of property - a triplex we turned into a reflex.
Duration of project 8 months. Including renovation and rental.
Total investment:
Purchase Price: $ 140,000
Closing expenses: $ 5,700
Renovation: $ 82,000
Total Expense: $ 227,700
Value after renovation: $ 300,000- $ 350,000 (We have not yet assessed an appraiser)
4 apartments =
Income: $ 3,500 a month. $ 42,000 a year.
Expenses: $ 1,212 a month. $ 14,540 a year.
Profit: $ 2,288 a month. $ 27,460 a year.
Yield: + 12%
* If you do Cash Out Refi, given 6% interest cost, 70% LTV (if we somehow get a mortgage during this period)
Cash on Cash: 49% Per Year (!!!)
Welcome to look at the pictures of before and after
— feeling happy in Fort Worth, Texas.
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Well done, it looks like a great deal,
Are you local in Texas or have you done it remotely?
How difficult was it to turn the property from Triplex into a preflex? And what had to be done to allow that?
You and Alexa a winning couple ????
It's fun to see people like you succeed and invest like this in a post that others will learn, and not idiots who think that everything is secrets .. Ask him how much the renovation cost, "a lot" ???? ♂️ ???? ♂️
looks amazing
Do you estimate that you will get the same market value before the corona? In addition, according to my understanding, at the moment it is almost impossible to refinance because they are willing to give only 60-65% and in addition the process will be long.
Renters to the apartment are not paying now and protected by law 3 months What will you do in such a situation and how will it align with the numbers?
I guess you didn't take financing for Kenya and renovating it.
If you take out a mortgage now, after financing expenses you are left with about $ 1200 profit per month. No?
Currently your expenses are 35% of your income (which is pretty low assuming you haven't changed all the infrastructure at home for the news) This will not leave you much to the badasses who will be spared over time and will also have to manage and deal with the tenants yourself.
If the expenses reach the direction of 50% (before financing expenses and I take into account the costs of holding a private house, turnover of tenants, unrented time, etc.) then you are left with $9000 per year before taxes. The cash on cash will still be high but more towards 33% and a property/tenants that require a lot of attention (4 different tenants in a private house) and will be difficult to manage by remote control.
Thank you. Definitely a great deal. ????
Amazing, well done, great deal
Very nice and very successful in which country do you work?
Amazing, well done!
looks amazing
A team wins with you and Alexa
Ofir Bugana
Very nice
very impressive!!!
overpowering!!! ????
Amazing well done !! Successfully
this is how it is done!