This is an example page. It’s different from a blog post because it will stay in one place and will show up in your site navigation (in most themes). Most people start with an About page that introduces them to potential site visitors. It might say something like this:
- Great location!
- 2 units vacant upon purchase (maybe more)
- Current rents are ~50% below market. NOI potential!
Purchased for $1,000,000
JV partner(s) fund DP and closing costs (~$343,000)
- ~ $42K per unit renovating high value areas, kitchens, washrooms and flooring. (Adding en-suite laundry where possible)
- 2 units at a time and 6-8 week reno duration from start to tenanted again
- Total of 18-24 weeks of renos
- 5% contingency
- Total cost of Reno’s ~$254,000 for which we would look to private lending.
- Private lending request for ~$254,000 (includes carrying cost of vacant units ~$10,000) at 14% for 12 months
- Rental increase from $6,129 to $10,214 a month
- NOI increase of ~$48,000 or property value increase of over $900K!
- Re-finance property for ~$1,900,000
- Pull out all JV Financial partner DP and pay off Reno loan
- Option 1 (Capital Return) – Refi with a LTV that allows all capital to be pulled from property.
- Option 2 (Cash flow) – Refi with a lower LTV leaving some captial in and increasing the cashflow.
- Option 3 – Sell!
- With Options 1 & 2 we would hold & Refi every 3 years! Continue to take advantage of the great location, and principal recapture.
6-plex consisting of 1 2BR and 5 1BR units.
|Electrical||Copper, 200 Amp Breakers|
|Heating||Forced Air, Natural Gas|
|Furnace||15 years old|
|Eaves & Facia||Aluminum|
|Water Heater||2 Gas|