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re: Some serious $$ to be made in NBR... Apartments sold for $15.5m after $3.8m upgrade
Posted on 1/23/19 at 11:26 am to rowbear1922
Posted on 1/23/19 at 11:26 am to rowbear1922
quote:
we continued to go to the pool after he moved out
Idk how going to the indigo pool sounds like a fun time when it smells like a porta potty
1
Posted on 1/23/19 at 11:26 am to SPEEDY
I know someone that is currently flipping an apartment complex in BR. 30 something units. Mold everywhere. Environmental testing daily. They're pouring their heart and soul into this project and I can only hope it comes out positive in the end.
Posted on 1/23/19 at 11:30 am to SPEEDY
That's near that Community College development right?
Posted on 1/23/19 at 11:31 am to SPEEDY
but who bought it for 15mil?
Posted on 1/23/19 at 11:35 am to CarRamrod
They will be making around 2.5 million a year - Maintenence on the $15.5m investment. Thats pretty good.
This post was edited on 1/23/19 at 11:37 am
Posted on 1/23/19 at 11:40 am to Graham Wellington Jr
What’s the average renovation cost when someone vacates a unit?
Having PAYING tenants isn’t a problem.
The problems tend to start either when people move out by choice or you evict them for late payment / nonpayment.
If every time they move out you have to repaint, recarpet, and change all the appliances and fixtures because they trashed the shite out of it, it can go from profit to money hole quickly.
Having PAYING tenants isn’t a problem.
The problems tend to start either when people move out by choice or you evict them for late payment / nonpayment.
If every time they move out you have to repaint, recarpet, and change all the appliances and fixtures because they trashed the shite out of it, it can go from profit to money hole quickly.
Posted on 1/23/19 at 11:48 am to teke184
People tend to take advantage of section 8 housing for years, instead of using it as a stepping stone like it is intended. They wont have any problem with the rent.
Posted on 1/23/19 at 11:50 am to Graham Wellington Jr
Just because you are getting paid for years doesn’t mean you won’t have a huge cost when they finally leave, either by choice, eviction, or death.
I’m assuming that’s how they got to the complex only being 50% habitable before.
I’m assuming that’s how they got to the complex only being 50% habitable before.
Posted on 1/23/19 at 11:53 am to teke184
Depends on what kind of renovation.
Posted on 1/23/19 at 11:54 am to beerJeep
quote:
Idk how going to the indigo pool sounds like a fun time when it smells like a porta potty
Maybe the 3 tons of chlorine the pool used blocked the smell?
This post was edited on 1/23/19 at 11:54 am
Posted on 1/23/19 at 11:59 am to Klark Kent
quote:
i smell something foul about this.
Nah, the PE group probably just saw an undervalued property in a shitty area that had no interest.
Just takes a little vision and a lot of money and you can make a shite ton of money.
Posted on 1/23/19 at 12:16 pm to SPEEDY
quote:
near North Ardenwood Drive and Renoir Avenue
what a fricking shite hole. Posted on 1/23/19 at 12:29 pm to SPEEDY
How many murders occurred on North Ardenwood between August 2016 and now? A quick Google search shows a page full of articles from shootings on the street.
The buyer is a fricking moron.
ETA: What a waste for my 30,000 post.
The buyer is a fricking moron.
ETA: What a waste for my 30,000 post.
This post was edited on 1/23/19 at 12:30 pm
Posted on 1/23/19 at 12:34 pm to SPEEDY
Muh Gentrification
Posted on 1/23/19 at 12:46 pm to BurningHeart
Ok... how long before the property gets back to this condition?
---
Don't think the OP cares.
He's talking about the proceeds from the flip.
---
Don't think the OP cares.
He's talking about the proceeds from the flip.
Posted on 1/23/19 at 1:24 pm to SPEEDY
quote:
Rents average $680 per unit.
god damn thats cheap
Posted on 1/23/19 at 1:57 pm to SPEEDY
quote:
29 months after initial purchase, flip it for $15.5 million for a nice $7.7 million profit
Don't forget the rent taken in minus the operating costs over those 29 months.
Someone made themselves a tidy little profit and now that it's sold, it's someone else's problem when the residents invariably destroy the place again.
Posted on 1/23/19 at 2:05 pm to TigerstuckinMS
The profit was great but IMHO buying any such blighted property incurred a huge risk in never being able to unload it.
For example, no one is dumb enough to purchase the Brandywine. There have been multiple instances where power or water had been shut off due to bills in arrears of five to six figures.
For example, no one is dumb enough to purchase the Brandywine. There have been multiple instances where power or water had been shut off due to bills in arrears of five to six figures.
Posted on 1/23/19 at 2:53 pm to Breauxsif
Just wait until that newest Top Golf, PF Changs, Publix, and Ruffino's II go in next to it.
Posted on 1/23/19 at 4:24 pm to SPEEDY
Reads a little too much like some corny HGTV flipping show plot line. I’d like to see the actual records.
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