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Started By
Message
re: Some serious $$ to be made in NBR... Apartments sold for $15.5m after $3.8m upgrade
Posted on 1/23/19 at 6:26 pm to Graham Wellington Jr
Posted on 1/23/19 at 6:26 pm to Graham Wellington Jr
grossing 2.5 million,
net would be closer to:
-250k for maintenance
-250k for vacancy
-400k insurance (100 a month)
-200k utilities
-250-500k staff
-300k taxes
clear 600k
then just interest on the loan could leave you in the red.
should have some aside for big repairs too
could be way off.
quote:and thats at 100% occupancy.
They will be making around 2.5 million a year - Maintenence on the $15.5m investment. Thats pretty good.
net would be closer to:
-250k for maintenance
-250k for vacancy
-400k insurance (100 a month)
-200k utilities
-250-500k staff
-300k taxes
clear 600k
then just interest on the loan could leave you in the red.
should have some aside for big repairs too
could be way off.
0
Posted on 1/23/19 at 6:40 pm to SPEEDY
Isn’t that how gentrification happens?
Posted on 1/23/19 at 7:50 pm to SPEEDY
Who will live there that will be able to pay the rent?
Posted on 1/23/19 at 7:51 pm to Isabelle81
quote:
Who will live there that will be able to pay the rent?
It's probably rent controlled or Section 8.
Posted on 1/23/19 at 7:53 pm to SPEEDY
Hmmm 40.85% annually? I'm down.
Posted on 1/24/19 at 10:18 am to Klark Kent
quote:
i smell something foul about this
Why? They bought a blighted property, invested money in it to make it nicer and inhabitable, and increased occupancy and rents.
The multi family game is all about increasing cash flow, which is most easily done by raising occupancy and rent, while reducing costs.
Posted on 1/24/19 at 10:52 am to SPEEDY
quote:
Rents average $680
Is this section 8 ?
Posted on 1/24/19 at 10:54 am to The Torch
quote:
Is this section 8 ?
It's definitely in the hood so probably so.
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