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february 2022 update (-$66)
Break even month due to paying for insurance, repairs, and quarterly utilities.
november 2021 update (-$118)
Slight negative since we paid a maintenance bill for around $2,000 for work that was performed over the last few months.
august 2021 update (+$883)
This is a 3 unit BRRRR that was purchased in pretty much the worst of circumstances. First of all, the seller was a complete psycho and made the purchase as difficult as possible, and then…COVID happened in the middle of escrow, making things even more difficult for closing. The township had made things difficult for the seller for 20 years, so we basically inherited a bad relationship with the township which needed to be remedied as well.
The pandemic really extended the timeline due to a delayed permitting process, which made our holding costs skyrocket. We went way over on our rehab, because we weren’t able to do proper due diligence on the property, due to the seller’s difficulty in not allowing us to see the property more than once prior to closing. Plus, we had to do extra rework to appease the township.
All this led to the project costs getting out of control and now we are all in for $405k on a property that appraised for $390k. This is real life, and these things happen.
The good news is we have three huge units that cash flow very well. We actually thought the appraisal was a little low considering the income of the property, so we negotiated with the lender to get 85% LTV on the loan. This was huge for us to get a little more of our initial investment back.
This is called Bathroom Palooza because there’s like 10 bathrooms in three units. It’s nuts. It’s like a palace.