Sold $550,000 - Triplex
Hello All,
Well, as tight as the income property market is these days, I find something that has “fallen through the cracks” every now and again. Sometimes a property will come on the market and, due to my superior communication skills J, I learn vital information about it that no one else knows. Such is the case here:
This is a classic Victorian building from 1888 that has lots of vintage character. It also needs a lot of work. It is on the market for $700,000. However, I am about the only person in L.A. who knows it can be had for $550,000! Not only that, I am one of very, very few people who also knows that it can be delivered vacant! This, of course, means you will be able to fill it back up with tenants at current market rents, which I reckon to be the following: $2200, $2200 and $1200. This, of course, totals $5600/mo. or $67,200 annually.
I also estimate you will need to spend about $125,000 to bring it up to speed. Then you will have a property which, after you re-fi, will return to the tune of $2,000/mo cash flow or $24,000 annually, or a cash-on-cash return of 14.2% Trust me—this combination of good cash flow and good upside virtually does not exist anywhere in L.A. at this time in a decent location or a location on the rise.
If you want it or know someone who does, contact me right away.
