Topic: Income Producing 5 plex - Being Rennovated - Good rental history (Read 698 times)
I forgot to mention. We are getting all new energy efficient windows put in as well. That is planned for late September.
We have one of the 5 apartments finished with renovations, we are starting on the second one now, and I have a contractor coming in next week to work on the third one. By September this will be 100% renovated.
The price now is $169k in LTC or BTC. In September after we replace all of the water heaters, have the building painted, and all of the apartments renovated, we will be raising the price to $220k in crypto. As each apartment gets finished the price goes up, the cap is $220k.
The income for the past 10 years has been $2100 per month.
Buy now and get a bunch of sweat equity. Or buy after September and get a spankin new apartment, and raise the rents quite a bit.
In October we plan on getting a local property management company to handle the rentals and maintenance. They charge 10% of the income and they handle everything. Perfect for an absentee owner.
The price now is $169k in LTC or BTC. In September after we replace all of the water heaters, have the building painted, and all of the apartments renovated, we will be raising the price to $220k in crypto. As each apartment gets finished the price goes up, the cap is $220k.
The income for the past 10 years has been $2100 per month.
Buy now and get a bunch of sweat equity. Or buy after September and get a spankin new apartment, and raise the rents quite a bit.
In October we plan on getting a local property management company to handle the rentals and maintenance. They charge 10% of the income and they handle everything. Perfect for an absentee owner.
This is a 5 unit multiplex. It has a good rental history with all of the current tenants.
Recently we decided to not renew any of the current leases for our current tenants in order to start a major remodel.
So far with the remodel, we have put in new rain gutter, and we have renovated one of the apartments with new flooring (tile in the kitchen and bathroom, carpet in the rest, new paint on all walls), renovated the claw foot tub in the bathroom.
Two more apartments just opened up, and we are preparing to remodel those too.
When this is finished, all 5 apartments will be updated from the ground up. Some units will be getting new appliances. The balcony and front porch is being rebuilt with stronger and more eco-friendly materials.
Overall this place has been kept up to date. We just didn't like how the previous maintenance person cut corners when cleaning and painting.
It was in our plans to replace all of the windows in the units, but our funds are a little low, so we are passing on this awesome multiplex to someone who wants to finish the job.
Up until this month, we had 1 unit renting for $475, 2 units renting out at $450 per month, another renting at $425, and a basement studio renting for $300 per month. More than $2000 per month of consistent income. Two of the three tenants have had their lease ended by us, so that we could effectively complete the renovations.
Either we can get new tenants, or you can. With this multiplex being unoccupied in 3 of 5 units, this allows the new owner an easier transition, incase they are as particular as we are to who we rent to.
This is practically a clean slate with many improvements completed already.
Historic Old Town Pocatello multiplex.
$169k (as-is, as we complete more upgrades, the price will increase, when fully upgraded it will be listed for $220k later this summer)
We will take crypto at current exchange rates. I prefer to use escrow for the buyer's protection. Will use an escrow company and title insurance, and I will pay for the title insurance, buyer pays for escrow.
See my craigslist ad for pictures; http://eastidaho.craigslist.org/reo/4526002164.html
Recently we decided to not renew any of the current leases for our current tenants in order to start a major remodel.
So far with the remodel, we have put in new rain gutter, and we have renovated one of the apartments with new flooring (tile in the kitchen and bathroom, carpet in the rest, new paint on all walls), renovated the claw foot tub in the bathroom.
Two more apartments just opened up, and we are preparing to remodel those too.
When this is finished, all 5 apartments will be updated from the ground up. Some units will be getting new appliances. The balcony and front porch is being rebuilt with stronger and more eco-friendly materials.
Overall this place has been kept up to date. We just didn't like how the previous maintenance person cut corners when cleaning and painting.
It was in our plans to replace all of the windows in the units, but our funds are a little low, so we are passing on this awesome multiplex to someone who wants to finish the job.
Up until this month, we had 1 unit renting for $475, 2 units renting out at $450 per month, another renting at $425, and a basement studio renting for $300 per month. More than $2000 per month of consistent income. Two of the three tenants have had their lease ended by us, so that we could effectively complete the renovations.
Either we can get new tenants, or you can. With this multiplex being unoccupied in 3 of 5 units, this allows the new owner an easier transition, incase they are as particular as we are to who we rent to.
This is practically a clean slate with many improvements completed already.
Historic Old Town Pocatello multiplex.
$169k (as-is, as we complete more upgrades, the price will increase, when fully upgraded it will be listed for $220k later this summer)
We will take crypto at current exchange rates. I prefer to use escrow for the buyer's protection. Will use an escrow company and title insurance, and I will pay for the title insurance, buyer pays for escrow.
See my craigslist ad for pictures; http://eastidaho.craigslist.org/reo/4526002164.html
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