Daily Grind 6/21/2020

[Moises R Cosme]

Do we have expense numbers for last week on Current Reno 1? If so, please send them. I got the second dumpster & permit logged already, just need labor for the week. I will be on Zoom tomorrow night at 8pm to go through all of the work from this weekend & preparation for next week.
Things to cover:

1. Current Reno 1 - Got quote for flooring, he started at $2800 got him down to $2300; waiting to speak with you before we agree to proceed. He is sending me the written quote tomorrow; will complete negotiation Tuesday after we speak tomorrow night. 

2. Target Asset, Single Family,  MA - let's go over the project evaluator; I also sent you a photo addendum. In general: (1) I think we will need to hire a foundation company to seal the foundation, (2) I think we need to clean the place out & that will take a minimum of 4 dumpsters, (3) the flooring needs to be replaced throughout the house, we need a good flooring guy to go in and get that done, (4) the heating system needs to be replaced, (5) the radiators throughout the house need to be replaced, (6) the kitchen needs to be re done (new cabinets, new counters), (7) the bathroom needs to be re done, (8) walls throughout the property need to be finished, there is bare sheet rock everywhere, (9) trim needs to be added everywhere, (10) staircase rails need to be added, (11) the entryway needs to be completed, (12) front door needs to be replaced, (13) electric needs to be upgraded. I think we can have the senior guy on the acquisitions desk take the lead on the renovation on this project (he has been wanting to test what he's learned in the last year & a half); I think there is enough margin here where it is worth taking the risk & doing an out of home market renovation.

Here are the assumptions I used to arrive at this conclusion:
1. Purchase price: $70,000

2. Renovation: $70,000

3. Cash to Purchase: $28,394.65

4. Carry: $4,200

5. Resale Closing Costs: $10,033.516. 

Lowest projected resale at $228,000 

7. Potential profit: $60,031.84

8. CLTV: 66%

Attached: 'As Is' CMA: Supporting $70K purchase price, ARV CMA: reflecting after repaired value.

Daily property search 6/21/2020:
1. Auction site 1: not available

2. Auction Site 2: none in our markets

3. MLS: nothing that is an immediate fit, depending on whether we have an offer accepted on 129 Woodlawn St., there's a couple of out of market properties that I think would be good pickups if we can get them for low ball numbers. Single Family Target 2, MA - if we could pick up for $80,000 or less; Multi Family Target 1. & Multi Family Target 2- if we could pick both up for under $60,000 each.

4. Online Engine #1: no current matches

5. Online Engine #2: no current matches

6. Target Broker 1: single family target 2 came from here

7. Target Broker 2: no current matches