Finally rented out my newly renovated duplex!

[Sebastien B.]

Bought it last year for $300k, needed $150k to renovate. I raised $200k from a foreign investor to pay for renovations and put some money back in my pocket. In exchange, the investor gets a fixed 5% Interest Only return until we sell, where he would receive a 40% share of the proceeds above $500k. Currently doing about $7,000/month in rent. Expenses are about $3,400/month, including the interest payment to my investor, a $400/month general maintenance reserve and a 2% capex replacement reserve based on the total renovated cost of the property.

http://tinyurl.com/mmkez6c

I know its not the kind of cap rates that a lot of you like, but it's pretty great compared to what else is in the miami market.