All Forum Posts by: Jeffrey Campbell

Here are some pics. The last four are from the SFR. Thank you.

Sorry folks, I’ll get pics up as soon as possible.

$55,000 annual in Gross Rents for $275,000 in a fully restored building.

Located in Raton, NM just over the Colorado border and 15 minutes from Trinidad.

7 Unit apartment building consisting of 5 large, furnished Studio apartments and 2-One Bedroom, One Bath apartments with private entrances. AND a 2BR/1BA house located on the same large lot. All units and house have been renovated over the past six months. There is an onsite laundry in the apartment building, three garages (additional income) and a workshop under the SFR. Located in a good, established neighborhood. HVAC and Water Heater are in great shape with WH just installed last year.

Raton, NM is experiencing growth in residency thanks to its affordability for retirees and proximity to Colorado and the Southwest. Trinidad, CO, just over Raton Pass and 15 minutes away, has grown dramatically in the past few years resulting in more residents relocating to Raton in search of apartments of all sizes. Raton's local hospital employs a large number of contract nurses who require furnished housing. 

Rents for the Studios are $550 per month, the 1BR/1BA's rent for $575 and the 2/1 SFR will rent for $700. The Seller is currently occupying the SFR. Basic utilities have been included for the apartments and average $300-400 per month total. Solid occupancy numbers and 95% of the remodeling has been completed.

Asking price of $275,000 with Gross Income over $55,000 per year when fully occupied. Financial Statement and photos available on request. Owner not able to carry so please do not ask. Thank you.

Earlier this year my wife and I bought a 7 unit apartment building that came along with a SF 2/1 on the same lot. I've nearly completed the interior restoration and all units are rented out (wife and I live in the 2/1 SF). Monthly gross is about $4800 (if wife and I paid for our 2/1 place - $4100 otherwise). Basic utilities are included with an average of $500 per month on all units including the house. There is also a small onsite laundry with inherited leased machines (50/50 spilt after $40 mo). 

Here's the question: with no real or recent comps what's my best way to estimate asking price. We are in northern New Mexico not Denver so price will be less to be sure but I'm looking for a starting point. Thanks.

Thank you. I think we’ll be ok then.

Ryan. Plan was to develop and sell to Pit Boss but he became untrustworthy and the second buyer couldn’t get her money. Having owned a restaurant previously and not wanting to do so again for a longer period ( rather stay married) I opted to sell. 

My wife and I own the property outside of the LLC and we are the only members of the LLC.

Based on Owners Equity infusion to the LLC there should not be a gain. Part of my question (not previously asked) is how to have the property/building bundled with assets (furniture and equipment) of the LLC in the sale docs.

So I bought a piece of property for $50k (owned personally) and developed it into a restaurant (LLC invested $125k). Now I'm selling it for ($175k) and am looking for suggestions in structuring the sale between myself and the LLC. Yes, profit was the goal but it's a restaurant (Breakeven is a WIN). Thanks for the feedback.

Thank you for replying. We will put in about $7000 on renovations, have a $114,000 loan at 5.5% fixed for 20 years. $700 a month carry.