All Forum Posts by: Lee Yoder

@Jeff Kennedy, @Michael Barnhart and anyone else who would like to see more specific data, here is my current monthly numbers:

Thanks @Jessie Nunley!

@Travis Hill Thanks! If I can do this, anyone can, so I'm sure you'll be able to take this next step. Just keep taking small steps toward your goal every day. You'll look up and suddenly, you'll be there. 

@Mikael Winkler this is a 16 unit property. I don't know how I missed that. 

@Calvin Ozanick I don't think I'm ready to branch out to Wisconsin yet, but I'm working on it! Thanks for the offer. Haha

@Michael Barnhart I've definitely thought about refinancing instead of selling. I'm still thinking about it. My end goal though is to buy and hold Bigger apartment buildings. By selling, I'll have the capital to trade up. And/or I can use the capital to allow me to work on my apartment syndication business.

@Account Closed  The tenants were paying $540/m for 1-bed and $415/m for studios. We've increased that to $635/m and $520/m which is market rent. We've only increased to market rent on the 6 units we've rehabbed. For the residents that we inherited we implemented a $25/m utility bill-back and we charge $25/m for a pet. We will continue to slowly bring them up to market rent, but I don't want to have a mass exodus.

We knew the roof needed some repair when we made our offer, but I was thinking $20-30k to repair, not $135k for replacing 3/4 of the roof (that was the original quote we received from the roofing company that had done work for the previous owners). This quote that we received is what helped us get $100k cash back at closing. The Sellers could see that it would cost them $135k if they fixed the remaining 3/4 of the roof themselves. They might be thinking they saved $35k by only giving us $100k at closing.

My money partner brought $100k to this deal: $70k for closing and $30k for rehab. We've spent closer to $40k on rehab.

Thanks @Account Closed!

@Justin V. I would say I bought it at a 9% Cap based on the financials provided by the Seller, but we had residents move out early on and we haven't really made any money up to this point. Based on our purchase price (plus the capital we put in for rehab), I guess I would say it's operating at a 14.5% Cap.

It's a 16 unit and yes, it does have a cafeteria. We actually have a church renting out the cafeteria so that's been really cool

Thanks @Luke Stewart!