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All Forum Posts by: Marie McLean

Marie McLean has started 24 posts and replied 30 times.

Post: Midwest *Ground-Up* Turnkey #12

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

We have salaried people (project coordinators) on the ground in all our markets. It's why we don't enter markets lightly. I am only on the marketing side of things, so really have no dealings with details other than being completely confident in all aspects of the process. Thanks, Meghan!

Post: Midwest *Ground-Up* Turnkey #12

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

Hi Meghan, nice to meet you. Our business model is based on full-service, which includes the rehab, tenanting, and management of our turnkeys. Sorry to disappoint, but thanks for reaching out! Marie

Post: Midwest *Ground-Up* Turnkey #16

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only (not a flip)

  • under contract, inspected, iron-clad rehab costed out
  • buyer takes title directly for stated turnkey price
  • save: only one set of closing costs
  • our Scope of Work doubles as a contract
  • we will tenant and manage, unless buyer prefers another arrangement

Details: no garage, built 1920. Closing date TBD.

  • Price: $57,500
  • Rehab: $8000
  • Carrying Costs: $1,000
  • Closing Costs: $2,000
  • Total Turnkey Price: $68,500
  • ARV: $75,000

Trulia

Rental Projections

  • Monthly Rent: $875
  • Taxes: $178
  • Management: $70
  • Vacancy Reserve: $44 suggested
  • Insurance: $71
  • Maintenance Reserve: $44 suggested
  • Net: $469
  • Monthly x 12: $5,625
  • Strictly Cash on Cash ROI: 8.59%

Financed/Refinanced 80%

  • Down Payment: $13100
  • Mortgage Interest Rate: 5%
  • Mortgage Amortization: 25
  • Mortgage Monthly Payment: $306.33
  • Net Cash Flow Less Mortgage: $162.46
  • Net Net x 12: $1950
  • Financed Cash on Cash ROI: 14.88%

COMPS

124 16th Ave East Moline ~ Sold $71,000 4/15 (41.76)

  • 4/2 1700 sqft
  • 2 story frame built 1920
  • 2 car garage/ basement
  • .28 miles away

2208 4th St A East Moline ~ Sold $93,500 7/15 (77.65)

  • 3/1.5 1172 sqft
  • 1.5 story frame built 1920
  • 2 car garage/basement
  • .6 miles away

Comps on a Map

Post: Midwest *Ground-Up* Turnkey #15

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only (not a flip)

  • under contract, inspected, iron-clad rehab costed out
  • buyer takes title directly for stated turnkey price
  • save: only one set of closing costs
  • our Scope of Work doubles as a contract
  • we will tenant and manage, unless buyer prefers another arrangement

Details: no garage, built 1900. Closing date: 1/29/16

  • Price: $31,500
  • Rehab: $28,500
  • Carrying Costs: $1,000
  • Closing Costs: $2,000
  • Total Turnkey Price: $63,000
  • ARV: $65,000

Trulia

Rental Projections

  • Monthly Rent: $775
  • Taxes: $99
  • Management: $62
  • Vacancy Reserve: $39 suggested
  • Insurance: $70
  • Maintenance Reserve: $39 suggested
  • Net: $467
  • Monthly x 12: $5,603
  • Strictly Cash on Cash ROI: 9.34%

Financed/Refinanced 75%

  • Down Payment: $15,000
  • Mortgage Interest Rate: 5%
  • Mortgage Amortization: 25
  • Mortgage Monthly Payment: $263.07
  • Net Cash Flow Less Mortgage: $203.89
  • Net Net x 12: $2,447
  • Financed Cash on Cash ROI: 16.31%

COMPS

717 17th Ave Moline ~ Sold $72,000 8/14 (68.25)

  • 2/1.5 1055 sqft
  • 1.5 story frame built 1900
  • 1 car garage/ basement
  • 1 mile away

516 18th Ave Moline ~ Sold $74,000 3/15 (60.36)

  • 3/1.5 1226 sqft
  • 2 story frame built 1910
  • 2 car garage/ basement
  • 1 mile away

148 15th Ave Moline ~ Sold 61K 10/15 (74.75)

  • 2/1 816 sqft
  • 1 story frame built 1944
  • garage/unsure of basement
  • .7 miles away

116 18th Ave Moline ~ Sold $61,890 1/15 (90.22)

  • 2/1 686 sqft
  • 1 story frame built 1948
  • unsure of garage/ basement
  • 1.3 miles away

Comps on a Map

Post: Midwest *Ground-Up* Turnkey #14

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only

  • under contract, inspected, iron-clad rehab costed out
  • buyer takes title directly for stated turnkey price
  • save: only one set of closing costs
  • our Scope of Work doubles as a contract
  • we will tenant and manage, unless buyer prefers another arrangement

Details: 2 car garage, built 1900. Closing date: Jan. 30,2016 

  • Price: $58,000
  • Rehab: $27,000
  • Carrying Costs: $1,000
  • Closing Costs: $2,000
  • Total Turnkey Price: $88,000
  • ARV: $90,000 

Trulia

Pictures-pending

Scope of Work

Tenant Criteria and In-house Property Management

Rental Projections

  • Monthly Rent: $1050
  • Taxes: $77
  • Management: $84
  • Vacancy Reserve: $53
  • Insurance: $70
  • Maintenance Reserve: $53
  • Net: $715
  • Monthly x 12: $8,575
  • Strictly Cash on Cash ROI: 10.09%

Financed/Refinanced 75%

  • Down Payment: $21,250
  • Mortgage Interest Rate: 5%
  • Mortgage Amortization: 25
  • Mortgage Monthly Payment: $372.68
  • Net Cash Flow Less Mortgage: $341.94
  • Net Net x 12: $4,103
  • Financed Cash on Cash ROI: 19.31%

COMPS

804 W 14th St ~ Sold $80K 4/15 (45.82)

  • 4 bed/ 1 bath 1746 sqft
  • 2 story frame built 1910
  • No garage/ full basement
  • .4 miles away

2309 Scott St ~ Sold $90K 5/15 (56.25)

  • 3 bed/ 2.5 bath 1600 sqft
  • 2 story frame built 1925
  • 2 car garage/ full basement
  • .85 miles away

2031 N Harrison St ~ Sold $80,500 4/15 (63.78)

  • 3 bed/ 1.5 bath 1262 sqft
  • 1.5 story frame built 1910
  • 1 car garage/ partial basement
  • .9 miles away

Comps on a Map:

Post: Midwest *Cash Flow* Turnkey #6

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Cashflow* Turnkey ~ rehabbed, managed, and leased. 

Lease renewal dates: 02/29/2016  both units

Details: Garage / 2 Spaces, Year Built 1890, Floors 2.

Sales Price: $89,000    ARV 100K 

  • Rent: $1400 (Unit #1: $700 Unit #2: $700) 
  • Vacancy Factor: $70 suggested
  • Taxes: $118 
  • Insurance: $96.42 
  • Maintenance: $70 suggested
  • Lawn Care: $80 
  • Water: $110 
  • Management: $112 
  • Cash Flow: $743.28

  Financed: 20% down $17,800

  • Mortgage: $71,200 @ 5% for 20yrs 
  • Mortgage payment: $469.89 
  • Cashflow: $273.69 
  • COCR: 18.45% 

COMPS: 
1011 E Central Park Ave Sold $98,000

  • 6/2 (3/1 each) 2376 sqft 
  • 2 story frame built 1935 
  • basement/ det frame garage 
  • 1942 Walling St Sold $90175 
  • 2/2 (1/1 each MLS says but I think it might be 2/2 each) 2146 sqft
  • 2 story frame built 1920 
  • basement/ no garage 
  • 4.9 miles away


2602 Harrison Sold 90K

  • 3/3 (2/2 and 1/1) 2379 sqft 
  • 2 story frame 1900 sqft 
  • basement/ 2 car garage 
  • 2.5 miles away 


1346 W 15th st Sold $83,500

  • 4/2 (looks like 2/2 each) 1716 sqft 
  • 1.5 story frame built 1910 
  • basement/ 2 car garage 

Post: Midwest *Cash Flow* Turnkey #5

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Cashflow* Turnkey ~ rehabbed, managed, and leased in-house. 

Details:

  • 1 car detached garage, built 1920. 
  • Newly remodeled with dishwasher, central air, deck, garage, and more! 
  • Current tenants moved in 4/11/2015.

Purchase Price: $67,500

  • Property Rent: $900.00
  • Taxes Monthly: $169.11
  • Management: $72.00
  • Insurance: $73.13
  • Maintenance: $45
  • Vacancy: $45
  • Total Net Income: $491.97

Financed/Refinanced: Amount left In 20%: $13,500

  • Mortgage Amount 80%: $54,000
  • Mortgage Interest Rate: 5.00%
  • Amortization Rate: 20
  • Mortgage Payment: $356.38
  • New Monthly Cash Flow: $139.39
  • Financed Cash On Cash Return:12.39%

Zillow

Trulia

Post: Midwest *Ground-Up* Turnkey #13

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only

  • under contract, inspected, iron-clad rehab costed out
  • buyer takes title directly for stated turnkey price
  • save: only one set of closing costs
  • our Scope of Work doubles as a contract
  • we will tenant and manage, unless buyer prefers another arrangement

Details: detached garage, stone, built 1949. Closing date: TBD

  • Price: $56,000
  • Rehab: $17,500
  • Carrying Costs: $1,000
  • Closing Costs: $2,000
  • Total Turnkey Price: $76,500
  • ARV: $79,000

Zillow

Trulia

Video Outside

Rehab Bid

Rental Projections

  • Monthly Rent: $1,025
  • Taxes: $185
  • Management: $82
  • Vacancy: $51 suggested
  • Insurance: $80
  • Reserve: $51 suggested
  • Net: $576
  • Monthly x 12: $6,909
  • Strictly Cash on Cash ROI: 9.40%

Refinanced 75%

  • Down Payment: $18,375.00
  • Mortgage Interest Rate: 5%
  • Mortgage Amortization: 25
  • Mortgage Monthly Payment: $322.26
  • Net Cash Flow Less Mortgage: $253.49
  • Net Net x 12: $3,042
  • Financed Cash on Cash ROI: 16.55%

COMPS

3934 N 42nd Street ~  Sold 8/15 $85,000. (65.99/sqft)

  • 3BR/1.5BA, 1288 sqft
  • detached garage
  • frame and brick 
  • built 1938
  • dated throughout
  • .3 miles away

4505 W Medford Ave ~ Sold 10/15 $97,100. ($60.50/sqft)

  • 3BR/1.5BA, 1605 sqft
  • detached garage, brick and stone
  • built 1935
  • some rental upgrades throughout
  • .6 miles away

4034 N 47th Street ~ Sold 12/15 $62,800. ($39.85/sqft)

  • 4BR/1.5BA, 1576 sqft
  • detached garage, brick 
  • built 1950, dated throughout
  • .2 miles away

Comps on a Map

Post: Midwest *Ground-Up* Turnkey #12

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only

  • under contract, inspected, iron-clad rehab costed out
  • buyer takes title directly for stated turnkey price
  • save: only one set of closing costs
  • our Scope of Work doubles as a contract
  • we will tenant and manage, unless buyer prefers another arrangement

No maintenance guarantee for 6 months after tenants move in. This property is 2 blocks from Palmer College of Chiropractic. It will have all new drywall, insulation, electrical, new cabinets in both units. New everything as the property is gutted to the studs.

Details: no garage, built 1900. Utilities Separate, Closing date: end Jan. 2016

  • Price: $48,000
  • Rehab: $52,000
  • Carrying Costs: $1,000
  • Closing Costs: $2,000
  • Total Turnkey Price: $103,000
  • ARV: $110,000

Trulia

Rental Projections

  • Monthly Rent: $1400
  • Taxes: $49
  • Management: $112
  • Vacancy Reserve: $70 suggested
  • Insurance: $70
  • Lawn/Snow: $60
  • Maintenance Reserve: $70 suggested
  • Net: $969
  • Monthly x 12: $11,631
  • Strictly Cash on Cash ROI: 11.63%

Refinanced 75%

  • Down Payment: $25,000
  • Mortgage Interest Rate: 5%
  • Mortgage Amortization: 25
  • Mortgage Monthly Payment: $438.44
  • Net Cash Flow Less Mortgage: $530.84
  • Net Net x 12: $6,370
  • Refinanced Cash on Cash ROI: 25.48%

COMPS

521 w 8th St Dav. ~ Sold $128K 5/15 (49.96)

  • Triplex 4 Bed/ 3 Bath 2562 sqft
  • 2 story frame built 1900
  • garage/ unsure of basement
  • .1 mile away

2517 Hickory Grove Rd Dav. ~  Sold $128K 5/15 (66.88)

  • Duplex 4 Bed/ 2 Bath 1914 sqft
  • Ranch Frame/brick built 1967
  • 2 car garage/ basement
  • 2.5 miles away

2239 w 46th St Dav. ~ Sold $105,500 9/15 (49.76)

  • Duplex 4 Bed/ 2 bath 2120 sqft
  • 2 story frame built 1976
  • no garage/ basement
  • 4 miles away

Comps on a Map:

Post: Midwest *Ground-Up* Turnkey #11

Marie McLeanPosted
  • Real Estate Investor
  • Cobourg, Ontario
  • Posts 30
  • Votes 2

NOTE: *Ground-Up* Turnkeys ~ Cash buyers only

  • under contract, inspected, iron-clad rehab costed out
  • buyer takes title directly for stated turnkey price
  • save: only one set of closing costs
  • our Scope of Work doubles as a contract
  • we will tenant and manage, unless buyer prefers another arrangement

Now: 2 bed, 1 bath, 2 car garage, 880 sqft, built 1892. Closing date: 2/12/16

**Will be rehabbed to a 4 bed home at around 1480 sqft when finished**

Details:

  • Price: $33,000
  • Rehab: $32,000
  • Carrying Costs: $1,000
  • Closing Costs: $2,000
  • Total Turnkey Price: $68,000
  • ARV: $75,000

Zillow

Trulia

Scope of Work

Rental Projections

  • Monthly Rent: $975
  • Taxes: $183 
  • Management: $78
  • Vacancy Reserve: $49 suggested
  • Insurance: $70
  • Maintenance Reserve: $49 suggested
  • Net: $546
  • Monthly x 12: $6,555
  • Strictly Cash on Cash ROI: 10.09%

Financed/Refinanced 75%

  • Down Payment: $16,250
  • Mortgage Interest Rate: 5%
  • Mortgage Amortization: 25
  • Mortgage Monthly Payment: $284.99
  • Net Cash Flow Less Mortgage: $261.30
  • Net Net x 12: $3,136
  • Financed Cash on Cash ROI: 19.30%

COMPS

1620 12th St Moline ~ Sold 65K 11/15 (85.53)

  • 2/1 760 sqft
  • 1 story frame built 1911
  • 1 car garage/ basement
  • .8 miles away

1720 18th St A ~ Sold 69K 7/15 (71.50)

  • 2/1 965 sqft
  • 1.5 story frame built 1911
  • unsure of garage/ basement
  • 8 miles away

1050 25th Ave CT ~ Sold 78K 6/15 (86.86)

  • 2/1 898 sqft
  • 1 story frame built 1917
  • unsure of garage/ basement
  • .4 miles away

Comps on a Map