All Forum Posts by: Megan Alice

Hello BP community, I am in need of advice on whether to keep or sell a condo (2 bed, 2 bath) in LA (Frogtown/Elysian Valley) that I purchased in 2017. Complex was built in 2017 so no rent control.

Purchased $480,000, down payment ($127,000) at 4.5% fixed 30 years.

P&I: $1,789, Property tax: $500, Insurance: $30, HOA: $331 = $2,650 per month. I realize vacancy, repairs, cap ex also need to be figured into expenses.

Currently charging $2,600 for rent but could go up to $2,750.

So when considering all expenses, potential rent, tax benefits this is break-even at best.

The reason that I am considering selling is because my down payment cash ($127,000) is tied up and I may want to purchase something within the next couple years. If there is a downturn in the market, I would want to have cash ready to invest. Also, if there is a downturn, my condo might be impacted by it. Current market value is $550,000. I understand I will be paying about 6% in closing costs, etc as well as capital gains.

Advice from you all would be very appreciated!

Hello BP community, I am in need of advice on whether to keep or sell a condo (2 bed, 2 bath) in LA (Frogtown/Elysian Valley) that I purchased in 2017. Complex was built in 2017 so no rent control.

Purchased $480,000, down payment ($127,000) at 4.5% fixed 30 years.

P&I: $1,789, Property tax: $500, Insurance: $30, HOA: $331 = $2,650 per month. I realize vacancy, repairs, cap ex also need to be figured into expenses.

Currently charging $2,600 for rent but could go up to $2,750.

So when considering all expenses, potential rent, tax benefits this is break-even at best.

The reason that I am considering selling is because my down payment cash ($127,000) is tied up and I may want to purchase something within the next couple years. If there is a downturn in the market, I would want to have cash ready to invest. Also, if there is a downturn, my condo might be impacted by it. Current market value is $550,000. I understand I will be paying about 6% in closing costs, etc as well as capital gains.

Advice from you all would be very appreciated!

Hello BP community, I am in need of advice on whether to keep or sell a condo (2 bed, 2 bath) in LA (Frogtown/Elysian Valley) that I purchased in 2017.  Complex was built in 2017 so no rent control. 

Purchased $480,000, down payment ($127,000) at 4.5% fixed 30 years. 

P&I: $1,789, Property tax: $500, Insurance: $30, HOA: $331 = $2,650 per month. I realize vacancy, repairs, cap ex also need to be figured into expenses.

Currently charging $2,600 for rent but could go up to $2,750. 

So when considering all expenses, potential rent, tax benefits this is break-even at best. 

The reason that I am considering selling is because my down payment cash ($127,000) is tied up and I may want to purchase something within the next couple years. If there is a downturn in the market, I would want to have cash ready to invest. Also, if there is a downturn, my condo might be impacted by it. Current market value is $550,000. I understand I will be paying about 6% in closing costs, etc as well as capital gains. 

Advice from you all would be very appreciated!

@Greg Dorn Yes, I closed in August. The 4th and final tenant moving in end of month. Was able to get $2900 in monthly rent for the 4 plex. How is it going for you?

No HOA, it's a small lot, no laundry facilities, non-covered parking.

I’m buying the property vacant as they just completed the renovations. I’ve found a property manager and he has told me realistic rents for the area. Yes, remodel done by licensed contractor. Yes, visited property last weekend both day and night. It’s not a place I’d live, but that’s not really the question. My expenses:

P&I: 1260

Insurance: 150

Taxes: 58 (yes, it’s that low!)

Property manager: 10% rents

WST: 250

Maintenance: 200

= approx 2,200 monthly expenses.

Rents: 2,820

Yes, im factoring in all expenses:

P&I: 1260

Insurance: 150

Taxes: 58 (yes, it’s that low!)

Property manager: 10% rents 

WST: 250

Maintenance: 200

= approx 2,200 monthly expenses.

Rents: 2,820

Hi everyone, I’m looking at a 4 plex in Phoenix (Sunnyslope area, C neighborhood) and wanted to know if you would make this deal:

$300k purchase price, 25% down. All 4 units completely remodeled, new roof, new plumbing, new electric, new windows. Three 2 bed/1 bath, one 1 bed/1bath. Rents $795, $750, $725, $550, plus or minus. Cap rate 7% and cash flow approx $620/month.

Would you do that deal?

Thank you!

Hi everyone, I’m looking at a 4 plex in Phoenix (Sunnyslope area, C neighborhood) and wanted to know if you would make this deal:

$300k purchase price, 25% down. All 4 units completely remodeled, new roof, new plumbing, new electric, new windows. Three 2 bed/1 bath, one 1 bed/1bath. Rents $795, $750, $725, $550, plus or minus. Cap rate 7% and cash flow approx $620/month. 

Would you do that deal?

Thank you!

Hi Peter, great job with your multi-family. I live in LA and trying to find something cash flowing that is worth it seems impossible. I wasn't aware that East LA doesn't have rent control - that's great news. How have your tenants been? How long did it take to find tenants?