All Forum Posts by: Raymond McGill

@Account Closed Thanks! Exactly the type of info I am looking for. Its a MFR, but not commercial (< 4 units). I removed the cap rates.

Hi, My wife and I have refurbed five properties, and now I am selling all the 'learning' houses and will be buying a multifamily. I am working up a package to show lenders, but I would like some help to ensure I provide the what they expect to see. I ran the numbers through the Rental Calculator, but the situation is more complicated because we flipped them, live in them two years, then rented one out (7 Oak) and sold the other (Upper City). I have the numbers, and its a great story, but how to tell the story?

7 Oak Street, Pittsfield NH

7 Oak Street was a distressed 3 bedroom/1.5 bath home (3/1.5) that was rehabbed as a 4 bedroom / 1.5 Bath (4/1.5).

This property was rehabbed remotely from over an hour distant. 95% of the work was done by owners.

After rehab, this property was primary residence until next property found, then this property was rented. Currently, this property will be on the MLS for sale in September 2016

Rental Stats

Monthly Income: $1,050.00

Monthly Expenses: $352.83

Monthly Cashflow: $697.17

Pro Forma Cap Rate: 9.30%

NOI: $8,366.00

Cash on Cash ROI: 25.74%

Purchase Cap Rate: 38.03%

Sales Stats

Purchase $21000 03/2011

Moved in 06/2011-6/2013

Rented it out 6/2013 - 7/2016

Sale *(projected)$75000 *TBD *11/2016

1144 Upper City Road, Pittsfield NH

This property was a distressed 3 bedroom/1 bath home (3/1) on a 4 acre farm.

This property was rehabbed with 50% of the work done by owners.

After rehab, this property was primary residence until sold (owner financed and still hold note).

Rental Stats

Monthly Income: $1,500.00

Monthly Expenses: $416.67

Monthly Cashflow: $1,083.33

Pro Forma Cap Rate: 10.66%

NOI: $13,000.00

Total Cash Needed: $67,000.00

Cash on Cash ROI: 19.40%

Purchase Cap Rate: 28.89%

Sales Stats

Purchase $45000 03/13

Moved in 06/2013 - 08/2015

Sale $120000 08/15

I look forward to sharing knowlege with the BP community. We are a husband and Wife team who have refurbished about 5 SFH. I am starting a NH REIA and welcome investors, lenders, wholesalers, flippers, and BNH.

We are moving onto our next project and now considering financing options. All previous ones were self financed and cash. 

September NH REIA meeting will be held in Portsmouth (Detailed location TBD). We will have Kyle Beetle (Lender, Northpoint Mortgage) give an overview of financing available to Real Estate Investors, and then a deep-dive into Conventional Financing.

Time: 6pm - 8pm

Agenda:

   Intro/Welcome 15 min

   Main Topic 20 min

   Questions to Presenter 10 min

   Networking 15+

https://www.eventbrite.com/e/nh-real-estate-invest...

Me too. Heads up ui design @brandon I guess that's is why they are hiring help. 

https://www.eventbrite.com/e/real-estate-investors-nh-seacoast-tickets-27305920744

So it's happening tomorrow Thursday night. The Rosa in Portsmouth. 6pm. Make the effort if you are serious about real estate investing. 

OK, Cathy! Thursday works, too. Anyone know of a little hole-in-the-wall restaruant that won't be loud an crowded? I am defaulting to the Rosa. I will make date/place decision by this Friday.

 @Anthony Cennami @Cathy T. @Jennifer Riccardi , ready for another meetup?

Anthony, you did a great job with leadership last time. I would like to propose another Seacoast NH REI meetup. I was thinking a low key affair at a ~quiet public place.

Proposal:

When:  8/23 (Next Tuesday) 6-8 pm

Where: The Rosa  or the Library (rec's for laid back quiet places in Portsmouth welcome)

What: Networking and idea sharing

Who: Anyone 

Hilarious. The above post saying "Google John Sims" => crook with the following post from Jon Sims acting like its not his company.