All Forum Posts by: Ka'Ron Purnell

Unofficially, the tenants want to stay even after the rent increase. I'm waiting for them to return the letters expressing their intent along with copies of the new lease. 

The exterior and interior of the property is outdated. So I'm not concerned if they want to vacate. If they do, I will just start my interior renovations early. I will be able to attract better tenants for increased rents. Also, looking at listing the property with the city to house homeless veterans. This would allow me to receive gauranteed rent payments for 12 month periods through the use of section 8 vouchers. Also, a great opportunity to provide housing for vets in need. 

Sorry about the delay everyone. Here are the numbers so far.

List Price $179,000

Purchased Price $158,500

Bank required Drive by Assessed Value $173,500

Commercial Loan to my corporation after 20% down.

Loan $129,000, 25 yr amortization, 5.5%, 10 yr balloon, no prepayment penalty.

Property was tenant occupied with three tenants. Owner paid water and sanitation at app. $140 per month.

Rents were:

Unit A - 1 bed, 1 bath $600 per month. On month to month lease.

Unit B - 2 bed, 1 bath $800 per month. On month to month lease.

Unit C - 1 bed, 1 bath $575 per month. On one year lease since Feb 2012 on autorenew option

I'm requiring tenants to all sign new 12 month lease, non-automatic renawal, to bring rents closer to market averages for local area and cover water and sanitation payments.

Unit A - $750

Unit B - $925

Unit C - $750

Located in Newport News, VA.

It was a hard fought battle over a few months. I just closed on a Triplex that generates great income and the rents are currently below market average. Already working on #2...

I've been having extreme difficulty getting a line of credit in the name of my business as a first year start up. Most lenders have been willing to start me off with business credit cards.

I'm looking for cash buyers in Newport News, Hampton, Norfolk, and Virginia Beach areas. Please contact me with specifics on property types you are interested in.