All Forum Posts by: Tarrin Lilly

ASKING PRICE $24.4K.

Hope all is well, the following deal is available. Here are all of the details and number metrics that I've analyzed.

Details:

• Property currently under contract by my LLC.
• No BOARD UPS on the subject property's block.
• Mixed Ratio of homeowner's and tenant occupied properties in the Edmondson Village Neighborhood.
• There fix/flip projects currently conducted within the area as well as a high volume of rental properties being purchased.

SUBJECT PROPERTY

100 BLOCK OF N MONASTERY AVE 21229

3/1 1178 SQ FT

147 CULVER ST 21229

3/2 1280 SQ FT

SOLD FOR $115K ON 11/2015.(RENOVATION WAS CONDUCTED PROPERTY WAS PURCHASED FOR $36.9K 8/2014)

3/1 1280 SQ FT

SOLD FOR $75K ON 4/2016.(NO RENOVATION CONDUCTED)

60 MONASTERY AVE 21229

3/1 1232 SQ FT

SOLD FOR $50K 2/2016.(NO RENOVATION CONDUCTED)

4 BENKERT AVE 21229

3/2 1313 SQ FT

SOLD FOR $90K ON 10/2015.(NO RENOVATION CONDUCTED)

ARV: $82.5K(AVERAGE FROM COMPS ABOVE)

ESTIMATED REPAIRS: $30K

ASKING PRICE: $24.4K

ALL IN NUMBER: $55,132(CLOSING COSTS,TRANSFER COST,REPAIRS)

RENTAL METRIC( CASH VS. MORTGAGE)

MORTGAGE

$313.5= PROJECTED MONTHLY NET INCOME

CASH

$1,150= AREA MARKET RENT

-$287.5= %25 OF MARKET RENT(VACANCY,PROP MGMT,RESERVES)

-$144= MONTHLY TAXES

$668.5= PROJECTED MONTHLY NET INCOME

CASH ON CASH RATIO

MORTGAGE

$3,312(ANNUAL NET INCOME)

DIVIDED BY

$17,500(%25 DOWN PAYMENT ON $70K CASH OUT REFIANCE)

%19 RETURN ANNUALLY.

CASH

$8232(ANNUAL NET INCOME)

DIVIDED BY

$55,132(ALL IN NUMBER)

%15 RETURN ANNUALLY

ASKING PRICE $24.4K

WORKS CITED:

MARKET RENT:https://www.rentometer.com/results/gy4h_--bJlA

MORTGAGE: GOOGLE MORTGAGE CALCULATOR

PLEASE CALL/TEXT ME AT 443-743-6612 TO SCHEDULE A VIEWING OF THE PROPERTYFOR ANY OTHER INQUIRIES CALL/TXT MY CELL 4437436612.

Details:

• Property currently under contract by my LLC.
• No BOARD UPS on the subject property's block.
• Mixed Ratio of homeowner's and tenant occupied properties in the Edmondson Village Neighborhood.
• There fix/flip projects currently conducted within the area as well as a high volume of rental properties being purchased.

SUBJECT PROPERTY

100 block of N MONASTERY AVE 21229

3/1 1178 SQ FT

147 CULVER ST 21229

3/2 1280 SQ FT

SOLD FOR $115K ON 11/2015.(RENOVATION WAS CONDUCTED PROPERTY WAS PURCHASED FOR $36.9K 8/2014)

3/1 1280 SQ FT

SOLD FOR $75K ON 4/2016.(NO RENOVATION CONDUCTED)

60 MONASTERY AVE 21229

3/1 1232 SQ FT

SOLD FOR $50K 2/2016.(NO RENOVATION CONDUCTED)

4 BENKERT AVE 21229

3/2 1313 SQ FT

SOLD FOR $90K ON 10/2015.(NO RENOVATION CONDUCTED)

ESTIMATED REPAIRS: $30K

ASKING PRICE: $24.4K

ALL IN NUMBER: $55,132(CLOSING COSTS,TRANSFER COST,REPAIRS)

RENTAL METRIC( CASH VS. MORTGAGE)

-$287.5= %25 OF MARKET RENT(VACANCY,PROP MGMT,RESERVES)

-$144= MONTHLY TAXES

-$50= MONTHLY INSURANCE

-$355= MORTGAGE(%4.5 INT RATE WITH 30YR TERM)

$313.5= PROJECTED MONTHLY NET INCOME

CASH

$1,150= AREA MARKET RENT

-$287.5= %25 OF MARKET RENT(VACANCY,PROP MGMT,RESERVES)

-$144= MONTHLY TAXES

-$50= MONTHLY INSURANCE

$668.5= PROJECTED MONTHLY NET INCOME

CASH ON CASH RATIO

MORTGAGE

$3,312(ANNUAL NET INCOME)

DIVIDED BY

$17,500(%25 DOWN PAYMENT ON $70K CASH OUT REFIANCE)

%19 RETURN ANNUALLY.

CASH

$8232(ANNUAL NET INCOME)

DIVIDED BY

$55,132(ALL IN NUMBER)

%15 RETURN ANNUALLY

PLEASE CALL/TEXT ME AT 443-743-6612 IF INTERESTED, PICS AVAILABLE OF THE PROPERTY OR FOR ANY OTHER INQUIRIES.

THANKS

Congrats @Kim Coleman

I have to disagree with my own statement, I don't believe it's not worth that price but is it priced high for a 2 bedroom in that area, yes. The counter balance was the minimal amount of repairs required to have it appraise/sell for $80k+.

2 bedrooms for that amount within this area for that price I forgot to add.

I agree that it's not worth that amount, that's why I terminated the contract, I just felt as though I would be able to close on it the same way I just closed on a deal a week ago on Kenyon Ave. I've came to the conclusion that anytime I put a 2 bedroom under contract it would have to be where my end buyer buys anywhere from high teens to mid twenties. Plus the house I had under contract only required maximum $20k worth of repairs.

The address stated above isn't the exact address of the property I he under contract. Sorry for not giving the exact address its just a means to protect my deal @Rich Baer

Hey Guy's/Girl's It's Tarrin Lilly hear with the following rental investment opportunity. This Memo will detail two options you have as a buyer, with the options being leaving the property as a 2 Bed 1.5 Bath or converting the property into a 3 Bed 1.5 Bath.

Details:

To schedule a viewing or any other inquiries please call/text me at 443-743-6612.

3400 Kenyon Ave 21213
2/1 1130 SQ FT

COMPS:
3313 Kenyon Ave 21213
2/1 1200 SQ FT
Sold for $85k on 12/15.

3204 Lake Ave 21213
3/2 950 SQ FT
Sold for $112.5k on 10/15.

3008 Kenyon Ave 21213
2/1 940 sq ft
Sold for 85k on 9/15.

Many investment projects currently under development on this particular block.

ARV: $98,750.00(Average from comps)
Repairs: $25,000.00-$35,000.00(Mostly Cosmetic Updates but may require structural updates as well)
ASKING PRICE: $34,000.00
ALL IN NUMBER( PURCHASE PRICE,REPAIRS,CLOSING/TRANSFER COSTS): $70,020.00
EQUITY CASH BACK VALUE:
$98,750.00(ARV)
-$70,020.00(ALL IN AMOUNT)
$28,730.00(41% EQUITY CASH BACK)

RENTAL METRIC:

$1,200.00= Market Rent Rate(MANY HOMES IN THE AREA ARE BEING RENTED FOR $1,300+)
-$321.13= Monthly Mortgage Payment.
-$185.46= Taxes(Monthly Payment)
-$50.00= Insurance
-$84.00= Vacancy(7%)
-$96.00= Property Management(8%)
$463.14= Monthly Net Income.

CASH ON CASH:
EARN 22.5% RETURN ON YOUR MONEY ANNUALLY.

ANNUAL NET INCOME: $5,560.92 ($463.14*12 MONTHS)
DIVIDED BY
CASH INVESTED: $24,687.50 (25% OF ARV $98,750.00)
EQUALS: 22.5% RETURN ON YOUR CASH.

ASKING PRICE: $34,000.00



PICS: AVAILABLE UPON REQUEST.

PLEASE GIVE ME A CALL/TEXT ON MY CELL 443-743-6612 IN REGARDS TO PROPERTY.

I also know plenty of areas in Baltimore county that are good for section 8.