Housing was still booming, rents are thru the roof, inflation hit in March-ish...

Purchase price: $290,000 Cash invested: $40,000 Closed late March 2021 and went live on Airbnb/VRBO mid April and started cashflowing!!

So condos were in the $750,000 (for a 3 bedroom) and under range.Condos were getting offers within 2 weeks if it was in a highly desired area or renovated condition up until late March/early April 2022.  

The tenant moved out early March, we made some minor updates, repainted and were able to have a new tenant in for April 1st with a rent increase to market rate for the new tenants.

I also mentioned this again in March when inquiring about the intermittent ice machine behavior which I had let you know about in December as well.

They actually got the place inspected in March and sent me the full report.

Meaning have a new tenant move in same day last tenant moves out as the tenants are A/B and rarely have issues not leaving damaging etc.

Yes many of our loans are in Class B and C neighborhoods.

The current Bank of America, N.A. prime rate is 4.75% (rate effective as of June 16, 2022).2022 prime rate history…June 16, 2022, 4.75%May 5, 2022 4.00%March 17, 2022 3.50%What does this mean: Simple if BofA is lending money out at 5.75% on a commercial loan and they are getting capital from the Feds at 4.75% that equals a 1% rate increase (Arbitrage) on the cost of capital for the life of the loan.

Basic info:- Timeline: Jan 2022 (Closing) -> Feb/March (Architectural planning) -> April (Framing/dormer) -> May (HVAC/plumbing/electricity) and now working on insulation and drywall.