Where Wealth Meets Real Estate

 

This property was purchased in February 2021 for $90,000 and we added $11,075 for rehab. That is a total of $101,075. The property had an existing tenant that had a lease that was not good for our investor. So we fixed it. 

The lease was low and the owner was paying all the utilities. That is why Property Management is needed with any type of rental property.

The original lease was approx. $1050-utilities. 

The new lease was 

That original tenant still lives there today! That's 44 months in total. Imagine the money this investor is saving just with rehab with tenants moving in and out. 

The current rent is $1200 a month and has been lifted 2 times since the Tenant lived in the unit. Being that the tenant has taken care of the property and paid their rent on time we have the current rent $1200. We are in negotiations with the tenant for a new lease for $1300.

The owner wanted the tenants to stay where we had to hold the rent. So we wanted to raise the rent and the owner did not. We still did very well on this property and the owner has also saved in rehab after tenants move out. 

Let's look at the Approx. net per year after property taxes, Insurance,Property management and maintenance. 

2021         Approx Net      $8,443

2022         Approx Net      $7,797 

2023         Approx Net      $8,760

2024         Approx Net      $7,340

Approx total Net in Rent $32,340

Let's look at the Approx Value today $185,000

That gives the total equity $185,000-$101,075= $83,925 Equity 

$83,925 Equity + $32,340 = Approx $116,265 Profit 

Need Exceptional Real Estate? 

Call me (Brett) 216-703-5740 Key Realty and Property Management