My friend from LA just bought this home, I have many others like this with similar numbers if you’re interested in building a similar portfolio.
1st St., Livingston, TX
Gross Monthly rents:$975
Tenant Profile:Married couple with 1 child. Wife is bank teller and husband is a local truck driver.
Fees to Prop managers:100% of 1st months rent for rehab management of $5,000 tenant acquisition & screening and 8% of gross rents.
Refi loan & terms: Refi based on appraised value. Take a loan for 75% of the appraised value.
Refi rules say that the refi can only be based on purchase price within the 1st 6 months of ownership.
Appraiser or BPO Value: About $80k before renovations.