ilmscore | BOOMERS ruined my $35,000 apartment complex

BOOMERS ruined my $35,000 apartment complex

Published: 2019-11-12
Status: Available | Analyzed

Predictions from this Video

Total: 11
Correct: 0
Incorrect: 0
Pending: 11
Unrated: 0
Prediction
Topic
Status
The property purchased for $35,000 was appraised at $148,000 within six months of ownership.
"I took the property to the bank after I owned it for six months and they appraised this baby at a hundred and forty eight thousand dollars triple just about what I paid for it"
Real Estate Investment
Pending
An 80% LTV loan of $124,000 was secured against the property, with funds used for rehabbing other properties.
"we actually loaned I think it was 80% LTV which is a hundred and twenty four thousand dollars so use that hundred and twenty four thousand dollars to fix up the rest of mr. Geary's properties"
Real Estate Investment
Pending
The property generates approximately $2,400 per month in rent.
"I bring in about two thousand four hundred dollars a month on my rent"
Real Estate Investment
Pending
Monthly taxes and insurance for the property are less than $200.
"taxes and insurance cost me less than two hundred dollars a month"
Real Estate Investment
Pending
Monthly utility costs for the property are approximately $500 due to some apartments not having separate meters.
"utilities run me about five hundred dollars a month which is terrible because not everything in here separately metered"
Real Estate Investment
Pending
The monthly debt service on the $124,000 loan for the property is $850.
"debt service on this place I know for a fact as I just paid the bill today is eight hundred and fifty dollars on that one hundred twenty four thousand dollar loan"
Real Estate Investment
Pending
The property generates an estimated $600 per month in cash flow.
"I figured out I cashflow on this property about $600 a month"
Real Estate Investment
Pending
The property, acquired for $35,000, was appraised at $148,000 after six months of ownership, indicating a significant increase in value.
"I took the property to the bank after I owned it for six months and they appraised this baby at a hundred and forty eight thousand dollars triple just about what I paid for it."
Real Estate Refinancing
Pending
The speaker secured an 80% LTV loan of $124,000 based on the $148,000 appraisal of the property.
"Now if you ever deal with bank financing you'll find out that they won't typically loan you the amount of money that you're that it's a praise for so we actually loaned I think it was 80% LTV which is a hundred and twenty four thousand dollars"
Real Estate Refinancing
Pending
The property is projected to generate approximately $600 per month in cash flow after all expenses.
"I figured I cashflow on this property about $600 a month"
Real Estate Investment
Pending
The speaker recouped $70,000 through a cash-out refinance on the property.
"I also recoup what is it $70,000 on the cash out refinance"
Real Estate Investment
Pending