Loan amount
$350,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$800,000
{PP:$679,000}
ARV
44%
{ARV}
Property type
Other Commercial
Borrower Details
Credit score
842
Deal experience
3 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Genesee
State
California
Loan Details
Purchase price
$679,000
Down payment
$429,000
Cost of improvements
$100,000
Estimated property value after repairs
$800,000
Additional Loan Information
1031 exchange ($679,000) with approx $580,000 exchange dollars invested by buyer.
Need approx $125,000 to fully fund purchase price and fees.
The other $125,000 would be used to buy out the estate of deceased business partner on office building ( Tulare CA).
Broker opinions of value range between $250,000 to $275,000. Building currently houses my wife's property management company. Mortgage currently stands at $35,000 and would be paid off at closing.
She has $100,000 of cash on hand to develop the 15,000 square foot mixed use replacement property in Idaho.
Walnut has a newly remodeled 4 bedroom 3 bath rental unit on the upper floor. Move-in ready except for one bathroom which needs to be finished.
Was recently rented for $2200 per month (as per seller).
The upstairs also includes a full service commercial kitchen with most appliances, fixtures and accessories in place.
This area does require a lot of work but when finished will be a full service commercial rental kitchen for small private label producers, caterers, event production etc.
The indoor two story basketball court will possibly be converted to the city library. The city has expressed tentative interest in a long term lease and would fund 100% of interior modifications as well as the provision of an asphalt parking lot on the east end of the building. The city has population of only 1000 so the library would be relatively small.
The upper floor on the west end of the building will be converted into 3 small efficiency apartments to be used as Airbnb rentals.
The lower floor of the west end will be converted into 4 rental storage spaces of 600-800 square feet each.
In two to four years, when we move to Idaho we will live in the upper floor 4 bed 3 bath and the central portion of the lower floor will house my office and warehousing area for my online physical commodity arbitrage company
At the conclusion of the 1031 exchange, in addition to the two replacement properties detailed above, we will still own two 3 bed 2 bath sfr rentals in Visalia CA; one free and clear (est value $250,000) the other with est value of $285,000 with a $135,000 mortgage currently. We will also have our primary residence valued at approx $465,000 with a mortgage of $155,000.
Additionally, I spent 10 years doing maintenance and rehab of approximately 500 doors in Tulare County, CA. This experience will help keep remodeling and maintenance costs down on the replacement property.
Need approx $125,000 to fully fund purchase price and fees.
The other $125,000 would be used to buy out the estate of deceased business partner on office building ( Tulare CA).
Broker opinions of value range between $250,000 to $275,000. Building currently houses my wife's property management company. Mortgage currently stands at $35,000 and would be paid off at closing.
She has $100,000 of cash on hand to develop the 15,000 square foot mixed use replacement property in Idaho.
Walnut has a newly remodeled 4 bedroom 3 bath rental unit on the upper floor. Move-in ready except for one bathroom which needs to be finished.
Was recently rented for $2200 per month (as per seller).
The upstairs also includes a full service commercial kitchen with most appliances, fixtures and accessories in place.
This area does require a lot of work but when finished will be a full service commercial rental kitchen for small private label producers, caterers, event production etc.
The indoor two story basketball court will possibly be converted to the city library. The city has expressed tentative interest in a long term lease and would fund 100% of interior modifications as well as the provision of an asphalt parking lot on the east end of the building. The city has population of only 1000 so the library would be relatively small.
The upper floor on the west end of the building will be converted into 3 small efficiency apartments to be used as Airbnb rentals.
The lower floor of the west end will be converted into 4 rental storage spaces of 600-800 square feet each.
In two to four years, when we move to Idaho we will live in the upper floor 4 bed 3 bath and the central portion of the lower floor will house my office and warehousing area for my online physical commodity arbitrage company
At the conclusion of the 1031 exchange, in addition to the two replacement properties detailed above, we will still own two 3 bed 2 bath sfr rentals in Visalia CA; one free and clear (est value $250,000) the other with est value of $285,000 with a $135,000 mortgage currently. We will also have our primary residence valued at approx $465,000 with a mortgage of $155,000.
Additionally, I spent 10 years doing maintenance and rehab of approximately 500 doors in Tulare County, CA. This experience will help keep remodeling and maintenance costs down on the replacement property.
Status
Open
Created
October 22, 2021 - 12:07am
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