Video Transcription
Raul: What’s up guys? Good afternoon, good morning, good evening. This is Raul here, Capital Rise Investments. I’m bringing you another deal that we have. This one we haven’t sold as of today the 18th of May because we just got it today, but whatever.
This is more for the by and hold guys okay? This is a good buy and hold deal on a condo which is kind of weird because we don’t sell a lot of condos. But I’ve been noticing pretty good opportunities there for the buy and hold guys okay? Especially the cheap stuff.
Let me tell you a little-bit about this condo. It’s in a really nice building in Hollywood. Its 55 and over community, so to rent you can own it and not be 55 but you can rent it and whoever you rent it to has to be 55.
There’s a one year restriction but it’s already rented for $800. Let me tell you a little-bit about it. ARV, the after repaired value, the retail price is 65 grand. That’s what they’re selling on the MLS for or retail if you hire an agent for that property you could sell it for 65K.
It’s a one, one a half, one bed, one and a half bath. We’re selling it at 52K. You’d buy it from us at 52. See you have a little-bit of that. It’s nothing crazy, I understand. But it’s good for a rental. Right now it’s rented for $800 a month, which could be increased to like $900, $950. You might need to put like $5,000 of work into it to get it there. But right now it’s rented at $800.
It has that one year rental restriction so crap I can’t rent it. Well we talked to the association, and if you keep them rented, you technically bypass that one year. And in this scenario this tenant is willing to sign a one year least to stay for another year, so it’s pretty cool.
When you do the math, you make $500 per month or 11 percent return on a 52K investment. It’s crazy. You put 52,000, you make $500 bucks a month? In the real estate world and almost any investing world it’s nuts. It’s nut’s, it’s awesome.
I’d be on the lookout for condos, whether it’s from us or other people. If you’re buy and hold guy. Or if you want rental income. And if you really got the millies in the bank because 50 grand, if you get someone to lend you like 30, all you gotta put is 20 and you make 500 bucks a month selling? If you have a mortgage it’ll be a little less. You make 500 bucks a month son? That was a high pitch.
I think it’s a really cool deal. It’s really good if you want high cash flow, high returns. You ain’t got to worry about anything. The associations like 200 bucks, which I already factored into the 500. The association is 200 bucks, it covers all the maintenance and all the shit. I would definitely look into it. And if you’re interested in this one and we still got it, hit us up.
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Take care guys. One love.