Pensacola, Florida – $70k for 45% equity in 2 properties

Pensacola, Florida – $70k for 45% equity in 2 properties

COMBINED PROPERTIES PROPOSAL; $70,000 for a 45% equity in both properties. Let me know any of my property owners or investors. ASAP – I don’t think this one is going to last long.

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PROPERTY #1:

Pensacola, FL 32526
1.3 acre property in executive residential neighborhood

1800 sq.ft. , 3 Bedroom, 3 bath, living room, dining room, kitchen with kitchenette dining, family room, laundry/ utility room, large screened porch, swimming pool and connected 2 car garage. Recently completely tiled, repainted and all bathrooms upgraded (a $20,000 investment).

There is a separate 1000 sq.ft. 3 car garage with 2nd floor apartment to be renovated.

Appraised in 2012 @$290,000 with a current mortgage of $215,000 (@4.2%; $1,800/mo. mortgage includes property taxes and insurance). July ’18 sales appraisal was $230,000. Newest Zillow estimate is $245,000, a $15, 000 increase in the last 90 days!

PROPERTY #2:
Pensacola, FL 32526
1.3 acre property in executive residential neighborhood

Upper level: 1800 sq.ft., 3 Bedroom, 3 bath, living room, dining room, kitchen with kitchenette dining, family room, 2 large elevated decks,
Lower Level; 1000 sq.ft. , Office/bedroom, 1 bath, large family room, shop/game room, laundry/utility room,
swimming pool and connected 2 car garage. Recently completely tiled (a $10,000 investment) .

Appraised in 2014@ $190,000 with a current mortgage of $125,000 (@5%; $1,150/mo. mortgage includes property taxes and insura nce). July ’16 sales appraisal was $170,000. Newest Zillow estimate is $270,000, a $100, 000 increase in the last 2 years!

INVESTMENT SCHEDULE:

I am looking for an investment of$70,000 for a 45% equity in both properties. This investment can be completed in the following phases.

Phase #1:
Property share of 10% — $15,000 immediately to bring mortgage current and finishing cleanup details on main house.
Property share of 10% — $15,000 for pool renovation, fencing and landscaping completion.
This would bring the main house (4645 Deerfield) up to rental standards by January.

Phase #2:
Property share of 10% — $15,000 for garage apartment renovation (additional kitchenette, bedroom and bath) (all materials, f””ixtures and supplies are already purchased).

Property share of 5% — $10,000 by for lower garage entertainment center renovation (bar·, pool table, stage, karaoke setup, etc.)(all fixtures and supplies are already purchased).
This would bring the property up to main house and “millennial suite” with club house rental standards.

Phase #3:
Property share of 10% — $15,000 for renovation of (4655 Deerfield) upper level into 3 bedrooms with separate lower level owner occupied “millenial suite” and additional garage door and fencing improvements. This also qualifies the combined properties as “owner occupied” for insurance and AirBnB purposes.

Propert #1 is already set up with AirBnB rental. Rental was originally to start 7/15/18.I bad to cancel 20 days @ $ 200/day rental from 7/15 to 8/5 because the renovation was not completed. When completed main house will produce $4500/mo. rental income. This alone would cover both mortgages and AirBnB expenses. (see included AirBnB rental schedule)
With garage suite renovation an additional $2500/mo. rental income is produced. The club house adds to the draw capability for the upscale BnB travelers we desire.

Property #2 will be similarly set up with AirBnB rental. When completed this house will produce $3300/mo. rental income. (see included AirBnB2 rental schedule)

The completed project will produce rental income in excess of $10,000 per month.
I need all rental income until 4/1/19; then I am open to a negotiated profit share on rental income. The 4645 house would currently sell for $230,000 – $215,000(mortgage payoff)= $15,000 profit.
With Phase #1 completed property value goes to $260,000 – $215,000 = $45,000 profit. At this point the investment is covered by potential sale of just this property.
With Phase #2 completed property value goes to $300,000 – $215,000 = $85,000 profit.
The 4655 house would currently sell for $170,000 – $125,000 (mortgage payoff)=$ 45,000 profit. With Phase #3 completed property value goes to $200,000- $125,000 =$75,000 profit.

As the AirBnB rental continues (at $10,000 per month), the property value will continue to increase as a property with established rental income.

If the property is sold, I will return your original investment off the top plus your % of the remaining profit. In the meantime, the mortgage and expenses will be paid by the rental income.

The investor will be asked to set up all legal paperwork necessary to guarantee your peace of mind in the investment.

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