Pittsburg, CA 94565
We purchased this home from an out of state owner for $26,000. We spent $100,000 on the renovations. We borrowed the $125,000 from a Private Lender at 10% int. only for 1 year.
We cashed out our lender at the end of the year allowing him to loan it out again. We refinanced with a conventional bank loan at 4.95%.
Rental income was $1535/mo. Debt service & Exp: $908.52/mo. Net Cash flow was $626.48/mo. $7517.76/yr. We sold the asset in 2015 for $307,500. Outstanding debt was $87,574, Fees and Commissions were $18,742. Net Profit was $201,184.