Chris Sayers Mortgages

04/28/2022

This unit is ready for a new family to call this place home
🏡👨‍👩‍👧‍👦

04/12/2022

🔥Unit 1 post renovation photos 🔥

02/12/2022

➡️ Renovations completed for unit # 3. All the units have almost identical materials used with only slight sizing differences. We do this across all our units for ease of keeping track of inventory and maintenance when things break.

❇️ Rents from this unit went from $ 735 a month to a current market rate of $1500 a month + hydro. $1500- $735 * 12 divided by a 6 cap = an increase of value around $153,000 of forced appreciation from this one single unit. Do this across multiple units and the results can be dramatic if done correctly.

❇️Electrical upgraded to breakers with added circuits, 2 added GFI’s , and added outlets to bring us up to code.

❇️New plumbing including changing old gate valves to new ball valves. Added dishwasher

❇️New flooring , kitchen , trim , hardware , fixtures , bathtub surround and appliances.

✉️ DM us to find out more information

12/06/2021

🏢Park Street 7 Plex

🔥In order maximize ARV and get the appraisal we wanted we looked at various ways to decrease our expenses and increase our NOI 💰

See Below ⬇️

Install new boiler in conjunction with a HWT to improve efficiency from 85% to 98%. This will reduce our gas bill thus increasing our bottom line.

Install low flow toilets

Provide storage lockers as well as small storage sheds for a monthly fee on top of rents.

Strategic unit reno’s: new shaker style cabinets , new paint , new LVP flooring , re-glazed tub , new subway tile back splash , black hardware throughout, new appliances, old mortise locks converted to regular privacy and passage door handles

Common areas: new paint , refurbish and paint back staircases , new unit numbers on doors, carpet removed in laundry room , new entrance deck and new back entrance doors, security cameras, parking lot junk removal , and a common area message board for building rules and tenant communication.

Timeline completion: May-June. Now obviously with interest rates going up this will affect our ARV a little and increase our cap rate most likely but there is enough cushion in the deal to allow for that and still come out ahead with a solid Brrrr

We will do a few more posts coming up showing COC, IRR, Rent numbers and projections, as well as share a few hiccups we have experienced along the way that we did not anticipate in the beginning…. 🚔🚨

💬 Dm us if you want to learn more about this project , our future projects , or any questions in regards to investing in real estate.

11/04/2021

11/04/2021

Unit 3 before renovations.