Have Equity & $$ But Need $6K/mo Cash Flow
I can’t continue working 60 hrs/wk and still have time for my family. I want to move on.
So …… I need to ‘retire’ with a minimum $6000/mo net rental income. And I want to do it by end of 2005.
I’m lucky to have two rental properties with $500K in equity and LOC for $400K, so I’m not starting from zero. I’m in SoCal and am considering opportunities nationwide.
Will appreciate your opinions on how best to do this and welcome the opportunity to work with you.
what is LOC? letter of credit?
if you look at large rental properties there certainly seems to be some great cash positive cash flow- I know there are larger problems as well, but there seems to be enough money to pay a professional management company.
anyone have interesting ideas on where to find good apt. buildings for sale?
If you look in the Dallas, Tx market you can find muti unit properties that will cash flow that.
A quick look found one for $3,850,000
Proforma Numbers look like this.
Scheduled Gross Income: $1,225,500
Vacancy: $98,040
Effective Gross Income: $1,119,850
Operating Expenses: $701,025
Net Operating Income: $418,825
Debt Service: $227,764
Pre-Tax Cash Flow: $191,061
Those are proforma but if the real numbers are close then it may help you reach your goals. [ Edited by lacashman on Date 01/24/2005 ]
lacashman,
Great opportunity if this is a no-money down deal. On what loan amount is the debt service based?