HOUSTON TX. THE HOUSING AND RENTAL MARKET IN HOUSTON IS EXPLODING -- 17 SINGLE FAMILY HOMES (15 TENANT OCCUPIED) IN VERY NICE NEIGHBORHOODS RETURNING A SOLID NOI -- A - 21 1,700,00.00 +4% THIS IS A TRUE INVESTORS DELIGHT MARKET-HOUSTON...HERE IS A PRIVATE 17 HOME PORTFOLIO PORTFOLIO PURCHASE PRICE IS $1,661,800 PLUS 4% ALL OF THESE HOMES ARE IN CLOSE PROXIMITY TO EACH OTHER FOR THE RELATIVE EASE OF PROPERTY MANAGEMENT THE NET OPERATING INCOME IS APPROXIMATELY $129,000 THE CAP RATE IS IN THE HIGH 7s THE ANNUAL GROSS RENT IS $185,520 ($15,460 PER MONTH) ALL OF THE HOMES HAVE ATLEAST 3 BEDROOMS, INCLUDING THREE HOMES WITH 5 BEDROOMS EACH AND ONE HOME WITH 7 BEDROOMS SECTION 8 IS ACTIVE IN THIS PORTFOLIO THIS IS AN OFF MARKET PORTFOLIO SALE AND MUST STAY OFF MARKET, PLEASE DO NOT LET THIS GO VIRAL IMPORTANT QUESTIONS AND ANSWERS: 1. Are all homes free and clear? If there is an existing mortgage? Is that note assumable and what’s the balance. Are there any additional liens on the properties There is line of credit against these houses that is not assumable. 2. Will Seller consider taking a second note on the property The seller is not willing to take a second. 3. Are these properties all rentals or (rent to own, rent with option purchase) All are rentals. 4. Have properties been recently inspected There has not been an inspection but all properties have been renovated when purchased with recent electrical, plumbing, and siding. Many have recent roofs. 5. Is there an appraisal available on the properties There is not been a formal appraisal. We can run comps on each property. 6. Who’s responsible for utilities Tenants pay all utilities 7. How long are the rental leases Leases are for one year 8. Does Seller have an existing Management Company for rentals in place? If so what’s the cost Seller owns a management company and manages all properties. There are only 2 vacancies that are currently on the market to be leased. 9. Are all taxes current Taxes are current 10. What’s the vacancy ratio for these homes Homes have been 100% occupied until recently. Currently there are 2 vacant that are listed for lease. Both have been vacant less than 1 month. 11. Are any of these homes section 8 rentals 3 are section 8 rentals. 12. Does Seller have other homes to sell that he might want to include These are the only homes for sale. Seller may have a couple commercial properties 13. How soon can Seller close The can close within a couple weeks TO MOVE FORWARD: MUST HAVE AN NCND SUGNED. BUYER AND BUYERS AGENT/CONSULTANT SIGNED ASSET SPECIFIC NCND AND MASTER FEE AGREEMENT. BUYER SIGNED ASSET SPECIFIC LETTER OF INTENT. THE BUYER MAY PROOF UP TO THE SELLERS SIDE DIRECTLY. BUYER IS ENCOURAGED TO PROVIDE A VERIFIABLE PROOF OF FUNDS WITH THIS BUYERS PACKAGE
Posted on: Thu, 20 Mar 2014 15:40:25 +0000
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