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1215 Avenue L

Details: 

Address: 1215 Avenue L Haines City Fl 33844
Type of Project: Residential Rental, Duplex C+ Class
Purchase price: $35,000
Rehab cost: $18,000
ARV: $85,000
Date of purchase: 06/18/2015
Projected timeline for refinance or sale: 6-12 months
Ground Partner: TBC
Company: TBC
Contact details: TBC
UnitCurrent ValueOccupancyMonthly Rent
Duplex$75,000Rented$1,350

PROFORMA

AddressProperty typePurchase PriceRehab costARVDate of PurchaseProjected timeline for
refinance or sale
1215 Avenue L Haines City Fl 33844Residential Rental, Duplex C+ Class$35,000$18,000$85,00006/18/20156-12 months

ACTUAL

Date of SaleSales PriceCoCAnnualized
ROI
% Difference of Projected
vs Actual ARV
% Difference of Projected
vs Actual Rehab
% Difference of Projected
vs Actual Timeline
Source of
Funds

INVESTOR RETURNS

Source of
Funds
Investment
Amount
Interest
Rate
ProfitCoCAnnualized
ROI
IP1$64,00015%$9,600$1515%
Timeline:

03/2017

Rented.

07/05/2016

The process of refinancing Ave L started last week and should be complete within 45 days. We appreciate your patience with these projects. I will personally make certain that these project cycle through to completion as quickly as possible. 

05/17/2016

Working on our FL properties making sure repairs are done to the empty unit in Ave L. We decided to keep Ave L for now as it will cash flow well after we place another tenant in.

04/05/2016

There are 2 properties that we own, one of them is half occupied and we just got the appropriate court orders to evict the other tenant, she is out. We’re getting to fix the empty/vacant space in the duplex which is Ave L, and our property manager tells out that it will be rented out very quickly. That’s a good holding.

03/22/2016

From Roger Chance:
March 14
The writs of possession have been issued and were sent to the Sheriff along with the checks late last week.

I’ll call the Sheriff tomorrow to get an estimate of their backlog.

Nick is listed on the writs as the point of contact to take possession, so after a deputy posts the order to vacate the premises, he/she should be contacting him any day now to schedule taking possession of the premises.

March 15
I just spoke to a Polk County Sheriff’s deputy and they are out as I write this to serve the writ of possession on Senita Scott at Ave L. Nick has likely been contacted by now.

My understanding is the writs for the Emma properties are to be served today or tomorrow as well.

03/08/2016

The proposed final orders have been mailed to the clerk as per local rule and are awaiting the Judge’s signature. The writs of possession will be issued by the clerk as soon as he signs the orders.

I’ll call the clerk tomorrow to get an update. As soon as we have valid writs I will call the process server to deliver them to the sheriff for service and eviction.

The judge has received the final orders and I’ve left a message with his judicial assistant to update me when he signs them.

02/23/2016

The clerk finally got to the defaults on Friday. I have filed the motions for final judgment and proposed final order electronically. By court rule, I also must submit hard copies of the proposed final order for each property with a cover letter to the judge. Those have been prepared and will be sent to the court Monday. I’ll continue to check with the clerk when we can expect the judge to sign the defaults. The writs for possession are prepared and I will file them immediately when I know the final order has been entered. I’ve also alerted our process server to be ready to deliver the writs and your checks to the sheriff to execute the evictions after the final judgment and clerk stamps the writs.
We’re on the court’s and the sheriff’s schedule, now. I’ll keep you informed when significant events occur.

02/09/2016

The move in went well, appliances are delivered. Remember we have a 5 year warranty parts and labor on both appliances. Attached is the documentation for your records. I also wanted to inform you that there are some other issues inside the unit. The shower is not working properly and we will need to send out a plumber. Only the faucet works, water will not come out of the shower head. The range vent above the stove is not working either. I need permission to replace it with a working one. Lastly the door to the pantry at the kitchen is faulty. The pins that go into the track need to be replaced. If I have your approval I will proceed.

01/26/2016

I have found a suitable candidate for the front unit at Ave L for 600.00 a month. It is a single woman with an income over around 2100.00 a month. No criminal history or any evictions. Solid job and her boss gave her a solid personal reference. She has no credit, (not bad), due to having no lines of credit. Yes this does not give us a good line on how she is with paying bills, but it is a good thing because she has no monthly bills. Being that she has over 3 times the monthly rent as income and no outstanding liabilities it would be reasonable to state she would have no problems paying the rent. Her move in date is February 1.

01/18/2016

Because there is a tenant in Ave L, and the payment address is out of the county, we have to give the tenant another 5 days for mailing time, so the complaint for eviction will be filed next Monday.

12/15/2015

The tenant in the rear unit is making it very difficult to rent out the front unit. She should be evicted by the end of the month. The feedback from prospective tenants are positive other than the back tenant creating a nuisance.

12/01/2015

We are working on evicting the back tenant, and we have finished repairs on the front unit and are looking for a new tenant.

11/17/2015

– The plumbing issue has been fixed. There is no damage to the structure or frame, so we will not need to be pursuing an insurance claim. The total cost for that will be $375.
– The work on the front unit should be completed by tomorrow, as soon as I receive pictures from Nick I will upload them to the dropbox.
– Has been served with a notice to vacate the property. She turned violent yesterday, and has been screaming at the contractors doing the work on the front unit and began throwing things at them.

11/03/2015

Nick, our property manager, is going there today to collect rent from the tenant in the rear unit. She most likely will not be able to pay, so he will be serving her with a 3 day notice to pay or vacate the property.

We are doing some repairs on the front unit, and will then be advertising that for rent. As soon as I have some photos of the repairs, I will upload them to the dropbox folder.

10/20/2015

One tenant in place, currently seeking a tenant for other unit.

10/06/2015

As may have mentioned on last call, we have “Fired” our last Ground Partner in this area, due to non-performance, and have hired a new GP to take over, Drew Davis. Drew has agreed to take on the 2 properties, and undertaken to seek out a property manager to get them stabilized. What Drew found was a little disconcerting – shabby and uncompleted rehabs, as well as some tenants occupying the units unbeknownst to us and allegedly paying cash to the former GP! Drew has found a very enthusiastic PM who will be able to get these properties turned around and properly rented in short order.

09/22/2015

After some frustration in a lack of communication and performance with our former Ground Partner, we have found a new GP to take over the 2 properties. He expects to pick up the keys, do a review of rehab done on the properties and assign a property manager to get the remaining units rented.

06/18/2015

Date of Purchase