Experienced real estate investor and Licensed General Contractor sought a business purpose 1st TD to purchase and “Fix and Rent” this investment property Triplex in Los Angeles, CA. Upon the close of escrow the borrower will immediately begin remodeling Triplex then refinance the property into a conventional loan. The borrower only sought purchase money, he will be using his own funds for the estimated $100k remodel. Borrower’s successful Construction Company website is CoverAll Construction Company.
The subject property is a 2,294 SF contemporary style Triplex sitting on 7,014 SF lot (.161 acres) in Los Angeles, CA. The Triplex has a front house with 3 bedrooms and 2 baths with a 1 car garage. There is also a separate back structure with two, 1 bedroom, 1 bathroom units. The units are individually metered for gas and power. One of the three units is currently rented for $700/monthly. The other two units are vacant and ready to be remodeled upon loan closing. After Repair Rents are estimated to total $6k/mo. across the 3 units. The subject property is well located close to the 110 FWY, shopping, schools and transportation. The subject property is also close to a manufacturing hub in the city of Vernon as well as a short drive away from USC and Downtown LA.
What we like about this Trust Deed opportunity:
- Experienced “Fix & Flipper”
- 8.50% annualized return on a 1st Trust Deed
- 9 months guaranteed interest
- 24 month, Short-Term Loan for Fix and Rent plan
- Borrower paying $175k Down Payment
- Licensed General Contractor
- After Repair Rents total $6k/mo.