REI HEROES LLC

I am a rising real estate investor. I have learned a great deal about real estate being a vehicle for building generational wealth and expanding the financial standing of your community. 

As such, I am building a rental portfolio to allow myself to transition from working  a traditional job to having a career in real estate endeavors that allow me to support my community, my immdiate family and friends and others who deserve and want better but are not currently situated in a way to better themselves. 

I have one rental unit that I purchased as my first personal property. I am using it as an airbnb (top level) and I occupy the basement, to reduce my costs. I also rent to a collegue giving him an opportunity to save as he his building his business and preparing for a future with his fiance. 

My current objective is to purchase a small apartment building that has been well maintained and upgrade all the units to modern and attractive finishes. The property is currently listed under $600,000 but has potential to be raised to just under $900,000. The current owner has maintained the property well for her tenants, who are all original to her purchase and management from 20 years ago. My goal is to purchase the property and retain the tenants, incporporating subsidized housed for seniors to allow them to maintain their current rents, but have additional income from government support. 

The repairs, at present do not exceed $150,000.00. I have been preapproved for a loan to cover 90% of purchase and 100% rehab but will need a considerable amount to cover closing, holding costs and additional incidentals like permits, draws and other acquisition fees. 

Washington DC Property. 
4 units- (4)Currently 1 bedroom, den and 1 bathroom 
Purchase Price $525,000
Rehab costs $150,000
ARV $850,000
Cash to close $68,000
Monthly interest payments $6,349.50 (12) month loan) rehab expected to take 4 months. No loan prepayment penalty

Once renovated these units will be converted from 1 bedroom and a den to 2 bedroom units with 1 bath. This will allow for max market rent  around $1600 per unit, deriving an gross income of $6400 a month. With a refinanced potential mortgage, the projected cash flow would be between $1500 and $2200 a month, with a cash out option. 

I am happy to dig into the details and share equity and profits with a potential investor to help build an empire based on supporting the local community and aspiring investors and entreprenuers.