Houston Apartment #1 Update
September 25th, 2008 by KenricWe have not received any distributions for Houston Apartment #1 yet. This was known going into this deal. Investors were told to expect receiving cashflow payments in 12-18 months once we refinance the property and lower our mortgage payments.
We have 95% occupancy currently at this apartment and total income broke the $70,000 mark in August. Back in March and April income was $62,000. In May, income increased to $64,000. June and July both came in at $68,000. So we are heading in the right direction.
Based upon my back of an envelope calculation, I think that this apartment needs to increase its income about $5,000/mo and the refinance needs to be about 1.5% lower than our current 7.7% rate in order to get some decent cashflow. If that happens then we’ll achieve about an 11% return on our money.
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