It has been a busy month for all the properties with lots to report – including monthly cash distributions! No one likes to evict but we had our first eviction filed since Covid and the judge awarded us a judgment!
1955 Locust Ave., Long Beach, California
It was a good month for this property – we received two months of past rent from CA Covid Relief Funds and won an eviction trial! We hired Menke Law Firm which has represented landlords in over 25,000 cases.
Our property management company had the property manager at the trial as well, to present the facts of the case. The 6 hours at the courthouse and detailed documentation paid off and the judge awarded us a summary judgment.
The tenant will be given a few weeks to move out but we will have a Sheriff lockout performed if the tenant still does not leave. It’s a long process but with the right team, we prevailed and we’ll be able to lease the unit to a tenant who will uphold their part of the contract.
551 Daisy Ave., Long Beach, California
This property has been doing well with regular monthly investor distributions. We have the 5th unit under construction and it should be complete by next week (pictures to follow). We already have several interested applicants and expect it to be leased this month.
1470 Elm Ave., Long Beach, California
This building is 100% occupied and 100% rent collected for October! We’re happy to report we are able to begin distributions again this month at an annualized rate of 6%. This is the cash-on-cash return we often talk about. AND it doesn’t account for the equity appreciation realized at sale!
This is the power of passive investing in real estate – taxes on these cash-on-cash returns can largely be deferred due to the depreciation write-off (check with your CPA!). As mentioned last month, the value of the building is estimated to be $675k higher than the purchase price!
360 Wymore Rd, Orlando Florida
This property did well during Hurricane Ian and suffered very minor roof damage on a few buildings. The office is open and repair work is almost complete.
There is a significant amount of construction happening at this property (pictures to follow). The final completion of several units was a bit delayed due to a delivery backlog of appliances, but after some significant pressure from one of our General Partners, Sakar, they delivered the appliances within two weeks!
We are now showing the units and leasing them at our increased rates!