May 6: Happy Birthday to Little Jayan, my brother-in-law and Sister-in-law's nephew, who has just turned a single year old... what a cudly cutie-pie... we really enjoyed your birthday party on Saturday night. Congratulations to all.
Day 404 was the start of something new... My wife, my brother-in-law and his wife, and I have decided unanimously to pursue investing in a max 4-unit apartment building in West L.A. My brother-in-law and his wife will occupy one the units and we will rent the rest with my wife and I covering the shortfall. We're looking in Venice Beach and Ocean Park. We took a look at the 2-Unit with one 2 bedroom/1 bath and one 3 bedroom/1 bath that was listing originally at $1.8 million. It's just two blocks from the beach and has 5 parking spots. The sellers have dropped the price to $1.5 million. It's a little run-down and needs updating in the kitchens and baths. There's also a possibility of a third studio unit in the basement storage room and/or renting the lower-level front room as a studio unit. Of course, it's only permitted for 2 units due to not having enough parking. Parking it supposed to 2.5 spaces per unit in West L.A. The lower-level front room has a wet-bar that could easily become a stand-up shower bathroom and galley kitchen. Still at $1.5 million... it's mighty pricey. We ran the numbers with the sellers tossing in a rate buydown at closing... at a PITI of $7800.00 per month. It's currently getting $4100 for 2 units in their current old and untouched in thirty years condition. Both tenants are Month-to-Month but have lived there for several years. With some ingenuity and updating... we believe we could get $2500 per unit leaving a shortfall of $2,800 per month. It just our first view and we not yet ready to make the seller an offer yet... still searching. I've seen several buildings for sale in the area with prices ranging from 1.2 to 1.6 for 3 units. Also, saw a 4-unit at $1.35 million although it was two miles from the beach it did have a lot of potential and 10 parking spaces and a two car garage. I just thought, I'd post to you all to let you in on a snippet of the L.A. real estate scene. At $750,000 per unit for Venice Beach... It seems crazy but that's West L.A.
DAY 404 finds us three cents. We found 2 pennies while strolling the Venice Beach Area. A single penny was found during a late night stop at Ralph's in Wood Ranch -- a Coinstar find. I was there to buy dog food. They have raised all the prices of dry dog food since last week... went up $1.70 on Purina Dog Chow in 22 lb. bag... I had to pay $10.49 for it. Anyone else seeing price inflation? All of our fast food joints have raised prices for combo/value meals having increased in the past few months by 20 to 40 cents. And, the Commerce Dept. keeps saying inflation is low... what a bunch of whooey!
Today's Stats
Day's Finds: $0.03
Bottles & Cans Collected: 7
Running Stats
This month: $1.30
2007 Finds: $49.58
Since FMJ Blog Inception: $233.58 (March 28, 2006)
Total Found for FMJ Fund: $693.98 (since 1-1-2000)
Number of Bottles and Cans Collected: 142 for the month.
Bottles & Cans Return Fund: $784.64
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