Phoenix investor, 8 rentals across 3 LLCs. Consolidated model built. 2 underperformers restructured. $124K refi unlocked. Portfolio to $7.4M projected.
01The Situation
A Phoenix investor with 8 rentals across 3 LLCs had no consolidated view of his portfolio. He suspected two properties were underperforming but could not prove it. A refi opportunity had been mentioned 18 months ago but he could not quantify it without a consolidated balance sheet.
02What We Did
We built a consolidated model, calculated proper cap rates from actual NOI, and updated LTVs to current market valuations. The Chandler duplex was confirmed underperforming. The Gilbert SFR had a 34% LTV and was the ideal refi candidate. Cash-out executed within 60 days releasing $124K deployed as a down payment on a ninth property.
Breakdown
| Property | Type | Cap Rate | Annual NOI | Current LTV | Status |
|---|---|---|---|---|---|
| P6 Glendale SFR | SFR | 9.2% | $96K | 34% | |
| P1 Mesa SFR | SFR | 8.4% | $84K | 38% | |
| P2 Tempe SFR | SFR | 7.8% | $72K | 42% | |
| P4 Gilbert SFR | SFR | 7.6% | $67K | 44% refi done | |
| P3 Scottsdale Condo | Condo | 7.1% | $59K | 48% | |
| P5 Chandler Duplex | Duplex | 5.8% | $42K | 62% |
The investor had been making good instinctive decisions but with no idea how good or bad the portfolio actually was. The model showed he was significantly outperforming the Phoenix market on average.
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