Quote from: Branny on May 11, 2015, 01:49:51 PM

Quote from: jrlichtman on May 11, 2015, 01:46:43 PM

Quote from: TheFuneral on May 11, 2015, 01:41:53 PM

Quote from: jrlichtman on May 11, 2015, 01:25:11 PM

Somebody just dumped 4% of outstanding shares on the market?

I wouldn't say they are dumped because they are on the open market. Let's see if they get bought up, but does look like someone knows something we don't Cool

.

True. It's just somewhat dramatic.

I sent updates out via Havelock + email + Slack last night.

They're treasury shares, we're trying to buy another property via equity funding. It's right next to one of our existing properties and at the moment prices locally are going nuts in terms of appreciation.

It's a 3-4 bed, 1 bath home with about a quarter acre lot next to one we already own and are getting $750/mo out of.

$18k purchase
$12k rehab
$30k total cost
$65k-$75k ARV
$750/mo income
21.3% NOI

Additionally prices as I said are going nuts. There's a house right down the street from property #7 of ours. Ours is a 4br 1ba 1800sf with garage, basement and a large yard. The other is 2br 1ba <900sf small yard, no garage or basement and looks to be in contract around $45k. On a straight $/SF rate, it makes #7 worth $90,000 without factoring the basement or garage in. We have around $41,466 in ours so that means more than double equity. Our book value on it is only $70k at the moment.

Thus the market is really, really moving, and due to the extreme slowness of banks to deal with non-owner occupants, i'm using the only viable method to purchase more property while we can get it cheap - equity.

Aha! That explains it.