New Money to purchase (not exchange)
939 Moraga Street, Anaheim
SFR, 3 bed/ 1 bath 1,103 sq. ft., 7,200 lot
Had existing workshop, 38’ x 25’ approx950sq. ft., built 1973.
Closed Escrow 8/7/2020.
Purchase Price of $595,000 ($150,000 cash down)
$0 to repair front unit
$135,000 to convert the workshop & permit as an ADU
Total cash: $285,000
Currently rented for $5,700 per month
Monthly Expenses of $3,786
Current cash flow of $1,314 per month
At the same time Harold was actively looking for property he met with his lawyer and created a Living Trust in which he could title every new property interest he was acquiring. This allowed him to create a long term monthly cash flow which could easily be passed along to his children along with the tax benefits of a stepped up cost basis when Harold and his wife passed. He actually created a legacy of wealth.