Possible Equity partnership / REO

[N/A N/A]

On 11/29/05 I entered contract purchase/sale contract for 84 properties fairly close to my area (about 100 miles away) My finance people will have no problem paying for the properties and making them mine to have and to hold. However, my consideration is this...

Since I have exclusive rights to purchase these, and all of the properties are occupied and paying rent (rent roll spreadsheet available and appraisals), why not just flip them to another investor. What I mean to say is that since I can assign the contract and its such a great deal...

1) 1.89MM purchase price and three year old appraisals provide that the value is 2.4MM
2) Gross rents are 27,500 per month with very few expenses.
3) These numbers constitute 17% ROI.

As you can see...more than enough for debt service.

Option One
I will take bids Starting at $330,000 for this exclusive contract to purchase these properties. (One years gross rents). This will pay for my assigning the contact only, else I'll just purchase this one and keep it.

Option Two
I will consider any sizable equity partnership (at least 25%)

Respectfully,
Bill Smith, Investment Banker
1706 342 7251 (Direct)

Ps. Contract expires 30th of January 2006 so you will most likely need to be a cash buyer. Deals like this one are HAAAARD to find.