buying a portfolio with 50 rental properties in GA

[John Quiles]

Hi guys,

Hope you can help me here. We are buying a portfolio with 50 rental properties in Macon, GA. That's an hour from Atlanta.

- PP $1.3MM

- 100% occupied

- $28.7k/mo gross rent

- $9.5k/mo expenses

- NOI 230k

- 18% CAP (13% using 50% rule)

- The management company that currently takes care of the properties manages 800 properties in Macon, GA and have only 3 vacancies. Rental market is rock solid in Macon.

The deal is amazing but our previous partner is not picking up the phone lately and we are starting to think he is not in anymore. It could be spring break, but also it could be he is hesitant about about putting such a large amount of money.  Is it too late to find a partner or a private lender for this size of a deal with 10 days left? What would you do if you can't get an extension?