Multifamily deal under contract-looking for an equity partner

[Jared Hennings]

Hello Fellow BPers- I just went under contract on a 3 property multi-family portfolio in Southern Illinois right outside St. Louis--2 duplexes, one 5 door--each property is currently at 100% occupancy. I've connected with a local lender willing to fund the deal but I need an equity partner with demonstrated experience to: 1. take primary position on Loan (80% LTV), 2. Contribute 50% of down payment ~31.5k.

Cap rate is 8%, COCROI is 39%. NOI less maintenance & debt service is ~24.3k

Click here for details: Financials for deal

Current state: rents are under market.

Future state: Place Section 8 tenants in both of the duplexes--those projections are within the financial analysis as well.

I will handle all operational/management elements.

Thank you for reviewing this deal. Please reach out to me via email if interested in partnering: [email protected]

[Jared Hennings]

here's updated deal info! 

622 E 6th St Alton, Illinois-

https://www.biggerpockets.com/...

623 E 9th St Alton, Illinois 

https://www.biggerpockets.com/...

620 E 9th St
https://www.biggerpockets.com/...