Experienced Investors Looking for Partnership on Dover, NH Flip

[Aaron Montague]

Short Version:
My partner and I have a signed P&S on https://www.realtor.com/reales... . There are two buildings on the lot, a 3 family up front and a single family out back. We have the money to buy, rehab, and flip the property from our other real estate investments. However, we have some larger ideas for the property and the city is promoting something closer to our big idea rather than a simple fixer upper.

Purchase price is $435k, rehab should run about $400k. Nice, higher end condos will sell for ~300k or more given the location. We intend to turn the 3 family into a 4 condos as it's basically a cube shaped building. Our most likely scenario has us making $126k on the deal... and we still have the back half of the property!!

Please DM me, call me at 518-892-6471, or email me at [email protected] with any questions, critiques, or suggestions about this deal.

Longer Version:
This deal will make money by flipping the front building alone. This leaves us with the back part of the property with its 3/1 SFH. The house's foundation is not in great shape and will require a fair amount of work inside as well.

Our ideal partnership would be someone willing to bring about $1m to the table so we can knock down both buildings, fix the site, and put up at least a 12 unit mixed use building on the site.

We've run several scenarios with some exceptional results if all goes well, and unfortunate loses if things go poorly. The advantage of the poorly situation is that rent rolls in the area are strong so weathering that setback will not be too financially painful.

3-family fix up:

Convert to 4-family:

The 4-family conversion certainly makes more sense for using the existing structures. We're also looking at the "1 big building" scenario alluded to above. That math looks closer to a $1m in profit, $4m selling minus $3m in costs, but it it hasn't moved out of the estimates stage.

If you are interested in more details, or simply discussing the deal, please let me know.