A partner in a 10,000 month rental, with minimal overhead

[Alex Jacobson]

Hello BP freinds,

Thank you for showing interest in my project. Here is one property I have been most interested in. I am in the beginning stages of finding financing. But I will still need a partner to come up with the initial downpayment.
Purchase Price: $284,900After repair value: $600,000+Actual cost of Repairs: $100,000-125,000 (estimated cost of repairs $159,046) * the lender will use an estimated cost to give us the construction loan lets pick the larger one.
Rules of thumb on pueblo: Each bedroom will rent for $500Each unit is worth about 100,000K sold
6 Units rented= $8,000 (16 bedrooms)6 unit apartment=$600,000.
This unit is being sold via wholesaler because it as a structural issue in the back two units. (hence the price!) The front 4 are occupied and rented. Cost of the structural repair is estimated to be $60,000 See below:https://manage.kmail-lists.com/subscriptions/web-view?a=WkvEcz&c=01GZHQZ94KFEH1HAD30EDK60PB&k=5e65024c3b2d5bcb06448d142d165a9c&g=WXkNnE&m=01HC0V6X7W1MX4XB5SKRBVX495&r=3bdL2s8X

Why this property? Its close to downtown and the hospital. The tenants would be nurses. One way to maximize the use the building would be to rent it furnished and advertise to the hospital only a few blocks away as medium term renters 3-6 months. Housing is a shortage in Pueblo.
Why Me:I have a duplex and 6 unit building in the area.I have helped my clients buy 6 multi families in Pueblo over the last 3 years
I know this market and have a team of contractors, handymen and property mangers in place.

Why Pueblo:Strong rental marketGrowing economy, industrial steel, wind2nd largest body of water in Colorado Water and room to grow
More details here:https://manage.kmail-lists.com/subscriptions/web-view?a=WkvEcz&c=01GZHQZ94KFEH1HAD30EDK60PB&k=5e65024c3b2d5bcb06448d142d165a9c&g=WXkNnE&m=01HC0V6X7W1MX4XB5SKRBVX495&r=3bdL2s8X

Pro Forma Here:https://drive.google.com/file/d/1bVtyQ6aJg_g59_Fi61z5e8Al2uEnV27o/view?_kx=Bt7toY1xc9RK_qI4tVlkOhN_vkFg9974_-POuj-GRUM%3D.WkvEcz

The wholesaler is estimating it will be worth $443,000 fixed up and rented and after expenses will cash flow $2,290 after all expenses.
With a 65% loan to value I need $155,000 for down payment and construction. I have 1/2 of that looking for an equal partnership (LLP) or private money agreement until we can refinance within a year when the property is fixed up and rents are stabilized.
Let me know what you think!
Alex--