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Updated about 9 years ago on . Most recent reply

User Stats

57
Posts
6
Votes
Carlos Diaz
  • Charlotte, NC
6
Votes |
57
Posts

Need a 50/50 partner. - I bring the funding!

Carlos Diaz
  • Charlotte, NC
Posted

I currently am working with a hard money lender. But have had some difficulty locating a property that they would lend on. They are quite strict. But if you can bring me a property that meets the following criteria, I will offer the funding in a JV agreement, and would be willing to split the profit on the deal. Here is what I need. The answers to each of the questions below about the property needs to be NO:

  •  Is the property ANYTHING other than a Residential Single Family, 2-plex, 3-plex or 4-plex
  • Is the property a manufactured or mobile home? (NOT site-built or modular)
  • Is the property recreational? (NOT primary residence, i.e... cabin, vacation home)
  • Does the property have ANY history of methamphetamine use or manufacture?
  • Does the property have SIGNIFICANT mold issues?
  • Has the property had ANY fire damage?
  • Is the property less than 900 sq feet?
  • Are you ADDING to the building foot print or adding NEW exterior walls?
  • Does the property have ANY foundation problems?
  • Does the property have ANY roof truss problems?
  • Will the repairs to the property be more than 75K?
  • Is the property within 100 miles of the coast or in a high-risk flood plane?
  • Has the property been Vandalized?
  • Is the property in a High Crime area?
  • Is the property in high rental neighborhood? (less than 65% owner occupied)
  • Is the average days on the market for the neighborhood 120 days or longer?
  • Is the property near commercial? (i.e. retail, strip mall, office space, restaurants, etc.)
  • Is the propety near railroad tracks? (within ¼ mile)
  • Is the property on or near major street (4 lanes or more) or a busy 2-lane street?
  • Is there more than one boarded-up home in the neighborhood?
  • Any of the following states:

    GA, IL, IN, LA, MD, MI, NJ, NC, OH, TX, VA, WA, WI

    I am looking for properties that are between 50 and 250K for all-in costs (Purchase price and repairs). And LTV needs to be 60-65%.

    Looking for

    Most Popular Reply

    User Stats

    144
    Posts
    15
    Votes
    Gary E. London
    • Investor
    • Chicago, IL
    15
    Votes |
    144
    Posts
    Gary E. London
    • Investor
    • Chicago, IL
    Replied

    I have some projects you may want to look at in the Chicago area. I'll send you a PM also or you can contact my email in the signature.

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