17 Unit Value-Add Apartment Need $150,000 12%Preferred+30% Equity

[John Ellis]

I have an accepted contract on a 17 unit apartment building in Cleveland, Ohio. I have bank funding in place for $319,000. I am looking to raise $150,000. 12% preferred return and a 30% equity share in building. 18 month project. I also have 4 free and clear properties that you can place a lien on if you want to. 

Out of State Owner ran out of money. Mechanical and roof updated. 

6 units already rented

6 units 90% completed

5 units need complete remodel 

Average Rent $550 Low at $525 with high to $625.

4 months to stabilize 6 units

8 months to stabilize the final 5 units

18 months to refinance through Local Bank (3 local bank relationship)

All in at $470,000-Building will be valued at $700,000 plus 

Buy building at $349,000 Rehab/Cost $120,000

Proven company with multiply examples of completed rehabbed rentals/units. I control all aspects including construction, marketing, renting, etc. 

More information to be provided to anyone interested