6 property package- Hour outside of Detroit- Looking for partner

[Samuel S.]

Hey BP Folks,

This might be a shot in the dark, but wanted to see if there are any experienced investors out there with funds available, who would be interested in a longer term equity partnership on an off market real estate deal I have. 

This is for a 6 property package an hour outside of Detroit, being sold from an older gentlemen looking to get out of the landlording business.  His wife recently passed away and she was managing the rentals, so now he is looking to liquidate. He was referred to me by my insurance agent, who currently insures this package.  The sellers lawyer has just sent me the PA with the terms, so as soon as I sign and send back, this package will be under contract and the inspection period will start.

I currently invest in this market, and have a good understanding of the area, market rents, tenant base, etc. I also have a solid network of contractors I work with in this area. These properties are located in working class neighborhoods, and all units are currently rented.

Below are the high level details:

- 6 properties (5 single family, 1 side by side duplex)

- Purchase price = $225k (avg sale price of $37.5k)

- Current Monthly Income = $5,240

- Total Monthly Tax (Estimated uncapped) = $625

- Total Monthly Insurance = $222

- Monthly Cashflow before budgeting and with no debt service = $4,393

If you are interested and would like to discuss further, please PM me. I have an excel analysis showing the specifics with estimated annual ROR's based on an all cash or commercially financed. 

Sam