40+ unit condo conversion, great numbers. Looking for investors

[Dain Hungelmann]

I'm an out of town investor coming to the area to look at 40+ unit apartment /condo that I currently have an LOI on and looking for a possible JV or equity partnership. All units are separate deeded I've flipped many houses and have rentals in other markets 20= years in the construction field.I would move down for the construction.

66% rented with below market rents.  So, $ coming from day 1.   20k a month  

-purchase 1.2m

-estimated rehab 700k -  roof, siding, new interiors

-All units are separate deeded

-multiple exit strategies; rehab & hold or more practical , sell the units off  70-80k each

-currently bringing in 20k a month

-renters can be our first buyers.

-each unit is 1500+ sf. some with fireplaces

- looking for recommendations for contractors ( with experience on bigger projects) and bonded as such , agents, landscapers.

-Accredited  $ investors

Offers wanted soon and owner wants POF with offer. I just tied up most of my $ in another project but

Since units are separately deeded you could buy half, 10, 15....

I'm open, and as the the saying goes, half of something is better than all if nothing..

PM me if your interest for more info.

Thanks for reading