Real Estate Agent Looking for JV money man on Center Line Duplex

[J.R. King]

I am a Real Estate Agent in the metro Detroit area, working primarily in Macomb County, MI. I currently have access to an off market duplex in the city of Center Line, MI for around $52,000. Each unit is 1 bedroom 1 bathroom. The current rent for 1 bedrooms in the area is $550-600. The 1st unit is currently leased out for the next 10 months at $450, and the tenant has been in the unit for 4 years. The 2nd unit is vacant. There is no work that needs to be done to move a tenant in at the current rate. Units in the area rent very quickly. I have pictures, reports, and answers to just about any question you might have on the property.

I am looking for someone to JV with me as the money man. I have 5% to put down for the property to also have some skin in the game. I am willing to equity partner with someone 50/50. I am also willing to do a typical interest loan partnership. I will put the 5% down even with the 50/50, will do any work needed, and will manage the property. The monthly cash flow after expenses and allowances for vacancy and repairs is $6-700. If needed, I can also refi in a year.

In addition to being a good cash flow opportunity, I'm also an agent and get access to these kinds of deals all the time. So its an all around good partnership opportunity. I also currently have access to an off market triplex in Mt Clemens. I'm still running the numbers, but at first glance its a solid investment as well.