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Updated over 4 years ago on . Most recent reply

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11
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4
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Dale Foster II
  • Houston, TX
4
Votes |
11
Posts

Help J/V Partner has $2 Million deal w/NO Capital to close

Dale Foster II
  • Houston, TX
Posted

So my JV partner calls me with a 2.3 million dollar Buy and Hold investment on an 8 Plex. Little to no renovations needed. This 8 Plex is in a growing area, the owner still lives in one of the units. She bought this 8 Plex in the mid-70s but has no desire to sell to a white man. My JV partner is black and mixed with Mexican. So the seller only wants to work with her. I don't have an issue with this because I know the cash flow is greater than the racial barrier. However my huge hurdle my business is just getting started and I have zero capital. My personal credit is shot, my business credit is great and growing. I know know Bank whatever gives me 2.3 million but is there a way to add 1/2 or a few investors that are willing to teach myself in my partner while taking a larger cut? I guess my biggest question what would be the best angle?

She wants to live there for another year, but understands if she has to leave earlier. She told my JV partner she does not want to sell to anybody except her that she really wants her to have this property. Her intentions is to move to Mexico for medical reasons. I've tried creative finance and she agreed to 1.6 mil down seller finance the rest but again thats got more coma's than my current bank account..

We are kind of lost on where to find the proper investors to make this deal happen even as a wholesale if that's the route we need to go. I told her I would post on this site knowing this is where most of the big shots / sharks are. Any advice is appreciated

2011 Binz St Houston Texas is address, I'm not worried about someone thinking they're going to steal a deal because she is pretty adamant I'm not selling to anyone aside for my JV partner I put the address to help look it up if you're want to see the building.

Added lady hasn't paid taxes since 2003 and claims she turned down $1.9 million offer already... She wants $5k Non Refund EMD to sign Contract, Is this one of those Run far away deals?

Most Popular Reply

User Stats

4,335
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4,243
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Greg H.
  • Broker/Flipper
  • Austin, TX
4,243
Votes |
4,335
Posts
Greg H.
  • Broker/Flipper
  • Austin, TX
ModeratorReplied

$2.3 million for an 8 plex with 4 2-1s and 4 1-1s will cashflow?  My guess is the rents do not come close to $2000-2500 per unit

  • Greg H.
  • Loading replies...