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Updated about 4 years ago,
Analyst my deal please! Kindly Advice? Best ways to JV- Wholesale
Hi BP
Man, I need some analysts and advisement please. stressed! 2 separate deals I'm working on, it may be best to seek JV-partner to ease my loads. Please note both properties are located in hot quickly appreciating zips, also note both can be great cash flow producing properties opportunities (each owned separately free and clear, no mortgage). Anyone have advice on the ways to seek JV- wholesaler? Any advice in general especially about, my offer price specifically and/or mixed-use & commercial properties wholesaling in general is highly sought.
#1st)
Irvington New Jersey, 07111, mixed-use property, two floor, 1000sqf 1st-floor commercial unit open space- with
closed in office, bathroom, front and rear entrances, new heat and hot water units, automatic gate entrance, a former warehouse, needs some repair- no current lease. 2nd floor is 3 bedrooms, 2 baths, rented (lease until Jan 31 2021- 1200k per month) but the whole building needs moderate to light rehab, asking only 190k..ARV 300-350k conservatively!! less than 50k total building repairs estimates. And I have a very possible commercial tenant lined up, for after-sale multiyear lease commitment (after repairs are complete), 2000k a month projected revenue, rented 2nd-floor unit is grossing 1200k currently paying and up to date (this year taxes due less than 8k).
I have worked on an executive summary property, datasheet, and other numbers (No Proforma available, No cap rate known sorry& No NOI available)
However I do have pics of both deals, but I just don't know these mixed -usage properties flips, and don't have these types of cash buyers contacts/ (commercial) investors, I want to be reputable always, I don't want to be misleading or be incorrect (can't post pics or more info, it in this thread anyway- no address included here
commercial unit has been unrented for a few months, standby possible interested tenant 2000k per month
#2nd)
East Orange NJ, 07017, 4bed, 2 baths, converted 2 family into 1 family, 1400- 1700sqft, it has been fully gutted, the new fully open concept upon entering 1st floor. and rehabber is out of money and time, offed as-is, with rehab work started, in progress, but not completed. Owner-rehabber is into this deal already 200k in the current rehab. Interesting point lots of materials are pre-purchased and locked in the property and included in the purchase price offer, like the roof materials, all hardwood floor materials purchased, some kitchen materials, and more. Fully Stud Framing is Completed and comes in this deal, on all 3 above-ground floors and basement, All electrical is Rough-in completed waiting on inspection, also included. All appropriate permits are pulled and approved by the city already totally included in the offer price here. Again all stud-framing completed throughout, a finished basement is in rough-in phase, and all electrical is roughed in-complete, including an upgrade rewiring new 200 amp panel completed ahead of the electrical inspector. asking only 199k. ARV 350k- (East orange NJ single family. Thanks Vernell.)
so-called 3 cash buyers stood me up, this weekend made me look crazy.
trying to get quality buyers and advice on working out the details, what would any knowledgeable member do if these were your deals? Any and all analyst & advisement is welcome- this becoming almost enough headaches -Thanks guys and gals in advance.
-(contact me in private if you don't want to post your advice is welcome to contact also. TX.)