Silent Partner desired in Chicago

[Jeffery Holmes-Rice]

Hi everyone, I'm Jeff

I am at the last hurdle of my first deal. I have under contract a 4 plex that generates $2900 a month. The ARV is $200,000 and I purchase at $147,000 with $17,000 being held as a note by the seller. I am working with a hard money lender for $100,000.

I need $40,000 to close and have reserves for the property. I will refi in 12 months and cash out all other parties. The total repaid to a silent partner will be $56,000 ($800 a month-$9,600 in 12 months plus $46,400 at refinance. The high ROI is to reward the risk of loaning to a newbie.

I have a more formal proposal available upon request.  

Thank you for your time

Jeff