BiggerPockets

The gentlemen I am partnered with for REOs, his company owns a multi unit that they are looking to sell immediately. Here is a brief summary and if your interested let me know.

Our company is selling a Cash Flowing Multi-Unit here is Suburban Detroit. Market Value $4.1mil.... Price 72% LTV.... Must sell!

If you are interested, he can provide you with a executive sumary, Rent rolls, and income statements.

He will be taking care of my commission so no need to worry about that. I would like to hear from someone who is the direct buyer, or one away. That is all I am willing to work with, as the fee that would be split between the two of us would be good.

Take care

George - Could you please provide more details? Its going to be hard to get anyone excited without knowing more info. Thanks!

Originally posted by Mr_Investor

How many units?

I will let you know this tomorrow as he will be sending me the rest of the paperwork.

I apologize for it being so late with my reply. I was waiting on my partner to not only send me the files over, but have been dealing with other deals as well. On any account, believe is the Executive Summary from my partner, no obviously for security reasons the only thing I have changed is I took out my partners contact information. However, everything else is intact. Also, the summary is made out to me and my company, but it is for any buyer or buyer mandate that would be interested. As I mentioned, please no intermediaries. Also, if your interested, I also have a tax report and a rent roll regarding the multi unit that I will be happy to provide via email.

Have any questions, let me know.

Executive Summary:

Wednesday, May 13, 2009

RE: George Beale
The Millennium Capital Group, LLC.
P.O. Box 4522
Manassas, VA. 20108

Dear Mr. Beale,

We hope this letter finds you in good spirits and even better business success. We are writing to you today to make you aware of a Multi-Unit Cash Flowing Property here in Michigan which we are selling at 72% LTV.

The details of the deal are as follow:

Property Type: Multi-Family (Garden/Low Rise)
No. of Units: 87
Building Size: 50,400 Sq. Ft.
Occupancy: 95%
Year Built: 1955
NOI: $406,983.28
Cap Rate: 10%
Market Value: $4,069,083
Price: @ 72% LTV = $2,930,280

Property Description
High Occupancy on this Classic Low Rise Multi-Unit! Three (3) Retail Units with Property, facing a Main Street in Suburban Detroit! Great Condition, Great Affluent Area, Near Major Bus Lines, Plenty of Parking! Property is perfect for a Cosmetic Rehab Exterior (which would really bring out the value) but good without it!

If you and your company are interested in this deal Mr. Beale please give me a call at (removed for security reasons) to discuss the deal. We will need an LOI to proceed and you will be responsible for ordering your own appraisal. Strong Financials on this one! (*See attached documents) Thank you for reviewing this deal and I look forward to hearing from you!

Originally posted by Mr_Investor

George what is your role in this deal?

I am direct to the owner. He is the same gentlemen I am partnered with for REOs. His company is the one who owns it.

Originally posted by Mr_Investor

George I might have a buyer that is interested in this can I shoot you an email?

Yes, by all means. You can use the email address in my signature. I check it all the time.

Originally posted by Ivan Jenkins

George, is this deal still available?

Yes, this is still available. It would have been sold by now, but my partner is running into some issues at the moment with the soon to be ex owner's accountants providing the proper figures.

They are trying to work it out now, because they were trying to include the numbers for the store fronts in front of the multi unit, instead of the multi unit alone.

Feel free to shoot me an email if you like. We should know something with in a few days.

George -
I'm trying to understand what happened here. You and your partner were promoting deals, but the numbers that you have are wrong?

I'm assuming you're no longer promoting this, right?

How did you get involved in this mess, so others can avoid doing the same thing?