Updated over 1 year ago on . Most recent reply
Equity Partner on 8-plex, Idaho
Greetings!
I’m organizing a buy and hold deal which needs an equity partner for the down.
My loan broker has already confirmed that the 8-plex qualifies for an Idaho special commercial loan product at 6.0% for 10 years—but only on up to $1.4M for this property.
Purchase price goal is $1.9M. Recently appraised at more than that.
These units are less than a year old, and completely occupied at over $2000/month/each door.
Your projected ROI is in the 10% range for the first year. (I can share all the financial docs with you at the right time).
I’m looking for an equity partner who can:
—bring $500k of their own money to the table
—is willing stay with the deal for no less than 3 years (and up to 10 years).
—is willing to have your position be progressively bought out.
I myself will bring $50k to the table, and be the ongoing property manager.
More detailed terms can be discussed if you are interested. (I suggest a meet and greet to get to know one another).
About me: Bigger Pockets is new to me, but I am not new to RE investing. I grew up around RE and construction. My wife and I are school teachers in Fruitland ID, and have very excellent credit. In the past 18 years I have owned 3 primary residences, managed a SFH rental in PA for 5 years, did a rehab-flip in CA using private lenders, and currently I own a couple units out of state with excellent cash flow. I'm looking to bring all this experience to bear on a project now closer to my home where I can keep a close eye on it and be active in managing. This 8-plex fit the bill, so I am pursuing it.
Interested to know more? Let’s talk!
—Jeremy Mendenhall, Fruitland, ID