I'm not telling you to read this... but help!
I think this is a strong deal, I'm not sure though
I have a 4 plex under contract that I will secure with a combination of hard money, seller financing, and private money. I'm having trouble generating interest from prospective silent partners, and since this is my first real estate transaction I wanted to know if I am being naive or just placing my solicitations in the wrong place.
Before I was offering a 40% ROI on a $40k investment with monthly payments for 12 months. I am now offering a 75% ROI on $40k ($800 monthly and $20k at refi + $40k original loan amount). I can offer this because I bought the property $53k under market, and its gross income is $3k monthly.
I have all of the info that a silent partner would need to see to make a decision, I'm just not getting any bites.
With what I have explained, am I offering a good deal to a silent partner, or am I being foolish? I post here and on craigslist, am I in the wrong place?
Thank you in advance