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Jeffery Holmes-Rice
  • Wholesaler
  • Chicago, IL
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I'm not telling you to read this... but help!

Jeffery Holmes-Rice
  • Wholesaler
  • Chicago, IL
Posted Oct 2 2014, 14:38

 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

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