EQUITY PARTNER - Waldorf Md. /DMV/East Coast Area

[Lamont Marable]

In the words of Tom Cruise in Jerry McGuire: 

"Who's Coming with me?"

Not only one of the best movies of his career, Top Gun being the first, he was inspired but some would say forced, to pursue his career elsewhere with one loyal partner (Renée Zellweger).  

My name is Lamont Marable and I'm looking for a loyal partner that supports the east region of the nation to act as an equity partner. Let me be your "Renée Zellwege" in an aspect of bringing you acquisitions to profit on. Currently, I have a property that needs closing with an ARV of $55,000 on the low and $65,000 on the high. Purchase price $34,500 with $5,000 in repairs. Exit strategy will be refinancing.

[J Scott]

Hey Lamont,

I didn't see the original post until you updated it just now...

As for feedback, what are you looking to do with this property? Do you want to flip it or hold it as a rental? You mention the ARV, but not the market rents, so that leads me to believe you want to flip it. But, then you say that the exit strategy is refinance, which leads me to believe you want to hold it as a rental.

If you want to flip it, I think the numbers are tight.  If they're accurate, you'll spend $40K to purchase and rehab, and you'll likely spend $10K on closing costs, transfer costs, commissions, taxes, insurance, utilities, etc.  That leaves a potential profit of $5-15K.  $15K might be okay for this kind of deal, but anything less is too little.  And you'll likely find that reselling properties in this price range to owner occupants is VERY difficult, because most buyers in this price range will have a hard time getting financing.

If you want to rent it, you need more information.  Specifically, the market rent.  Without that info, it's impossible to know if the deal is a good one or not.  Also, what part of town is this in?  If it's a rougher area, you may find that managing the property is challenging, especially for a first-time landlord.

If you provide more info, perhaps I can provide more advice as well...