Looking for 60/40 JV partner that wants to make $54k profit in 6months
I am looking for a JV partner to fund a great deal! In return, you will receive 60% of profit at close (estimated $54,000) in approx. 6 months! I was approached with this deal by a wholesale investor in the area that has obtained the property through short sale. Both the 1st and 2nd mortgages have an approved purchase price, and this home is currently sitting in title. I have a contractors estimate, comps package, and property info sheet on this deal (PM me and I will send them right over).
The information on this deal:
This is a sailboat access canal home w/ pool. Very desirable area. 3 bed/ 2 bath/ 2 car garage, under 2045 sq. ft.
ARV: $475,000
Purchase price: $295,000
Rehab: $52,000
Holding: $2,000
Commission: $27,000 (6%)
Closing Costs: $9,000
Cash needed: $358,000
Your Estimated Profit: $54,000 (30% per annum return)