Seeking 30k for Purchase Money Mortgage towards 7 unit Apartment Building
I am working with a broker to purchase a 7 Unit Apartment building in Pontiac, MI.
Currently i'm self managing a 5 Unit building I purchased in Dec 2014. Since purchase I have increased total ROI by 3%, Increased cash flow, and stabilized the building with some SECTION 8 tenants.
I am looking to have even greater success with this next building, I am looking to bring on a passive partner to fund 30k in a purchase money mortgage secured by the property. The money is intended for down payment, and small capital improvements/deferred maintenance.
Here are some of the details of this opportunity:
Purchase Price: $98,000 ($14,000/UNIT)
Gross Monthly Rents: $3150 (Fully Occupied at $450/month)
**Market Rent Rate is $600 (rentometer)
Operating Income (Gross Monthly Rents -Vacancy) = $3,024
- Total Operating Expesnses $1,074
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NOI= $1950
-Projected Debt service $721
= $1229 Pre Tax Cash flow
(If Management in Place cash flow = $977)
These are some of the current financials of the building from Day 1. There is a great value add opportunity with the ability to Cashflow over $2000 once fully performing.
The building is in Metro Detroit.
I am also open to other methods of JV partnership opportunities as well. I look forward to working with another BP professional on this deal. Please PM me for more detailed financial data and before /after projections.
Thanks!