Need 100% of 70% ARV financing (or investor) for EPIC development deal.

[Devon Baldwin]

This is an off market property and is not under contract yet (offer is going in today/tomorrow). Since I'm pretty new to this, I'm not quite sure how much I should be sharing at this point, but I wanted to get the general idea to see how interested investors/ financiers may be. The value is in the property for sure:

Location: Renton, WA

House Details:

• 3 bedroom + bonus room
• 1.75 bath
• 2110 Sq FT
• Needs no real work (maybe a kitchen)

Property Details:

• Zoning: R8 (this is up to 8-11 DU's per acre)
• Size: 2.16 acres
• Utilities: Gas, Electric, Water, Sewer and Cable

Comments:

• There are currently 2 different development projects currently in progress within a 2 mile radius.
• Most of the properties close have already been plotted out and sold.
• The house value alone (without property) is around $325,000.
• In 2006 the property was purchased for $710,000
• Lease is signed for the next year for the house (the rest of the property can be used) this helps with holding costs. 
• Projected (non platted) assessment range: $433,305 - $598,000
• It's hard to find comps because no R8 properties have been sold recently in the area, but here is a link with some things that are close: http://www.matrix.nwmls.com/Matrix/Public/Portal.aspx?ID=14404743551

Exit Strategies:

1. Finance through private money, get engineering plans/ permits (plat pending) in for different plots and refinance.

• Finance costs for plotting with road and utilities to plots then sell. (Projected costs are $150,000 and sell price at this point is $7-800,000).
• Hold with lease and Finance costs for building of duplexes (already have plans and builder for $170k per duplex 6bd/4bath/3100sqft) and either sell/ use cashflow ($1800/mo per unit) or a combination of the two.

2. Finance through private money, get engineering plans/ permits in for different plots and sell. (Projected sell price per plot is minimum $87,000 x 6 = $522,000), then we still have house for cashflow or another $300,000+.

Offer price: $385,000

Let me know if you're interested in financing or maybe even buying (with me as a wholesaler). 

Thank you,

Devon Baldwin