Updated about 9 years ago on . Most recent reply
Seeking private lending for Detroit
Detroit seems to be the hardest market to crack. It has so many negative impressions despite its progress. There are approx 850,000 residents with 55% renting. The City has demoed over 10,000 torched homes (less supply = more demand). One Investor alone (Dan Gilbert) has purchased $451m in Detroit props since 2011.
I already own 8 SFRs & 2 duplexes free and clear, thus am able and confident enought to offer 1st lien positions for this project. I need 275k to rehab the homes. They are distressed so no rent rolls to show. I do have 2 other homes in a different llc, and can show you those rent rolls. ARV will be 600-650k. I need the capital for 9-12 months (rehab, place tenants, season the rent rolls, refi to a bank portfolio loan).
My Property Manager already oversees 3,000 doors.
At full occupancy, these 12 doors will gross $8400/mo & $100,800/yr - PLENTY of income to offset any debt service. In any other City in this World, this deal would be a 'no brainer'.
I am so close to this kicking me out of the rat race yet so far from getting this funded, it is driving my crazy.
I'm happy to send you more details.
Who can help me fund this deal?!?!