Partnering for rental properties Illinois
Hello all,
We are looking for people with resources (good credit and good cash reserves) to partner with us utilizing the BRRRR strategy for properties in the south suburbs (B area) of Chicago where the investor contribute the initial resources and we are the operators. We are quite used to flips (sold 6 last year and 1 this year with 2 others under contract and another 3 in construction) and are now pursuing rentals. We have front end lenders and cash out refinance lenders. These deals are typically 50-60 purchase and 30-40 rehab however we stay below 90k all in. The properties are worth around 140 so we and our lenders will lend 70% of the ARV - as long as we stay above 1.2 debt coverage - immediately after construction and a signed lease. We were turn key providers from 2000-2008 so we know what it takes to get these deals done and managed. We find the properties, rehab them, rent them, manage them, run the financing pathways and rinse and repeat after the initial cash outlay is back. This is for people who want to be a part of a system that we have in place and want 4-6 properties a year. You can examples of our work at out website which has our flips. Lastly, all my contact information is on my profile page. Thank you!