ISO Cash Partner for Flip in Rochester, NY

[Pete Fiannaca]

Hey BP - 

Find the deals and the money will follow. That's what we've all heard before, right?

Just closed on my newest MFR so I'm not in a great position to go at this deal I found, alone. Numbers are below, but for anyone familiar with the Rochester, NY market, you know that margins can be quite generous.

Single family ranch

4 Bed, 1.5 bath

1,300 square feet

Likely going under contract for $70K

Estimated rehab of $12K

ARV sits at $130k

Conservative numbers would be all in at $82K and a sale price of $130K. 

$130K sale - realtor commissions (6%) - closing costs (2%) = $119.6K

Profit, before taxes, $119.6K - $82K = $37.6K or $18.8K per partner (50/50 split). 

COC return of 22% for a 3 month project (2 week rehab and 10 weeks for list/sale/closing).

Again, looking for a cash partner who could finance the acquisition and rehab in cash. I'd be physically facilitating the rehab, listing and sale. Great opportunity for an out of state investor looking for a relatively low risk venture that doesn't tie up an exorbitant amount of capital.  

Shoot me a PM or leave contact info here if you're interested. Looking forward to potentially building a new relationship with someone!

Best,

Pete