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Updated over 7 years ago on . Most recent reply
Need a Private Lender or JV Partner
Calling all Private Money Lenders and interested JV partners. I have a great deal for a fix and flip on St, George Is. Fl. St. George is an island 5 miles off the coast of Florida connected by a bridge with mostly high end homes $400,000 and up. I have gotten reasonably good finance offers up to 90% of the purchase price and 100% of the rehab. I don't have the 10% nor do I have the closing and holding costs.
I am seeking either a $55,000 short-term loan (9 months at the most) @ 12% or a JV partner to help carry the load. I am willing to give 50% of the profit to whoever becomes my partner or partners. I have done all the work so far and will handle the project to its conclusion. Comps on the island are about 250 sq./ft. I just confirmed this number yesterday with a local agent on the island. I have projected the rehab/sales cycle at 9 months but I do not think it will take that long.
The numbers are attached below:
| PURCHASE COSTS: | |
| Purchase Price | ($225,000.00) |
| Inspection(s) | ($400.00) |
| Appraisal(s) | ($450.00) |
| Survey(s) | ($375.00) |
| Lender Fees/Costs | ($2,000.00) |
| Closing Costs | ($1,000.00) |
| Other | $0.00 |
| Total: | -$229,225.00 |
| REHAB COSTS: | |
| From Worksheet) | ($89,994.70) |
| Total: | -$89,994.70 |
| HOLDING COSTS: | |
| Mortgage Payments | ($2,000.00) |
| Property Taxes | ($600.00) |
| Insurance | ($300.00) |
| Utilities | ($600.00) |
| Lawn Care | ($150.00) |
| Other | $0.00 |
| Total: | -$3,650.00 |
| SELLING COSTS | |
| Selling Price | $450,000.00 |
| Commission To Agents | ($27,000.00) |
| Buyer Home Warranty | ($500.00) |
| Buyer Termite Letter | ($50.00) |
| Buyer's Closing Costs | ($27,000.00) |
| Seller's Closing Costs | ($200.00) |
| Total: | $395,250.00 |
| PROFIT: | $72,380.30 |
| Rehab cost breakdown | ||||
| Component | Task | Labor | Materials | Total |
| ROOF | Re-Roof 22sqrs | $3,850.00 | $3,520.00 | $7,370.00 |
| GUTTERS | Clean Gutters | $0.00 | $0.00 | $0.00 |
| Replace 15' of Aluminum Gutter | $0.00 | $0.00 | $0.00 | |
| Replace 100' of Wood Soffit | $1,000.00 | $0.00 | $1,000.00 | |
| SIDING | Pressure Wash Exterior | $150.00 | $0.00 | $150.00 |
| Repair/Replace 66 sheets of T1-11 of Siding | $4,752.00 | $1,580.00 | $6,332.00 | |
| EXTER PAINTING | Paint Exterior w/3-Color Paint Scheme | $2,000.00 | $0.00 | $2,000.00 |
| DECK | Build 12' x 12' Wood Deck | $0.00 | $0.00 | $0.00 |
| GARAGE | Replace (2) 8' Garage Doors | $0.00 | $0.00 | $0.00 |
| Replace (2) Garage Door Openers | $0.00 | $0.00 | $0.00 | |
| LANDSCAPING | Cut Lawn | $0.00 | $0.00 | $0.00 |
| Trim Bushes | $0.00 | $0.00 | $0.00 | |
| Trim Large Oak Tree | $0.00 | $0.00 | $0.00 | |
| Remove (2) Dead Trees in Backyard | $200.00 | $0.00 | $200.00 | |
| DEMO | 30 Yard Dumpster | $350.00 | $0.00 | $350.00 |
| Demo Interior for Cosmetic Renvation | $600.00 | $0.00 | $600.00 | |
| PortaPotty for (2) Months | $0.00 | $0.00 | $0.00 | |
| PLUMBING | Re-plumb entire house | $15,000 | ||
| Replace PRV | $175.00 | $0.00 | $175.00 | |
| Replace Water Heater (40 Gallon) | $150.00 | $350.00 | $500.00 | |
| Install Dreamline Prism Plus #DL6062-22-04 Fiberglass Tub | $250.00 | $931.70 | $1,181.70 | |
| Install (3) Vanity Sinks | $120.00 | $90.00 | $210.00 | |
| Connect Kitchen Sink Drain | $40.00 | $0.00 | $40.00 | |
| Install (1) Kitchen Faucet | $50.00 | $65.00 | $115.00 | |
| Install (3) Bathroom Faucets | $120.00 | $90.00 | $210.00 | |
| Replace (1) Shower Trim Kit | $60.00 | $75.00 | $135.00 | |
| Replace (1) Jacuzzi Hardware Set | $60.00 | $75.00 | $135.00 | |
| Replace (1) Shower HW Set w/Mixer | $120.00 | $120.00 | $240.00 | |
| Install (3) Toilets | $240.00 | $270.00 | $510.00 | |
| Install Dishwasher | $80.00 | $0.00 | $80.00 | |
| Fix ceiling vent in bedroom | $100.00 | $50.00 | $150.00 | |
| ELECTRICAL | Re-wire house | $11,000 | ||
| Add New Circuit for Basement | $125.00 | $0.00 | $125.00 | |
| Add (6) Outlets in Basement | $450.00 | $0.00 | $450.00 | |
| Upgrade (2) Bathroom Outlets to GFCI | $60.00 | $0.00 | $60.00 | |
| Add (1) New 3-Way Switch in Basement | $125.00 | $0.00 | $125.00 | |
| Install (8) Can Lights in Basement | $520.00 | $0.00 | $520.00 | |
| Install (14) Lights Throughout House: | $700.00 | $0.00 | $700.00 | |
| (8) Dome Lights | $0.00 | $80.00 | $80.00 | |
| (1) Foyer/Entry Light | $0.00 | $60.00 | $60.00 | |
| (1) Dining Room Chandelier | $0.00 | $65.00 | $65.00 | |
| (2) Kitchen Track Lights | $0.00 | $45.00 | $45.00 | |
| (2) Bathroom Vanity Lights | $0.00 | $60.00 | $60.00 | |
| Install (4) Fans: | $360.00 | $0.00 | $360.00 | |
| (4) Large Room Fans | $0.00 | $195.00 | $195.00 | |
| (2) Small Room Fans | $0.00 | $40.00 | $40.00 | |
| Replace (42) Outlets/Switches | $210.00 | $0.00 | $210.00 | |
| HVAC | Repair Ductwork in Attic | $250.00 | $0.00 | $250.00 |
| Standard Maintenance on Furnace | $125.00 | $0.00 | $125.00 | |
| Replace Compressor/Coil w/3.5 Ton Unit | $2,800.00 | $0.00 | $2,800.00 | |
| FRAMING | Frame 720 Linear Feet of Wall | $720.00 | $400.00 | $1,120.00 |
| INSULATION | Insulate Basement w/600' of Batt | $510.00 | $0.00 | $510.00 |
| Insulate 900 SF of Attic to R-32 | $900.00 | $0.00 | $900.00 | |
| SHEETROCK | Patch Sheetrock In Living Room | $150.00 | $0.00 | $150.00 |
| Hang/Finish 1400 SF of Rock in Basement | $1,050.00 | $0.00 | $1,050.00 | |
| CARPENTRY | Install (2) Exterior Doors | $200.00 | $800.00 | $1,000.00 |
| Install (14) Interior Pre-Hung Doors | $420.00 | $840.00 | $1,260.00 | |
| Install (2) Replacement Windows | $140.00 | $250.00 | $390.00 | |
| Install 250 Linear Feet of Trim | $190.00 | $250.00 | $440.00 | |
| INTER PAINT | Paint Interior w/3-Color Paint (2000 SF) | $2,500.00 | $0.00 | $2,500.00 |
| Paint New Sheetrock (900 SF) | $1,440.00 | $0.00 | $1,440.00 | |
| CABINETS | Install 20 Linear Feet of 42" Cabinets | $600.00 | $3,000.00 | $3,600.00 |
| Install Vanities to Match Kitchen | $0.00 | $0.00 | $0.00 | |
| (2) 30" Single Sink | $100.00 | $300.00 | $400.00 | |
| (1) 60" Double Sink | $80.00 | $350.00 | $430.00 | |
| Install Countertops | $0.00 | $0.00 | $0.00 | |
| 50 SF of Santa Cecelia Granite | $1,600.00 | $0.00 | $1,600.00 | |
| Laminate Tops for Vanities | $135.00 | $0.00 | $135.00 | |
| FLOORING | Install (126) Sf Laminate wood flooring | $252.00 | $441.00 | $693.00 |
| Install (130) SY of Carpet/Pad | $520.00 | $1,673.00 | $2,193.00 | |
| Install & Finish (900) SF of #1 Oak | $2,250.00 | $2,250.00 | $4,500.00 | |
| PERMITS | Permit Drawings (~10 Hrs of Work) | $350.00 | $0.00 | $350.00 |
| Permits from Cobb County | $200.00 | $0.00 | $200.00 | |
| Wait Time for (3) Inspections | $180.00 | $0.00 | $180.00 | |
| GC Fee for Pulling Permits | $500.00 | $0.00 | $500.00 | |
| TERMITES | Perform Termite Inspection | $0.00 | $0.00 | $0.00 |
| Perform Termite Treatment (Chemical) | $0.00 | $0.00 | $0.00 | |
| Provide Clear Termite Letter | $50.00 | $0.00 | $50.00 | |
| MISC | Punch List and General Work Tasks | $1,000.00 | $1,000.00 | $2,000.00 |
| Purchase/Install Appliances: | $0.00 | $0.00 | $0.00 | |
| Refrigerator | $0.00 | $1,250.00 | $1,250.00 | |
| Gas Range | $0.00 | $550.00 | $550.00 | |
| Dishwasher | $0.00 | $300.00 | $300.00 | |
| Microwave | $50.00 | $150.00 | $200.00 | |
| Clean House At Completion of Renovation | $150.00 | $0.00 | $150.00 | |
| Marketing | $0.00 | $1,500.00 | $1,500.00 | |
| staging | $- | $4,500.00 | $4,500.00 | |
| TOTAL: | $89,994.70 |
Offering