deal alert! rental property in northwest houston, partner needed
Looking for a partner on a property. need to act fast. deal won't last too long. property need only cosmetic TLC
sale price = $115,000
ARV = $135,000
estimated repair/upgrades = $5,000-$7,000
estimated cash on cash ROI = 10%
(this is on based on the 60/40 split, with the investor taking 60% and paying $22,000 of down payment, $4000 in closing cost, and $7,000 in repairs) repairs are overestimated to make up for the unexpected, this is my first deal, so closing cost is assumed to be taken by the buyer, but if we can negotiate with the seller to absorb some of that then, of course, expect the COC-ROI to increase. The equity split is negotiable.
looking to BRRRR: rent out for a year to gain equity and then refinance if a new deal can be found to reinvest at the time.
I only have $1,000 to invest. I am looking for a money/equity partner. someone willing to do an (investor/deal finder) 60/40 split. I am the deal finder in this case, plus I can perform some of the work at cost. I own my own painting company, and I am hoping this to be my first property. I can put $1,000 down towards down payment, but I have a credit account to handle all painting expenses that I would absorb to make up for my lack of cash, and not let it affect the equity deal we agree on.
property is in northwest Houston area. 77066
neighborhood has never flooded in the past 40 years, how do i know? my parent's house is in the same neighborhood.streets have flooded but never the houses, even during Harvey. worker class neighborhood . I have been keeping an eye on the rents and have watched the rise in the past 4 years from the 900-1100 range to now the 1200-1400 range. I expect to rent out for $1300, maybe $1350
needs cosmetic work:
-new doors
-new carpets in bedrooms. Floor tile is still good in living, den, and kitchen. optional of replacing carpet with vinyl wood floors instead of new carpet. I'm open to it if its a better investment.
-kitchen cabinets need refinishing, bathroom cabinets too. I own a painting company and will do at cost and do it well!
-new fridge needed
washer and dryer still good, but will need to be replaced in about 1 year.
- 1 of the bathrooms needs a new vinyl countertop- 40"- 48",single sink. it's a fairly small countertop
- new paint job. walls and doors; however, I own a painting company and will do the entire house at cost and do it well!
- powerwash exterior, and maybe paint exterior if needed after power washing, again will do at cost.
- new lighting fixtures in bedrooms needed
Please send me a message if interested. All things are negotiable as always. Would love to sit and talk numbers. I got everything itemized with links to where to purchase all materials needed along with cost of all materials.