Have a deal under contract, with a closing date in the next 2 weeks. Numbers below. Looking for a JV partner to fund 100% of the deal for a 50/50 profit split. We are currently doing 15 projects of this type in the area and have this deal along with 3 others under contract. Our current JV partner who has funded our last 5 deals has run out of funds, so we are looking for additional JV partners. Our construction is in house, and we have over 40 subs working for us. Contact me for additional details.
|Edgewater, Chicago IL|
|Buying closing costs (1.5%)||+$5,400|
|Utilities & Insurance ($500/m)||+$6,000|
|Total into the deal||=$607,635|
|Sales Price (ARV)||$800,000|
|Total into the deal||-$607,635|
|Selling closing costs (1.5%)||-$12,000|
|Brokers commission (6%)||-$40,000|
|Profit (if bought all cash)||=$140,365|
If you're not familiar with Edgewater, it is a hot neighborhood of Chicago, blocks from the Lake and the redline to downtown. There is currently a lack of inventory and I have realtors reaching out to me to have me let them know when we are getting close to finishing so they can bring in clients before the rehab is done. We are working on one in the area now, have this one, and another one under contract. Looking for more deals in this neighborhood.
The brokers commission is off by $8k.
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