HEDGE FUND BUYER - UNLIMITED BUYING POWER
ATLANTA GA - new fund that is looking to spend $100MM in the next 2 months. Please let me know if you are getting properties that may make sense. Criteria is below:
Rentals:
-Must be a 3/1.5 or larger
-Not in a flood zone
-Not on a double yellow
-Must be within 2 miles from each point on the census map (They are excited about some areas and will go further)
-Carport/garage does NOT matter
-Tenant occupied/Section 8 is ok as long as they're paying market rent
-There is NO cap on their rehabs (This is their competitive advantage)
-Must have 3 sold and leased comps to show value
Flips:
-Doesn't matter where
-Doesn't matter what style
-Rehab amount is un-capped
-Their only criteria is to make 15% NET on each flip
-They WILL do additions
-All-in max is 1MM... This leaves all of Atlanta as fair game
Contract Terms:
-7 days DD
-1,000 EM
-Close in 14 Days
This fund will be super easy to buy for. They have to spend $100MM by December 31, 2018 or they will lose 1/4 of their funding. So in reality, there is no cap to the amount they will buy, but rather a floor.