Found a fantastic value-add deal in NC- Looking for an investor!
Hey guys,
I have located a fantastic value-add opportunity in Western North Carolina (in a ~10,000 student college town) for a single-family property that has tons of potential. Just a quick run down- It's a 2 bedroom house built in the 1970s but has adequate room and the necessary features to add 2 more bedrooms and turn it into a 4 bedroom property. The property will be used as a student housing rental. My partner is our construction manager so our rehab costs will be as low as you could possibly find on any deal. I have run the analysis on the property and it is a cash flow monster.
The total amount to put the deal together is $170,000. That covers purchase price plus renovations on the property for the BRRRR method. So my question is, does anyone know any private investors in the area (or yourself!) that would like to come in as a passive investor on this deal? We could negotiate how the deal is structured but currently I'm looking for someone who could loan the purchase price plus rehab cost up front, carry a secured note for 12-18 months, and will be paid back in full plus whatever interest rate on the loan that we can agree on. An attorney will work up the contract between us so that any investor knows that we operate completely above board!
If anyone is interested in hearing more about this deal let me know! I have been purposely vague in the descriptions, but if someone is genuinely interested in partnering on this deal then we can do a deep dive into the numbers together! I am currently finishing up graduate school in Washington DC but my partner lives around the Asheville, NC area, so he is our boots on the ground team member at the moment (I'm also from Asheville!)
Message me on here if you are interested in hearing more about this deal. Thanks!