Updated over 19 years ago on .
Escrow funding needed/100 unit rehab
Do you know of any investors that want to Joint Venture on an 100 unit rehab project w/ my investor in Birmingham, Alabama. He needs $8k for the earnest money, about $150k (maybe a little less) down payment and closing cost. He wants to submit a contract on the apartment building by next week. The seller will not accept a contract without earnest money and proof of funds. The sales price is $900k. It will need about $500k (I have not got a quote yet on repairs, this is a estimate) for repairs. There are about 15 buildings in need of HVAC, electrical and plumbing. The exterior improvements will be siding, painting and roofing. Apartments in the area are selling for $20k - $26k per unit. The investor wants to rehab and sell. His exit strategy is to get a management company and lease the units (2/1) for $450 - $550 a unit. This property will not last long. Time is of an essence. Serious investors only please!!!
william
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