Another J/V between a B.P. member & The Holton-Wise Property Group.
I am sure by now many of you are familiar with The Holton-Wise Property Group and what we do out in Cleveland Ohio. If you are not familiar with The Holton-Wise Property Group please check out the following.
Passive cashflow. Have helped many Biggerpockets members invest in Cleveland Ohio Real Estate.
Can work with you in several ways.
-Rental Properties from the MLS-
-Secured Debt investments-24-84 month terms. We pay up to 12% APR-
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Click here to see the numbers of many of the buildings in our portfolio
We are pleased to announce that we just closed on another apartment building with a bigger pockets member as a capital partner.
This 11 unit apartment building is located in Brooklyn Ohio.
(West side suburb of Cleveland Ohio)
- 10 Studio apartments.
- 1 One Bedroom apartment.
Awhile back I wrote a blog about a GURU seminar that The Holton-Wise team attended to get some inside information for the members of bigger pockets who may have been considering paying for such a seminar. In case you missed it
@Tom Ziebro a bigger pockets member who was originally from the Cleveland area and is currently living in Maryland saw this guru blog and connected with us. He liked the $635,000.00 deal we put together late last year.
After discussing how our Joint Ventures work Tom and The Holton-Wise Property Group decided to take the plunge and do a deal together.
The Holton-Wise Property Group ownership stake: 50%
Tom Ziebro ownership stake: 50%
- Unit 1 $475.00
- Unit 2 $415.00
- Unit 3 $415.00
- Unit 4 $415.00
- Unit 5 $415.00
- Unit 6 $415.00
- Unit 7 $415.00
- Unit 8 $385.00
- Unit 9 $415.00
- Unit 10 $395.00
- Unit 11 $415.00
One of The Holton-Wise Property Group's preferred lenders lent out $203,000 @ 5% interest. 15 year term, fully amortized. The Holton-Wise Property Group and Tom Ziebro are splitting the costs of this bank loan 50/50.
All repair and maintenance is handled by The Holton-Wise Property Group and these costs are also split 50/50 between The Holton-Wise Property Group and Tom Ziebro.
Tom Ziebro contribution
Tom Ziebro put up 85% of the down payment in cash. $57,587.50
The Holton-Wise Property Group contribution
The Holton-Wise Property Group put up $16,463.90 in cash.
15% of the down payment in cash. $10,162.50 and another $6,301.30 after closing. This was the real estate commission earned by acting as the buyers broker.
The Holton-Wise Property Group is handling all of the property management duties at it's own cost. This means the joint venture partnership does not take on the burden of management fees, leasing fees, inspection fees etc...
The Holton-Wise Property Group also negotiated that the sellers pay $8,130.00 towards our closing costs.
If you are interested in passive real estate investing in the Cleveland Ohio market please visit our site www.HoltonWisePropertyGroup.com for more information.