General contractor LLC
im a GC and last 6 years I've been traveling and renovating apartment complexes. 20 to 40 units at a time, everything from make readies to total gutted studs in and studs out. My team on average can renovate 5 - 2 bed 2 bath units every 7 days, give or take. Also while there I would take over management and the daily maintenance, money ins, deal with washatirias and maintenance, so I know a lil something. Well I've got a property I'd like to purchase. Here's my scenerio, it's my first ever property, so any and all advice is muchly appreciated. The property is 20 unit. At 55 % occupancy, 11 units are currently occupied and bringing in $7000 monthly. I'd like to make an offer of $350,000, with a rehab amount of $25,000. The other 9 units I can renovate at record time, I can place tenants as completed. Within 90 to 180 days I can have it at 100% occupancy at $13,000 monthly. I don't really have a large downpayment but I do have a property that's free n clear valued at $107,900. And the estimated ARV is $500,00 +. Credit 695. I'm looking to cash out refinance as exit. 30 year DCRL. How to pitch this, who to pitch it too? Tia