Looking for capital partner for 28-units in Columbia, SC
Hi all,
I came across a really good deal in Columbia, SC that is a value-add. Deal level IRR is 31% annualized and average Cash-on-Cash is 16%. It is 1.2million and needs another 250k in CapEx. I can get bank financing at 80% LTV, but would need another 550k in cash for the down-payment, capex, and reserves. All of my cash is tied up in 2 other projects and while I have significant equity in those projects, I can't access due to a variety of reasons.
Does anyone have any suggestions as to how to get the deal done? It could be a capital partner or aspiring syndicator. I am happy to bring on equity partners and open to preferred equity arrangements. I am happy to share my underwriting and a pitch deck with anyone that is serious.
Most Popular Reply
have you ever done a deal before or what is your experience?
this is a general comment not directed to you but to people who get statted
10% of something + experience of learning from someone with a lot of experience is worth a lot more than just nothing
i see many will say it's not worth the time or effort when getting started and to me it's shortsighted as they never get started because they want the cake and eat it too.
when I started I researched competition and was giving my partners more than everyone else - it allowed me to have more deal flow which easily made up for the percentage of equity I was giving up but more importantly it gave me a ton of experience that is the most importantly component for anyone in real estate
- Chris Seveney
