All Forum Posts by: Joe Mueller

Recently purchased a great deal in Carpentersville, IL and are looking for private funding to move on to the next opportunity which we are closing on January 14th (next week) so I am posting our needs regarding a "BRRR" that my partners and I have already purchased and would be interested in learning what the BP Nation can offer. The specifics of the home are as follows:

The address is 118 Mora, Carpentersville, IL 60110 and the Purchase price was $85000 from the Kane county, IL sheriff's sale.

Value as it sits is $110000 (as-is)

Rehab amount needed is $35,000

The property needs cosmetics, kitchen, and baths but the bones of the home are solid and will command $1400 a month in rent once completed.  It has 3 beds, 2 baths, and a full finished basement.  It also features a 2 car detached garage.

After repaired value is $165000.  Rental value once rehabbed is $1400 per month.

Property is currently held in a privately owned LLC, no additional assets within it.

@chrisdavis, @scottschier, and @joemueller are the managers and members of the LLC.

The membership collectively owns over 75 properties and the rehab project is currently being managed by @chrisdavis who bought, rehabbed and sold over 15 properties in 2015.

All 3 of us are full-time investors with a goal to increase the size of our portfolio this year.

All members of the LLC have a 750+ credit score.

We are looking for $115000, a 69% LTARV (loan to after repaired value) with a 12 month term with no prepayment penalty. Your investment is safe with us...

Would prefer a simple interest rate with no points, but can accept some points within moderation for a great rate.

Whatever balance that is needed after your net loan will be provided by LLC Members

Our business model and request entails a 12 month term and a refinance with a large regional bank that we have utilized for financing over 20 properties in the last 2 years.

It would be appreciated if any interested parties would send me an email describing specifically what you can provide for me for this project. I realize that you are only giving me your best estimate until you can know more information, but I would like a close approximation. You can send multiple concepts at different amounts.

Please email me directly at [email protected].

Thank you in advance for your consideration, we are looking for funding to be provided by 1/12/16.

please add me as well thank yoy

just PM'd you for more info on this. 

Thanks 

Jor

Hi Daniel:

Where are these properties located?

incredible idea and extremely generous!

sounds like the contractor is doing the right thing and taking care of the issues. Perhaps the contractor can re-use the new windows in another project?

Hopefully your project works out. 

Those historical Windows (and homes in general) can sometimes add unforeseen expensive hiccups. 

boom!