Deal - Need Partner - Posted by Michele (MI)
Posted by Michele (MI) on November 09, 1998 at 19:26:20:
This same note has also been placed on the Players Club.
Received the signed PA today.
Buy house on 2 lots for 69K
Broker takes note for 3K
Sell Lot 18-22K (already started advertising)
L/O for 1 year $94.9K
Up Front Option Fee $3-$5K
Monthly Rent: $795.00
Positive Monthly Cashflow $125.00
The house needs approximately 5K in repairs. I have a completed spreadsheet with all the details.
The bottom line is we can split between $37.8K - $41.9K which includes up front splits around $21.6 - $27.6K.
This is the first time I am trying to do a partner deal, especially over the internet. But, I’ve put the deal together, (with alot of exit strategies), and I’d like to see someone put together a partnership deal here and share it with others. I am willing to do it.
I’ll do all of the leg work, renovation, finding a tenant/future buyer, and provide them the lease, option and purchase agreement, all you need to do is provide the mortgage and financing. We could ask Bill Bronchek (sp??)
to put together an L.L.C. for us.
Videoing the house in the morning and it will be on our website sometime this week EMail me if you need website mre@castleproperties.net. If you need to see pictures, I can E-Mail them.
If we can do this, I think this will really give a boost to this site. (not that it needs it)
Thanks in advance & looking forward to partnering,
Michele & Stuart (MI)