OfflineWe have an apartment building available in Buchanen Mi. It's available at .55 or .58 on the dollar, and has some duplexes on the property that can be sold right away to make a quick 500k. If interested please reply. If you have buyers looking for apartments, we find lots of cash cows, and have rehab crew to do the work on any properties needing it as well as management company in place to take care of properties needing that too.
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How many units, and asking price?????
How many units
A,b,c class?
Occupancy??
Pm me with a little more detail, specifics.
ty
Robert
that was quick. for interested responses in 30 minutes! Gotta love this place.
peace,
Dana w/ Crossroads Solutions LLC
http://www.DanaLeigh209.com
http://www.DanaLeigh209.net
http://www.ULostThis.com
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I am direct to the VP of a $100 million dollar open-ended debt and equity fund which actively writes checks to fund businesses with an EBITDA of at least $1 million a year. We fund also have access to up to $500,000,000 for the purchase of distressed real estate, specially commercial $7,500,000 and up.
Anne,
Here's some numbers on the complex. I've attached a spreadsheet with the numbers for Doug to review. Tell him it's located in Buchanan, Michigan, which is in southwestern Michigan, about 15 minutes from Notre Dame. I don't think he can pull college students that far out. However, rent rolls are higher in South Bend and that would help Doug fill these units, as the rents are slightly lower in Buchanan. It's also important for Doug to know that he can increase the rents because of the rehab and shouldn't have a problem filling them. Some of the units are renting at below market value as it is. I believe Larry's selling it because he has another project he's working on and will need the money to rehab the other project. He bought it from a bank. Here's some details:
- 76 unit Complex on 16 acres. It use to be 91 units, but someone took some of the smaller units and converted them into 3 bedroom units. So Doug can rehab these units and turn them back into 1and 2 bedrooms, to maximize profit.
-There are some other buildings on the property as well.
Info on extra buildings:
1 Building – Maintenance and Office incl 2 stall garage and office est 40,824Sq ft
1 Building – Laundry 34*24 Condition of equipment unknown
2 Sheds for maintenance
6 Sheds Come with Single Family Houses
2 Duplexes built in 2009
4 single family homes - 3 bed/3bath
Building with 20 mini storage sheds
In 2001 $82,000 each was invested on 6 new SFR / per unit
In 2009 $100,000 each was invested in the each duplex / per unit
If Doug were to sell off the duplexes and homes, he could most likely sell these for $450-$500k. This would give him extra capital to use for rehabbing.
The rehab cost will run approximately $800k and the purchase price is $1.20M. So Doug can purchase and rehab the complex for 56% of ARV! He can also take the proceeds from the sale of the homes and duplexes, and use that towards the rehab costs, which essentially lowers his overall cost. Of course it depends on how you look at the numbers.The rehab numbers include doing a couple of the roofs that need to be replaced. The complex is valued at $3.6M.
Please be aware that I have NOT confirmed these numbers. I want to make sure that Doug is aware of that. I feel comfortable that Larry the owner, gave me accurate numbers but it's not guaranteed.
Larry and his broker Paul, would be happy to talk to Doug and give him more specific details. That might be the best way to do this. Time is of the essence, as Larry already has a buyer, but he's giving us the opportunity to bring in our own buyer.Please make Doug aware of that. I also have a trusted source that can do a BPO on the property, if Doug would like that done. We also can supply him with a rehab crew and a solid management team, if necessary. Because of the time factor, they will speak with Doug tonight, if he's available.
So let him know what we have and we'll see if he's interested.
Thanks and have a great night,
Scott
This is actually being sent to one of my buyers, but I thought I might as well offer it up if anyone else might be interested, however the seller wants to know tomorrow so if you have an interested buyer let me know asap
We decided to tell the seller to go with the other buyer because he wanted an answer by 10 this morning and we didn't think that was fair. We have another one that is similar to this one. Arv is 3.6m, but it's in Watervliet, Mi. Same distance from Notre Dame ( South Bend ) as the other one. If you want details, pm me with your email address so I can foward you the stuff when I get it.
We actually come across lots of good deals like these, and ccr ( cash on cash return ) of 20-30% ( after all costs ) but some of these will require quick decisions, and lots of these properties are such good deals buyers show up quick.
We have anything from 2 units up, like the 76 unit above. Sf as well if you have buyers wanting to work in Indiana market.
We have one buyer right now wanting a 30 house package, we currently have 12 for him.
are they on the MLS???
if you can find some that are not especially the larger priced properties, then that puts you in a better position to be in control
sometimes they are on the mls, and sometimes not. I will tell you though, even unlisted properties have a way of getting boosted quick. You have to be careful when dealing and work with buyers that are honest.
This property is still available after all. I have a few buyers looking at it, but if yours are interested as well I can foward it to you and you can show them, or however.
Check this out, I just figured the CCR for the property
as is curent rental income: 22.55%
after rehab 90% occupancy (conservative rents): 36.21%
after rehab 90% occupancy (market rents): 39.28%
the current rents are outdated, so you can see how the cash on cash return goes up with current market rents.
I guess if you have interested buyers just pm me with your phone number and my partner will give you a call since he is working directly with the seller.