Seeking a Commercial Private Investor

[TommyOH]

Just for reference, I asked Dan where to put this and he said where ever I thought it fit. Since it has to do with commercial real estate, here it is. And yes, it's in Cleveland, OH.

Commercial Rehab Project
58 Unit Apartment Building
Vacant
Short Sale from a bank.
Total cost of Acquisition and Rehab $900K - $1M
Average Market Rent $ 500.00
Times 58 Units = $ 29,000.00/ Month
Times 12 Months $ 348,000.00/ Year
Minus area vacancy (7%) $ 323,640.00
Minus Expenses (avg 50%) $ 161,820.00 NOI
Value by Income approach $1,618,200.00
NOI $ 161,820.00
Debt Service (12% Int. Only) $ 120,000.00 <--- Example Only
DCR = 1.35 when complete
LTV% of Completed Project = 61%

Plan is to acquire, rehab, and start renting within 1 year. A professional Property Management Company will be hired to manage the property. Then following 1 year of full books, either sell or refinance and cash out investor. If you are seriously interested, please contact me ASAP to discuss terms and possible scenarios.

tom@aroollc.com OR
440-308-4541 (cell)

[Dan Auito]

Cleveland is hopping Tom. I can see that place being rented to full capacity in short order with traffic and travel times getting worse by the day around there.

I hope you find that partner, I'm confident in your abilities to make some real profit on this one!

[TommyOH]

Thanks Dan. Yes, with our record foreclosures and the traffic and travel it will be a high demand area. I'm looking at a possible 5-600k profit which I'm not against giving an equity split of.

Since this is my home REI board I wanted to post it here first and if no one is interested I'll post it elsewhere in a few days or so.