Real Estate Investments Submitted by our Members

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Date:  October 4th, 2024

Email
Myrealtorphil@gmail.com

Description
Owner/Manager seeks passive money partner to hold 4 unit and sellout as condos at opportune time. 

I have a 4 unit built in 2008. Plan is to split it into four condos once Obama museum is open and running . 

I am a developers specialist Realtor (sold out over thirty developments and bought this 4 unit building due to its prime placement to sell out as four condos ). 

Location is ideal - on the first block in Woodlawn / closest to the museum(by Mount Carmel). New homes on the block and condos next door. As condos now the duplex down appraises at 425k, and 3 simplexes $250 each ($1.2 sellout). Yes, the current sellout (if I moved tenants out ) is $1,200,000 but the real money is in the next wave up and holding it until then is painless. 

The current gross rent with leased professionally vetted tenants provides cash flow. The building is already improved and has minimal repairs. 

Owner/ manager/ contractor (me) wants a partner to hold it until we do condos and split cost of clean up and prep to sellout when decide it is time to release them to the market . Meanwhile , we keep it a four unit and collect cash flow (8% cash on cash return) and direct all cap-ex to be smartly spent and in line with what we need to do anyway when we go condo and sell. My plan is to wait for about 36-60 months when values exceed 1.6 to 1.8 Million. There is high probability 125 to 175 percent return here in 4 years or less and little downside. 

Capital needed approx $350k. 

Phil 312.953.6725