Developer In Michigan Lost Partner, Needs New One!
My partner ran into personal financial problems and I had to buy out his 50%interest and due to slow sales in my area over the last year, I am having a difficult time staying current with interest payments to the bank.
I am looking for a new partner with new money and or credit to invest in a 66 unit single family condo development started in April 2005, all lots and common area are 100%, with 24 units currently sold and owner occupied. I have 42 lots left, I am the exclusive builder of the development. Average lot sell is 53,000/lot , Retail value of $2,226,000, Bank note of $1,446,900, Equity of $779,100. Building profits average 25,000 -35,000 per unit for a additional profit of $1,050,000.
This is a great opportunity for the right person that can help me through this slow time, who knows how long it may last but one thing for sure is it will get better again and even though some profits will be eroded by interest payments, there are still substantial profits to be made. Please let me know if interested, I can be contacted via my profile.
By the way this is my second development, the first one was 78 units started in 2001 and built out in 2005 and I have been a licensed builder since 1998.
NOTE: According to our stats, MI is the number 2 state for declining area prices.
I have buyers looking for builder/developer portfolios at 63% or better. Min of 30 homes. Would like new build, upgraded specs if possible.
Condos and townhomes need to be @ 56% or better.
Please contact me if you are direct and have inventory.
Thanks,
its going to be really hard to find somebody to invest in that www.area.i have a friend who has 11 unit condo there and its going www.nowhere.really no jobs(which they were talking that they going to bring more job openings to that area but like you know too they didnt)
i hope you have a great deal to find inverter for that.