Rehab Partnership Proposal
I have been trying to attract money partners to invest in my Rehab Specialty Company. So far I‘ve only received feedback from Investors that are looking to steal the properties I have available and cut me out. Can someone give me some advice on how I need to go about finding investors that wants to make a decent return and grow with me in developing this company? My proposal is very attractive I am looking for an investor for the initial cash investment. The initial cash investment will be use to show my lender that I have reserves in the bank for the repairs, the appraisals and the earnest money for the purchase of two rehabs properties in the state of North Carolina. I am willing to have an attorney draw up a promissory note specifying the terms of our partnership. The investor would provide the initial cash to get the project started. I would put the properties under contract in both our names. I would use my credit to purchase the two rehabs properties with the hard moneylender and my partner will share a 50% interest in the deed of the property until it is refinanced and all proceeds are shared 50/50. I would take full responsibility for the payments and the maintenance until the property is refinanced. I would then hire the contractors to make the necessary repairs; once the repairs are completed the hard moneylender will then reimburse the cash used for the repairs. The Investor will be reimbursed the initial investment paid in full. I would then have an appraisal do another appraisal report showing that all repairs have been done. I would then refinance the property, and pull as much equity out as possible and split the proceeds with my partner 50/50, after all proceeds have been paid the Investor will be release from the deed. The only role I will need the partner to play is to provide the upfront working capitol. All of this can be completed in less than 90 days, I’m certain of this because I have been organizing this type of project for others for many years and only receiving a referral fee and now I would like to partner with someone so that I can expand the business. I have most of the essential resources to operate this Rehab Specialty Company, I have the lenders, the contractors and the properties, my only problem is the upfront working capitol needed to get the project started I have a great exit plan with out an entrance. I look forward to repeatedly offering great investment opportunities to any investor that would be willing to give me a chance. I also look forward to working with them.
Thanks
Bizzylady
Greetings Bizzylady,
Have you considered just getting an unsecured credit line? If you’ve had any kind of business for 2 years, you can get a $50K line with no documentation. All you need is a 680 FICO.
Just a thought.
Unless there was a test done and it came back as mold, you do not know that it is mold. Fix the water problem, repair all the drywall and insulation and disclose that there was water intrusion in the basement which caused you to replace all the drywall and insulation.
I disclose , I bought a home with similar problems for 100K.
ARV 190 with or without mold.he field of buyers may be a little narrower but not enough to keep me from selling it for full value after disclosing and repairing the damage.
Good Luck!
[addsig]