UPDATE: As of today, there is only $35,000 left to possibly invest in of the $40,000 goal amount as we have recently raised $5,000 offline. We greatly appreciate the anonymous donations received, but if we don't know who you are, we can't get you your 50% return when we start paying everyone back starting 11/1/2016. Reserve your desired investment amount early to ensure your
participation and the full profit share you would like to make.
have received numerous inquiries indicating interest of investing half
and full amount of the remaining goal amount, so get your investment
amount in before all remaining slots are taken. Good luck, we look
forward to working with you!
This listing is for an investment opportunity for the right private money investor(s) for investing up to $40K into our project so we can finish the rehab on the final 20 units we have left to do. As we are currently working on raising private money through a few mediums, this listing price may change to reflect the remaining/decreasing balance we have left to raise at the moment, unless we reach the full amount and end the listing. We have many prospective tenants desiring to rent our units, but we can't get them done fast enough due to financial constraints as mentioned below. We would like to get them all done as soon as possible so we can get to 100% occupancy and not have these apartments sitting vacant, not generating monthly rent income.
My Fiance and I purchased this vacant multi-family 28 unit apartment complex in Radcliff, KY back in September of last year completely vacant. Part of our strategy to complete the rehab of the apartment units was utilizing my eBay business/sales of the auto parts I have been successfully selling for the last year and a half back in California where we are from. We have now made Radcliff and the project here our new home, managing the complex and the rehab along with filling the apartments with new tenants that will be our neighbors. I have 7 years of prior experience renovating and managing larger apartment complexes for other owners, with great success. Being in Radcliff, KY has created different unique regional challenges for my eBay business that haven't been conducive to make as much money over the last 6 months as we had hoped and we are falling short on funds to be able to finish this project through to 100% complete, so we are looking for private money investor(s) to help us bridge the gap. As we are not looking to give up part ownership in the building, we have decided to pay any investor(s) taken on a large 50% return on their investment instead. The amount needed to finish rehabbing the remaining 20 units is $45,000, which is what we are seeking. We have got our rehab costs down to $2,000 per apartment, which is pretty amazing, especially for the quality level or remodel work we are performing. We have been able to do this because we provide room and board as most of the compensation for our 3 workers we have working full time on our project until the project is 100% complete and 100% occupied. We are creating lots of sweat equity in the complex through the rehab process as these renovations are complete from floor to ceiling with all new paint, vinyl plank hardwood floors, carpet in bedrooms, stainless steel fixtures & appliances throughout the apartment (see above for sample after photos of an apartment).
The time frame to pay back our investor(s) can end up being as short as 6 months or as long as 18 months, so we are looking for the full 18 month commitment should we need to operate under the longest case scenario. ALL MONIES WILL BE PAID OUT ON A FIRST IN, FIRST OUT BASIS, so those investing at the beginning will be receiving their principal + interest payout soonest, decreasing their wait time to get paid back, making your rate of return on investment even stronger for those who invest early. We have several different contingency plans to pay back our investor(s). They are:
1. We will be completing our refinance on our 1 year anniversary in September. As there will be lots of sweat equity, we will be able to pull equity and use part of it to pay back our investor(s) by October after the refinance is complete.
2. We have been renting our units out as we complete them, people love how gorgeous they are turning out, we even take deposits on upcoming apartments we are working on, pre-renting them before they are complete and ready for occupancy. After confirming rents and operating costs, we estimate that we will have a positive NET cash flow of $4,500/mo. which can be used each month towards paying back our investors within 18 months.
3. As our building is
getting very popular in the community and we are getting many leads of
prospective tenants (approx. a couple dozen inquiries per week at this
time), we have created a move in special. If a prospective tenant can
pre-pay 3 months of rent, we give them their 4th month FREE. The
pre-payment amount of the rent pays for the up front rehab costs per
unit. We have already done this with some of the tenants we have now.
If we can focus on those prospective tenants who are interested in this
move in special, then we may be receiving all the rehab costs right
back, long before we even get to the refinance.
ADDED BONUS: What we are doing here is big, certainly much larger than ourselves, in the sense of for the community and people's way of life for everyone choosing to move into the building. What we do impacts communities, even outside of the building by bringing quality renters to the neighborhood, as well as setting a new standard for other complexes in the community to strive to keep up with and improve their apartment units they put forward for new renters as well. The rental community benefits from our efforts as well and the city we live in as we bring in quality renters, potentially paying more rent for a better place, increasing the values in the community and the revenues for businesses in the community as well as the city with increased tax revenues. I've built an apartment community once before, and observed the radical change in the overall community over time in the process. Within our complex's community, all the tenants were happy about the quality of tenants I put in the building, with people from all walks of life, religions & cultures who shared the same common goal as we had, of respecting and accepting of one another and caring about the building and the people in it to help to peacefully co-exist and take care of it like it's their own home. Everyone deserves the right to a happy home life, here we try to help guarantee that way of life for each tenant. Subsequently, we are like a "safe haven" for those that have dealt with problematic apartment issues, landlords, neighbors or neighborhoods. Being a part of this project and creating such impact and change is really special, even for an investor. You will continually be updated not only from an investor stand point about our progress, but also as a member of our community movement. We will be publishing a status report/news letter for our investor(s) as we will have your email address. We haven't decided yet if we will be publishing these reports weekly or monthly, but I suspect weekly or twice a month, as much can happen in the course of a week. You will be learning of the progress we are making, the projects being completed, the new tenants coming on board and a little about their story and why they selected our home as their new home. Investors are also welcome to stop by the complex and I can take you on a tour to learn about the project and community you are helping to build and have a part in something larger than yourself.
this ad is up, we are still raising the monies needed. We may change
this ad at any time, decreasing the amount needed down from the original
$45K goal (45 units available) should we find some of our desired
private money along the way before these are all committed for here on
eBay. Once you place your order however, we are committed to you and
you are committing to us, so if you can get in on this while it lasts,
your are guaranteed your 50% rate of return on your money and we will
see it through to the end with you.
ALL MONIES WILL BE PAID OUT ON A FIRST IN, FIRST OUT BASIS, so
those investing at the beginning will be receiving their principal + interest payout
soonest, decreasing their wait time to get paid back, making your rate of return
on investment even stronger for those who invest early.
We are only accepting $40k maximum at this high rate of return commitment we are offering. If you would like to invest the full $40,000, add all 45 items to your shopping cart and make your purchase. We will then contact you directly to coordinate how to receive your investment funds through Paypal, etc. This ad can serve as the contract as well as us providing you with an outlined contract for both parties to sign and have copies of. The property address is: 1390 S. Wilson Rd., Radcliff, KY 40160