Ohio Hard Money Deal - Close

780

2 deals

Ohio

In 2019, I raised $100k from my network to invest in my first property in Northeast Ohio, a 30 apartment complex of which my group has a partial equity stake. This is a passive investment where I helped to raise money for the project, including capital of my own. The apartment complex is expected to refinance in Q4 of 2020.

More recently I have partnered with the aforementioned individual that's leading the management renovations of the a apartment complex to purchase my first single family home. This property closed earlier this month and is currently underway with the goal of renovating and refinancing in the next 3 months. I'm a 50% equity partner in the deal were I raised $150k from my network in the form of a promissory note.

My partner, along with these two properties, has five additional properties that are currently under renovations or have been refinanced in the last year. Over the next 12 months our goal is to complete 6 renovations and refinances on SFH homes in the Cleveland area with purchase prices ranging from $100k to $150k and rehab typically ranging from $20k to $75k.

My background is in accounting with my CPA license, a good source of income from my primary job and a high credit score if that helps anything. I'm reaching out to several lenders to see what kind of financing options can be provided. While I have the ability to raise money from my private network and will continue to do so; I also see the necessity to have hard money lined up as deals that meet are selective criteria are discovered.