Looking for Private Money Lender on apartment complex in OKC

I have a complex i'm trying to buy in Oklahoma City. The complex is a c plus to b minus complex.
 
The complex is half rented and needs the other half of the complex to be renovated. 
 
Here's the numbers-
 
1 million dollar purchase plus rehab of $224,000
 
Across the street has a 98 percent occupancy year round and our current building has a 100 percent occupancy for units that are rentable.
 
30- studios at 450 a month = 13,500
35 1 beds at 550 a month = 19,250
35 2 beds at 600 a month = 21,000
 
That gives us 53,750 gross income a month.
 
So with 53,750 gross monthly income our expenses will be as follows (monthly)
 
1- property management 8% of gross income = 4,300
2- payroll, maintenance salaries= 5,500
3- taxes = 1,000
4- insurance, utilities, water= 9,000
5- material for repairs = 8,000
 
These are estimates from the owners expense sheets along with property managements estimates. So the expenses = 28,800 per month
 
53,750 gross income minus 28,800 per month = 24,950
 
I think there's plenty of room to make this deal work. I've got half the money to put down and renovate. I'm looking for private investors to cover the other half. All investors will be on the 1st deed of trust.
Investors will be paid 15% per year on their money with a 1 year minimum investment. After 1 year investors have the option of being bought out.
 
Thanks
 
Dustin Rose

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Comment by Bernard R Woodson IV on March 24, 2014 at 12:06pm

Dustin,

Give me a call or email me about this project. This looks like on we can get done for you. Bernard.woodson@gmail.com or 443-572-1572

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