Seeking JV partner for Distressed Apartment Deals

I'm seeking a Joint Venture Partner for distressed apartment deals. I will find the deals, do the due diligence, perform renovations, work with property management to bring occupancy up.

You will receive 6% return on your money before any profits are shared of the yearly cash flow. Everything over that we will split 50/50. We will also have the option to flip some of these properties. The split will be 70/30 in your favor.

Here's an example of what the numbers would look like

I have a complex i'm going after in Oklahoma City. The complex is a c plus to b minus complex.

The complex is 104 units with 48 units rented and renovated and 56 units needing to be renovated and leased out.

The apartment units that are rented are 150-200 dollars a month under rent. There is a complex directly across the street. That unit is the exactly the same and there 1 beds rent for 700, 2 beds for 800-850 and 3 beds 995. The complex we're buying has 1 beds for 400 and 2 beds for 450. Our complex also has studios that are renting for 350 but should be renting for 450.

So here's the numbers.

1.2 million dollar purchase plus rehab of 56 units at 4k a unit = $224,000 renovation

Across the street has a 98 percent occupancy year round and our current building has a 100 percent occupancy for units (48) that are rentable. Let's say 100 of the 104 units are rented

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 at 53,750 gross income a month 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