- Joined
- Nov 29, 2017
- Messages
- 6
REIN Members,
I own a vacant site in Vernon, BC. Value of $260K with another $25K of planning/permit expenditures incurred. Land is currently owned clear title. We have a 5 unit rental apartment building designed with the development permit package sitting with City of Vernon. Our current partner would like out to invest in something higher risk, as we have other rental buildings in our portfolio. For that reason, I am out to market to take them out with a new partner. We are currently confirming/negotiating servicing requirements as a part of the development permit. The outcome of these negotiations will dictate the final building plans. If we maintain the 5 unit building direction, the project requires a total of $325K cash. If we simplify and go with a duplex, it requires more like $250K cash. Investor would be a 50% equity partner and we would own together as tenants in common. The JV term would auto-expire after the end of the first mortgage term, making it roughly a 6 year term from today. At that point we would have the option to re-invest or sell off. Typically an investor in this model will put up all of the initial cash required, but we may be receptive to negotiation depending on specific circumstances. Returns on this model typically land between 20%-30% per annum for the investor. Reach out to Matt @ 250 306 8541 OR [email protected] for details.
Thanks!
I own a vacant site in Vernon, BC. Value of $260K with another $25K of planning/permit expenditures incurred. Land is currently owned clear title. We have a 5 unit rental apartment building designed with the development permit package sitting with City of Vernon. Our current partner would like out to invest in something higher risk, as we have other rental buildings in our portfolio. For that reason, I am out to market to take them out with a new partner. We are currently confirming/negotiating servicing requirements as a part of the development permit. The outcome of these negotiations will dictate the final building plans. If we maintain the 5 unit building direction, the project requires a total of $325K cash. If we simplify and go with a duplex, it requires more like $250K cash. Investor would be a 50% equity partner and we would own together as tenants in common. The JV term would auto-expire after the end of the first mortgage term, making it roughly a 6 year term from today. At that point we would have the option to re-invest or sell off. Typically an investor in this model will put up all of the initial cash required, but we may be receptive to negotiation depending on specific circumstances. Returns on this model typically land between 20%-30% per annum for the investor. Reach out to Matt @ 250 306 8541 OR [email protected] for details.
Thanks!