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$100,000 for 4 Unit, fully rented cash flowing. 1st position . Interest can be higher for 2 year or longer term, Cash out to rehab upstairs of mix unit building

Four Unit building located in Rockford Illinois. Clear title owned by my business, Moving Forward Properties Rockford LLC, I will include the lot adjacent to the building I own (two pins 11-21-232-015 &11-21-232-014) in this transaction as 1st position. I am looking for $100k to be loaned to my business. I prefer a longer time frame than one year and am willing to pay on an amortized schedule if needed, but interest only is preferred. Interest rate is negotiable
but willing to work within 10-15% range. If you are looking to park your money for a long term I am also willing to discuss a conventional type loan on this building.

The building is fully rented and cash flowing (check my pro forma attached). Two units are recently fully remodeled and self pay, two units are under HUD housing agreements that pay quarterly, in advance. I can provide leases and riders from HUD for current tenants (due to tenants personal info I will provide via serious inquires only).

New roof in fall of 2019. Painting exterior is schedule to happen this summer and deposit was made. I manage this building personally. See my profile for my background experience and credentials in real estate. The building is located on a corner lot across from an elementary school.

I am looking to cash out of this cash flowing property to remodel the upper floors of a mix unit I own in Rockford approx. 2 miles from this building. The mix unit upper floors are vacant, bottom remodeled office space is rented to Shelter Care since 2017.
I purchased these properties as part of a non-performing note portfolio I did back in 2017-2018. Winnebago County Treasurer's web site is still back in 2018 and indicates there are back taxes, which there are not. Feel free to call and verify. I am apparently challenged to zip my file so please email me for comps and pics.

Please call or email me to discuss this opportunity or any questions you may have.
Julieann Ferraro – Moving Forward Properties Rockford LLC
847-361-7664 / Ferrarojam@outlook.com

Property Information

Address
304 N Independence , Rockford, IL 61101
Property Type
Quad
Bedrooms
5+
Bathrooms
4+
Year Built
1928
Building Square Footage
3900
Lot Square Footage
6250 + 4989
Documents

Financials

Total Investment
100,000

Contacts

Phone 1

Author Info

Julieann M Ferraro

Member since 8 months ago
  • ferrarojam@outlook.com
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