Jim Perno
Bayonne, NJ (USA)
Role(s):
Founder/Owner/Principal
Rehabitats LLC
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Startup
Location:
Bayonne
Industry:
Real Estate
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
Buy REO properties, repair, rent, flip. We are looking at our 5th deal. We have sold one for a nice profit, rent one with an option to buy and also a nice cash flow. The other two are rented with a good cash flow and on the market to sell. We have a signed contract on a 4 family that will cash flow at about 15,000 after debt service of a 6% loan over 25 years. Bank said we are not liquid enough and turned down our loan request of $105,000 plus $20 in rehab cost. Looking for an investor that would be interested in the deal with a buyout in 1 year.