Mark Sorensen

Weston, FL (USA)
Role(s):
Founder/Owner/Principal

Motherworks

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Location: Weston
Industry: Real Estate
Year Founded: 2004
Number Employees: 1-10 people
Description: Foreclosure Properties. Acquire, rehab and resell. We look for homes between $70k and $120k. The most active resale market is between $120k and $200k. The homes we acquire are at least 50% below market value based on comparable home sales in the area. We screen the properties up front, have contractors that take care of the improvements and upgrades, realtors to market the property, and a hard money lender that funds 60% of the acquisitions at closing. There is a good inventory to choose from and demand in this price range - a great opportunity, and we are looking for investors to be able to fund up to 10 properties at a time. The typical transaction is about $100k invested in one property and runs about 3-1/2 months and can continue to be reinvested during the year. The return to the investor is about 7% per transaction - or a little better than 20% for the year as we reinvest and complete at least three transactions per year. We are looking for $300k per month - to be invested in 3 properties per month on a continuing basis. We would need to have the funds available for purchase agreement but would not draw the whole amount all at one time. For example, the investor would open a CD or provide a standby letter of credit to our bank pledged in our favor, and we would then borrow against those funds as collateral at a favorable interest rate. I'd be happy to provide more details. You can reach me by email at (URL removed) or mobile at (Phone # removed).