Ric Shorr
Powell, OH (USA)
Role(s):
Founder/Owner/Principal
Business Innovations, Ltd.
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Startup
Location:
Powell
Industry:
Real Estate
Year Founded:
2000
Number Employees:
1-10 people
Description:
We are a residential real estate investment company. We began in 2000 purchasing single family residences to renovate and resell, and also to develop long-term wealth by holding properties as rentals.
Through strategic business relationships, we are able to locate and purchase units at 30-50 cents on the dollar. The average purchase price of our units is 30-50K, require minimum updating - usually 5-7K, have an ARV of 75-100K and are located in decent working class areas with good rent rolls. No purchases are made in high crime areas.
We purchase and update all properties with our funds. Investors will then provide long-term funding to pay out our funds at maximum of 75% LTV based on current conservative market values.
We are looking for funding to purchase 40-50 single family homes over the next 12-24 months. These properties will be held for 2-5 years, then sold and rolled into 1031 exchanges to purchase large multi-family and commercial properties.
We are looking for a total commitment of 1-2MM with a minimum investment of 50K. Upon funding and closing on the loan, the Investor will be given a first lien position with no seconds or equity lines attached to the property.
If you are interested in obtaining more information, please contact us by email at your convenience.