A South Carolina Corporation, which purchases, renovates, rents and holds residential properties in small towns throughout SC, seeks a purchaser with strong financial backing to purchase manage and grow the company. A Great Opportunity for a person with investment capital. Also a father son venture allowing the son to become independently wealthy out of principal rather than just having a job. The owner, who plans to retire from the day to day operations of the company and other real estate ventures would consider staying involved as a mentor for the purchaser or may agree to provide some financial backing for new properties.
Appropriate asset value and purchase price $1,400,000 free and clear with projected scheduled gross income of approximatley $170,000 per year. Owner would consider cash, partial real estate exchange and some owner financing if necessary for a credit worthy purchaser or may sell a 50% ownership with a defferred purchase of the balance. A conservative business plan could produce $1,000,000 in new equity every 3 to 4 years on bread and butter housing which is relatively immune from the problems of the mid to upper end housing market we are seeing today. Can provide local manager to manage the corporation and aquire new properties for the venture.