I'm a realtor investor and I have a lakefront property under contract on the famous Great Pond, Belgrade, Maine. Great Pond is the lake that inspired "On Golden Pond" and is a highly sought-after vacation destination. The property is just under 8 acres with 275 feet of lake frontage, the main home plus a small cottage and is sub-dividable by an additional two lots for future development. Although it's nestled in a few acres of woods, it is not rural as it is 0.3 miles from town and 17 miles from the State Capital of Augusta. I looking for an equity partner who can show $350,000 in reserves and can put down $280,000 at closing and carry the debt service. The exit strategy on this property is a Fix and Flip. With the two existing units, it would make a fantastic STR while the rest of the lots are being developed!
PP: $962,500
Rehab: $300,000
ARV: $1,7000,000
We are offering an equity partner the first $100,000 of profit plus an equal split of the remaining profits and an opportunity to be involved in the development of the two additional lots in the future.
This is the 2nd rehab and STR we will have completed in this area in the last two years plus an additional property in Las Vegas. We have a few contractors lined up with quotes and availability to do the rehab over the winter. I have full details in a prepared deck.
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