We are looking to acquire, redevelop, and sell a 3 bedroom, 2 bathroom home located in the Chatam Hills section of east Boca Raton.
Boca Raton Home Redevelopment Summary
Amount To Be Raised
We are in the process of raising $535,000.00 USD to acquire and market the property. The transaction is slated to close on May 15, 2021. This includes all renovation costs, closing costs, legal fees and lender points and fees.
Deadline to Invest
As the closing is slated for on or before May 15, 2021, the deadline for investment participation is Thursday May 12, 2021.
- Property is fully renovated in luxurious style
- Fair market rent of $5,000.00+ per month
- Experienced real estate investor/developer managing the deal
- Project flexibility as there is potential for high-end AirBNB rental
- Projected 11%+ Cash-on-Cash return (not including re-sale exit)
- Purchase price affords us with a potential equity cushion of nearly $200,000.00
- See attached property information report by clicking here
While this deal is open to any and all private investors, we are using this offering, and others in the future, to allow people of color to participate in a real estate investment project with very little upfront capital with limited risk.
Potential Black and Hispanic real estate investors are often left to buying courses, hiring “mentors” and stuck listening to gurus that really don’t help them actually invest. Contrary to popular belief flipping houses is not investing in real estate.
There is an enormous disparity between the wealth of Black and White Americans. According to the 2016 Survey of Consumer Finances, the median White household has a net worth of $171,000, 10 times the net worth of the median Black household, $17,100.
It is our mission to help people of color bridge the wealth gap by offering participation in true investments.
Barry is a veteran real estate investor and burgeoning developer who has been involved in nearly 1,000 transaction sides in his 25+ years in real estate. He finds the deals, performs the analysis and determines the project strategy.
Robin Sing-Cunningham has been a licensed Realtor for over 20 years. She is with the firm SoFlo Homes of Weston, Florida. Robin represents Barry Cunningham Enterprises Capital Holdings and is the Buyer's Agent on this transaction.
Attorney Juan Perez
Juan Perez is the Founder and Senior Partner of J. Perez Legal, a law firm located in Cooper City, Florida. The firm is experienced in the handling of all types of real estate law matters. J. Perez Legal will serve as the Escrow Agent and Closing Agent of the contemplated transaction
Ross is a 31 year resident of Boca Raton. As we have a strong focus on the eastern Boca Raton market, Ross and his partner in the Cash Stern Group are integral in the initial acquisition process.
Payman Cash is a Realtor and partner in the Cash Stern Group. He's been involved in the investment and management of multi-family projects and is also engaged with foreign nationals who are interested in South Florida real estate investments and developments.
J.P. Micek & Janie Micek
Studio 818 works with developers in the design and build-out of new custom homes throughout South Florida. We will be retaining Studio 818 to design and manage our projects. Studio 818 will handle everything from the initial concept to turn-key construction management. They will also develop our design and manage the permitting process.
As mentioned above, flipping houses, while potentially profitable, is not true investing. The television shows try to make it look so easy. It’s not. Long-term wealth is made, and maintained, by investing in real estate projects that provide ongoing profit and tax incentives while limiting downside risk.
We are providing an investment vehicle for individual investors to participate in real estate investing while limiting their exposure while simultaneously seeing how the process is completed. And here in South Florida, a participating individual investor will be given access to arguably one of the hottest real estate markets in the country.
We are offering share unit interests in 1900 NE 15 Ave LLC to participating investors. We are offering 700 unit shares valued at $275.00 each.
According to your level of comfort and ability, you can buy 1 share or all 700 shares while they are available.
On March 13, 2021, we entered into a purchase and sale agreement to acquire the property located at 1900 NE 15th Ave. in Fort Lauderdale, Florida. Our purchase price is $490,000.00. We have estimated a total capitalization for the acquisition to be $535,000 which includes closing costs associated with the purchase of the property, offering / marketing costs, (for this offering and potentially other equity offerings), fees paid to attorneys, renovation costs, and operating and working capital reserves.
In the event that we have overestimated the total capital required, we intend to distribute any excess capital to investors. The closing of the acquisition is expected to take place by May 15, 2021.
Following the completion of the purchase and sale, we intend to lease the house and operate as a traditional rental unit. As the property is currently, successfully rented, we intend to make semi-annual dividend payments based upon cash available.
Source of Funds
Projected Mortgage Loans
Other Equity Investors
Investors from this Offering
Total Source of Funds
We expect to secure a first mortgage of approximately $350,000 from a private investor.
Use of Funds
Renovation / Updating
Offering Costs / Fees/ Marketing
Total Use of Funds
Return On Investment Projection
We think everybody, including people of color, should be able to participate in the growth and prosperity that real estate investment and ownership affords.
Investing in the 1900 NE 15th Ave LLC project is a very easy, cost-effective and limited risk project. This project is based upon the sale of 700 unit shares of $275.00 each. This pricing structure allows investment participation for any level of investor. You can buy 1 share or all 700 shares while they are available.
Participating investors will receive quarterly dividends from the rental income and build wealth (equity) through rent collected and potential appreciation. Participating investors will also participate in the re-sale of the property in their equity share when a re-sale is realized.
Based upon the projections shown herein, your investment would result in a return of approximately 11.3% based upon the ongoing rental of the property. The equity share upon resale will be determined at that time but will be in addition to your quarterly dividends.
Gross Annual Rental Income
less Management Fees
less Property Taxes
less Property/Liability Insurance
Net Operating Income
less Debt Service (year 1 at 8%)
Net Cash Flow
Projected Annual Cash-On-Cash Return
1900 NE 15th Ave is located in east Fort Lauderdale minutes from the awesome Fort Lauderdale Beach. The house is located less than 2 miles from the heart of Wilton Manors. Minutes to Las Olas, and the downtown entertainment district.
Immediate Real Estate Market Conditions
Property Photo Gallery
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