Compelling Investment Opportunity 39 Units…Looking for Equity Partners I am under contract for 39 units in East Chicago, Indiana. East Chicago is a blue-collar community served by multiple highway systems, commuter rail to Chicago and its own bus system. It has shoreline on Lake Michigan, a floating casino, an active marina and a substantial industrial base including the now-under-construction most advanced oil refinery in the country. We have excellent government financing @ 4% per annum with a 35 year amortization and no balloon) for 75% of the purchase price. All units have been completely renovated: New plumbing, new furnaces, new flooring (refinished hardwood where applicable), new kitchens, new electrical. They are solid housing units, nothing fancy, but renting for a price substantially lower than similar apartments in nearby Chicago, or for that matter, anywhere in the surrounding vicinity. Because of these attributes, we maintain above-average physical occupancy and, despite a low-income tenant profile, sufficient average collection rates to be able to generate a high cash on cash return on our cost of acquisition (including rehab).
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