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Updated over 8 years ago on .

User Stats

23
Posts
2
Votes
Isza A.
  • Chicago, IL
2
Votes |
23
Posts

Newbie in rehabbing

Isza A.
  • Chicago, IL
Posted

I became owner of a mixed used 3 unit building. The first floor is commercial and has a tenant but the 2nd and 3rd floor are apartment  and needs total rehabbing. The 2nd and 3rd floors have two separate apartments on each floor. The building has no mortgage. I do not have the finances to rehab it and would need a loan, but I don't know how to go about to get financing to rehab it. From talking to contractors, I need about $270k to rehab it. I tried to get a loan from banks but they do not give rehab loan. The building is worth about $250k right now. Would appreciate your input on where or how to start?