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Updated over 9 years ago on . Most recent reply
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Development Advice_NJ
Hello All,
I am new to BP and a relatively novice investor with 4 properties currently, two 2 family homes and 2 small commercial properties.
Commercial property A is doing very well, I have a solid amount of equity and cash flow. Commercial property B is doing OK, decent cash flow, but holds a lot more potential. Currently, it has a 2 family home and several parking garages that I rent out. However, I have already met with the building inspector in town and he agreed that I can put a 12 unit apartment complex on the property. This is in Montclair which commands very good rent.
I have a "day job" but really want to build my real estate portfolio in the coming years. I know this will be a big project and want to understand all of the ins and outs before committing any serious time and money to the project. I understand the basics of a construction to perm loan and don't believe I currently have the capital/equity available to move forward. I need a better understanding of the process and potential financing options out there.
Thanks in advance for any advice and resources, looking forward to becoming an active member of the community.