Updated about 6 years ago on .
The Road to Closing ...
Hello all,
I just got a 22 unit apartment building which had two very large warehouses attached to it. (Apts upstairs, warehouses down).
The building was being operated as a community almost commune ... so suffice it to say, the rents are well below market. The area is in the very 'hot' downtown OKC. My plan is to upgrade the rentals, re-purpose the warehouse into an event space, which will create a significant value add and ROI. The issue I am having so far is ... what type of loan should I get? Current rents, it doesn't cash flow well. Due diligence will be a challenge as well since they don't have leases on the tenants and most are month to month. I see the upside potential which looks fantastic. Long road ahead ...