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Updated about 5 years ago,

User Stats

57
Posts
71
Votes
Shane Craig
  • Real Estate Broker
  • Ashland KY
71
Votes |
57
Posts

Getting ready to refinance a commercial building. Any pointers?

Shane Craig
  • Real Estate Broker
  • Ashland KY
Posted

Back story on the building: It's a multi use building ( 2 commercial spaces and 2 apartments above the commercial spaces). However when I bought it the building wasn't making any money and the 2nd floor wasn't usable at all.

Without writing a book on what we have done to this building I will recap the main points. 

Bought the building this year ( $63K Cash) using hard money at 8% interest. When I bought the building it was in shambles the whole second floor was one space and was not functional( no plumbing, electric, heating or air, and a leaky roof).

Since buying it , we have rented out the front commercial space and renovated the second commercial  space and I'm using it for my real estate office. The whole upstairs is new( we tore all the plaster out, added installation, all new wiring with separate meters, all new plumbing and drains, new drywall, new drop ceilings, new flooring, new heating and air, and a brand new rubber roof). Since all the renovations we now have tenants upstairs in the 2 apartments ( 2 bedroom/1 baths).

I plan on giving the appraiser a detail document showing repairs, leases, utility bills, and a copy of the taxes.

Any pointers on anything else I should do? I'm trying to pull out as much money as a I can to re invest. 

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