Is this a good idea? Commercial

[Thomas Pollard]

Ok so I just started out (haven’t even bought my first investment property) and an owner of a 50 unit reached out to me to see if I could help him. It sounds like an amazing opportunity but I have no idea what I’m doing!

Here’s what I know:

Building is 50 units.

Construction has already begun and is 37% phase one complete.

Current appraisal is 977 000. As of (Dec17/2020)

Expected complete value is 3.8 mil.

One private money loan of 300k in first position on property.

Needs 2.6 to complete construction.

9 units pre leased.

I told the guy that I was just starting but it sounds like a good opportunity so I would reach out to some people. What better people then the BP community!

You can check out the building at lemajestique.ca and I can try to answer any questions you have.