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Updated about 3 years ago,

User Stats

16
Posts
12
Votes
Hope Fick
  • Real Estate Agent
  • Warrenton, MO
12
Votes |
16
Posts

How would a lender value a property generating 32k a month?

Hope Fick
  • Real Estate Agent
  • Warrenton, MO
Posted

So here’s my situation.

I recently bought a hotel, and converted it to efficiency apartments. 

It has a common area, and a courtyard that is still being worked on. The rooms are finished and occupied. There are 43 rooms in total. It’s generating about $33,000 a month, $21,000 after all expenses. My plan is to use a big chunk of that to do more community development.

I’m also considering refinancing to pull more money out of the building. Have about 500k in it so far. Closed 3 months ago. How long do I need to own it and how would the bank value the building?

My goal is to get more long term housing options in my community. 

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