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Updated about 3 years ago,
How would a lender value a property generating 32k a month?
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.