Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago,

User Stats

2
Posts
0
Votes
Cambria Smith
0
Votes |
2
Posts

FUNDING + DEAL STRUCTURE FOR SHORT TERM RENTAL - FIRESTATION

Cambria Smith
Posted

Hello,

I recently purchased a firestation from the city of OKC to rehab and turn into rentals.  It's a $1.6M deal.  I've got 2 banks who will fund the deal, however they say i need 20% down ($350k in cash or collateral + a guarantor for the loan for up to 3- 5 years).  I've been on the hunt for a partner/investor who can put in the cash/collateral in + guarantee the loan and offer a profit share up to a certain amount and buy them out after 3-5 years after they recoup original investment.
It is a unique deal also in that theres qty 2 rentals 2 bed/1 bath and then an urban glamping feature in the back with an accessory dwelling, igloo, airstream that sleeps 8-10.  it is also located 1 block from a brewery and music venue.

1. is this the best way to structure this deal if I want to keep and operate it long term?  If not, what do you suggest?

2. is this the best way to fund this deal? through a bank or would a business line of credit, private equity or? what do you suggest and do you have a contact of anyone who's willing to fund this deal?

Any other thoughts you may have?

Loading replies...