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 about 6 years ago,

User Stats

12
Posts
1
Votes
Brian Oberholzer
  • Rental Property Investor
  • Coeur D'Alene, ID
1
Votes |
12
Posts

Cash out refinance needed for new motel purchase

Brian Oberholzer
  • Rental Property Investor
  • Coeur D'Alene, ID
Posted
I currently own 2 buildings next to one another with seperate addresses, both zoned commercial but structures considered SFR's. Each has 1 communal kitchen and 4 shared baths. They're set up like co-ops or dormitories, one has 14 rooms the other has 10. Very profitable, CAP rate growing to near 20% as I remodel and add rooms (about 50% there). Smaller building worth 220k, larger 300k. Owe 230k in a single loan seller carry deal, 5 year term at 6% interest. Both properties located in Coeur d'Alene, Idaho 83814. I'd like to cash out refi, maybe take 150k, and move money into a half remodeled 11 unit motel in 83814 for down payment and rehab. Motel selling for 500k, 5500 sqft on 1/4 acre lot zoned C17 with large common area and ample basement spaces. Worth easy 750k after complete remodel with potential to pull 200k gross rents yearly. Any lenders out there that can do both deals at reasonable terms? My tax returns show little and fico is 600 thanks to extended credit but getting better. Thanks!

Loading replies...