Mixed Use Investment Property Face Lift in New Hope PA Help Request

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Mixed Use Investment Property Face Lift in New Hope PA Help Request

Yitzchak Eliezer ben Chanan
Member since 2024 · 6 posts · 3 votes

Hello,

I have a property that I am giving a face lift to (siding, new windows, partial roof, and new flooring. I am debating on taking a 2nd mortgage out or paying in cash to fix it. After the fix I want to put it on the market so I can pursue other real estate opportunities. The tenant in the apartment above the storefront is staying and the current tenant in the storefront's lease is up. I can cover my mortgage but are there other ways of financing this project without burning my cash reserves? Also, in terms of flooring for the storefront what material would be best in terms of money and quality? I appreciate any advice and guidance on the matter. 


Best,

YbC

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Sheryl Sitman
Rental Property Investor · Philadelphia, PA · Member since 2015 · 480 posts · 362 votes
2y

Hey @Yitzchak Eliezer ben Chanan I happen to live in New Hope and invest in other areas.  I run a large group of Philly area landlords who may have some ideas for you. Feel free to reach out for that.

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  • Sheryl Sitman
    Rental Property Investor · Philadelphia, PA · Member since 2015 · 480 posts · 362 votes
    2y

    Hey @Yitzchak Eliezer ben Chanan I happen to live in New Hope and invest in other areas.  I run a large group of Philly area landlords who may have some ideas for you. Feel free to reach out for that.

    1Reply
  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    2y

    When you say you want to put it on the market, do you mean to sell the property or to rent it out? 

    If you plan on selling it, I wouldn't take out a mortgage if you could do it with cash as financing will eat into your profits. 

    If you mean renting it, then it depends how expensive the second mortgage financing will be for you and if that will cover your new debt expenses; and of course by how much

    For the material depends what kind of space. Rubber or epoxy if your have a good subfloor. 

    [email protected]267-767-0111
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    1Reply
  • Tanner Lewis
    Lender · Austin, TX · Member since 2021 · 448 posts · 441 votes
    2y

    You can do this as a hard money refinance. It's not super complicated, but you can pull out cash to rehab the deal and then put it on the market with no prepayment penalty. 

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