All Forum Posts by: Cassie D Wright

I bought an 8 plex apartment building and financed with a local bank for 15 years just so I could acquire it ($105,000).  Three apartments need major rehab and I would like to do the whole building inside and out.  I want the tenants to be proud of where they live and I want to airbnb a couple of units also.  I have started rehab on two of the apartments but am using up all of my money. It would take apx $120,000-150,000 to complete all of it.  I would like to be able to finance it for 30 years after completion. Does anyone have lenders they have worked with that they would recommend? Property is in Southern Illinois.

I am in the process of buying an 8 plex. (All brick, two-story building built in 1901)  I have got two quotes so far and they have been really high.  The current owner pays $1500 but that insurance company no longer wants to insure that type of property (my luck). There have been several updates through the years but we have been denied several times due to the age of the building and they wanted it completely gutted and updated.  Looking for other options for affordable insurance in Illinois.