All Forum Posts by: Cordell Huebsch

Will pay you more than you paid! I am a farmer and can also throw some kidney beans in on the deal! Also a pumpkin or squash, but it may be pureed to save on shipping!

@Scott Wolf , thanks so much for the reply. The price of the property is 600k and it needs about 100k in capital investment (as a laundromat). The land is worth approximately 500k and the business as is has an NOI around 35k. The property is in rural Minnesota. The approximate investment in a relocation and new construction would be around 1.6 million. Can you elaborate on my ability to carry the project? Do you mean if I have the capital on hand to run day to day operations or the capital to fund the improvements?

Merry Christmas my friends. I am looking at a laundromat that is on a very valuable piece of property. First option would be to buy and hold it as is and use the proceeds from the laundromat to pay for the property. This option does not cash flow very much at all, but would be a strategy to build some appreciation for a later play. The second option is to basically demolish and move the laundromat to a more reasonable location and develop the lake frontage into it's final use, most likely a 8+ unit STR on water. Neither option presents a quick way to recoup the cash invested into the down payment. I'm wondering how long private or hard money lenders would usually finance such an endeavor? Is it unreasonable to find someone that would give 2 years to clean up the short term money?

What specifically would I ask for to find a 20-30 year fixed loan.  I have called every bank in my local area and none offer anything with terms even close to that long?  They all would do a 15-20 year am, but nothing fixed past 5?  

Hey all!  Just a noob so please bear with me!  In the process of purchasing a 5 plex older home.  We will use traditional commercial financing to make the deal work (5 year balloon).  My question is, with the impending inflation coming and maybe subsequent interest rate increases, would you forego a little cash flow to convert the property into a 4 plex and lock in the long term financing?  The short math would be it should cash flow around $1000 mo. now, and would drop to $500/mo. after the conversion.  Have any of you done this, and is it hard to convince a lender that an existing 5 plex is now a 4?