All Forum Posts by: Nadira Stewart

Ryan,

I must thank you for your suggestions. They certainly sound reasonably but the whole prospect seemed daunting while I was planning out the intermediate steps. To my inexperienced eyes, it appears to me that many of the apartments need serious work, primarily due to poor upkeep by the prior landlord and intentional damage created by hostile tenants.

Now, from reading the boards for the past few days, I realize that many of you probably are *tsk* *tsk*ing me about taking on such a complex project for my first investment purchase but I purchased the property along with several relatives who implied that they were experienced investors due to their longstanding ownership of single-family houses. WELL, as many of you probably are aware, owning a multifamily unit is nothing like owning a regular house due to the costs, competing interests, planning problems, and additional layers of regulation. And so, those relatives have left me holding the bag to stress about the problems.

But I do thank you you for your input and I will attempt to teach myself about this situation.

Hello, I am new to the board and have managed to purchase a small multifamily (over 4 units) that needs a gut rehab. So.... now that I already am in the situations, I am wondering how I can estimate what the overall rehab costs will be and how to go about obtaining a rehab loan or some kind of financing. On that ends, how do I evaluate mortgage lenders and deals? I do not want a hard money loan where I am paying exorbitant points and interest rates. What are my options?

Thanks!

ETA: I do not have a mortgage on the property and I understand that a hard money loan for rehab may be my only option, so I have not excluded hard money loans from my consideration. I am not a flipper and, as a result, have done some preliminary calcs but I am not familiar with all of the analysis that I should employ. Any help at all would be greatly appreciated!