I spoke to a few Tardus clients before pulling the trigger.

Offer them owner financing - sometimes you can even have them assume the mortgage (without triggering the due on sales clause) if it is serviced by a third party.

They are either landlocked or the road leading to it and often than land itself sits inside a dry creek bed known as an arroyo that floods whenever it rains upstream.

There was more competition on the wash & fold side as there were definitely other companies operating in the area.Self-service was about half of our revenue and dry cleaning/wash & fold made up the other half.

Paid off my primary when it got down to 90K.... not a ton of loan left, so I just paid it off, but still had plenty of $$ to invest in other things...it didnt tap me dry to do it.Exactly. 

Finally decided to pull the trigger! 

We had a dry spell after build about 35 new builds there over the last 10 years price points 500k to 2.5 mil.3.

Before you decide to pull the trigger with any Bank/Lender make sure the they are well versed in DSCR guide lines and close more than a couple a month. 

Did you pull the trigger on one?

In 2021 we bought the building for $1.5M using private lenders, pushed the occupancy from 50% to 80% occupancy and it appraised for $3.125M, allowing us to pay back the private mortgage.Right now, we are in the predevelopment process of design and piecing together the capital stack for the redevelopment deal, which will be made up of historic tax credit equity, RestoreNY Grant, DRI Grant, etc.