Posted by BillW on December 10, 2000 at 10:33:51:
Kevin,
This is a very big undertaking to change things like this. Number one thing to do is check with building and zoning in your area and see if this is feasable. They often have density limits and parking requirements that may affect your plans. Why not simply exchange for a larger property that is in need of management/upgrades/repair? It probably would be faster and cost less in the long run.
BillW.
Mr. Garcia and anyone else, my 10 unit apt… - Posted by kevin
Posted by kevin on December 09, 2000 at 22:59:20:
I own a 10 unit one bedroom apt. in Texas.
In thinking about remodeling the building, I came up with turning each unit into two smaller units. Therefore turning 10 units into 20 units. This is possible since the units are about twice as big as those of neighboring complexes.
I currently have a first lien for the balance of apprx. $100,000 which the seller carried back.
The property is valued around $200,000 to$230,000.
What would be some ways to raise money to fund the remodeling project? I would probably need around $150,000 and this will increase the ARV to around $450,000 to $500,000.
I realize that when we are dealing with any property over 4 units, we are dealing with a commercial loan.
Any input would be a great help.