Suggestions on how to refinance a non-preforming 5 unit apartment
I am looking for ideas on how to refinance my five unit apartment building. I have never been able to get a good appraisal on the property. It is a mixed property that includes the 5 unit apartment and a 4,400 sq foot warehouse. I bought the property in 1992. At the time it was just the warehouse and an old barn. My father and I built the five apartments in the barn. New electric, plumbing new everything. I lived in one of the apartments for about twenty years. I have always had difficulty time getting an appraisal on the property, What would you comp a 1.5 acre lot with a barn /apartment and warehouse too? kind of a rare bird. I hired a property manager to manage the property the last time I was overseas. by December 2013 all five units were rented. (My mom and I had both moved, so we had a couple of empty units). Once all five units were rented my plan was to season the apartments for a few months thinking that I could get an appraisal based on cash flow of commercial property. Tragically one of the tenants committed suicide the next month in Jan 2014. Then 3 of the remaining tenants seemed to get discouraged and stopped paying rent. I finally had to evict all 3 of them. My property manager seemed to lose interest in managing the property and I finally had to fire her. So I seem to be back where I was a few years ago. no way to get a fair appraisal on the property.