Updated almost 5 years ago on . Most recent reply
Newbie with a Real Estate Dream
Hey All,
I am currently looking at an opportunity to creating a housing solution for a local business in my area. I have found a suitable structure that meets the business requirements however it will need major renovations in order to make it habitable. The idea here is to convert this space to living units where their employees can live. The company will rent this space from me on a monthly basis with a guarantee of a 5 year contract and 10 months out of the year. This company is also willing to be a stake holder in my business in order to show long term vested interest in making this work but am not sure if that is something I should fully entertain?
My question: What are some ideas that I can go about in getting funding for this property? (Again, I am just starting out and am currently in the process of forming a corporation)
- Since major renovations need to occur, would this be a separate loan that is needed or can I wrap it up into a construction loan of some type?
Any help or guidance would be greatly appreciated!!!