Need advice on steps for a 6 unit MFR
A nice 6 unit mf has come up in drivable distance to downtown and the price will work with some negotiations. They're not even asking market rent. My question is what are the steps for BRRRR-ing a commercial property? Different lenders? Types of approval? Any help is greatly appreciated.
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@Matthew Thornton, is the MFR a value-add property? Your basic steps would be to acquire the property, bring rents up to market, then refinance at the new valuation to get your capital back out. Thing is, you'll need to bump NOI significantly to get all your capital out. Can you share some numbers: purchase price, current rents, and market rents?