Purchased a building a year ago. No mortgage owed. Having a hard time finding a loan to renovate it. Also having a hard time finding investors for the project.
Port Jervis. Was a school, then owned buy the Board of Education. Nice parking lot, brick building. Was planning on turning it into 6 apartments. 4 -2 bedrooms and 2 1 bedroom basement Apts. NO mortgage, building is paid off. At a stand still with rehab loans though. Looking for 250 k to at get the 4 Apts going.
1. Make sure your plan is crystal clear. Vague plans kill investor interest fast. What does your pitch look like right now? You’ll want a defined renovation scope, budget, timeline, projected rents after rehab, and a clear hold strategy. The more specific you are, the more confidence you create.
2. Consider asset-based or local lenders. Since you own the building free and clear, you may have options with asset-based lenders or smaller regional banks that focus more on collateral and after-repair value than traditional underwriting.
3. Double down on networking. Upstate NY is very relationship-driven. Hit your local REI meetups (quick Google search, Facebook groups, Meetup.com, BiggerPockets events, etc.). A lot of private money is found through conversations, not applications.
If you want to talk it through and share ideas, feel free to reach out. Happy to connect!
1. Make sure your plan is crystal clear. Vague plans kill investor interest fast. What does your pitch look like right now? You’ll want a defined renovation scope, budget, timeline, projected rents after rehab, and a clear hold strategy. The more specific you are, the more confidence you create.
2. Consider asset-based or local lenders. Since you own the building free and clear, you may have options with asset-based lenders or smaller regional banks that focus more on collateral and after-repair value than traditional underwriting.
3. Double down on networking. Upstate NY is very relationship-driven. Hit your local REI meetups (quick Google search, Facebook groups, Meetup.com, BiggerPockets events, etc.). A lot of private money is found through conversations, not applications.
If you want to talk it through and share ideas, feel free to reach out. Happy to connect!
Thank you for the feedback. Great points and yes, I do need to tighten up my pitch. I'll definitely start looking for some networks. Thanks again.