Construction loan for owner occupied 6 unit property.
Hello BP
I wan't to ask a financing question because I have been unable to find funding for my deal.
I own a Large building in an older neighborhood with no restrictions. I want to turn the building into a 6 unit apartment building. I live in one unit and want to split it in half and rent the upper floor, and build out 4 more units in the unfinished area that already has a roof , exterior walls and concrete foundation.
By my estimation I need $275,000 to do the build out. According to Rentometer each unit can be rented for up to 1200 per month on each unit.
I am prepared to move out if I can secure the loan to build, but would rather stay to oversee the work.
Any advice from seasoned investors?