My niche is purchasing and restoring the 100+ year old mixed use buildings that you can find on Main St. in just about every Midwestern county seat town and then keeping them in the portfolio as long term Buy & Holds. Commercial tenant(s) on the first floor, nicer apartments on the second (and sometimes third) floor that I gear towards temporary corporate housing (ex: sign long term leases with a local manufacturer and they put execs and specialists up for a couple months at a time). It might sound a little obscure, but I can't get these types of properties purchased and rehabbed fast enough as the regional demand for this animal is insane.
The local municipalities are generally pumped that someone is coming in to restore a long time eyesore and are typically able to provide some financial assistance and there's always state and federal grants for historic preservation, but it's never enough to do the entire project. The typical project is $250k-$500k ($50k-$100k purchase, balance for renovation).
I've talked with a half dozen out of state lenders over the past couple months and it's always the same thing: "we don't lend in Indiana" or "that market is too small for us". Does anyone have a contact that might have an appetite for this sort of thing?
Thanks in advance to anyone who might be able to help out!
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