33unit building rebah. Am I crazy or is it something feasible?
I am interested in a building with 3 comercial spaces, and 30 appartment units on top (around 34K sqft). The building needs a full rehab. It looks structurally sound in the outside, but it has holes in the roof, floor, and theres a lot of water damage in the inside. The electrical, plumbing, and HVAC will probably need to be updated. I have enough money for buying it, but I would end up with 50K to start repairs, and I will need license contractors for this proyect.
I was thinking about fixing the roof, inside structure and maybe 2 comercial spaces to get started and then keep fixing some units, rent them out, fix some more, rent them out, and so on until is finished. I could start funding it with $110K/ year (current income), and then use the rent from the fixed units.
I have experience doing rehab on small multiple unit homes, but this would be something new to me. SO based on your expertise, am I crazy? or is it something feasible?