All Forum Posts by: Cambria Smith

Hello,

I recently purchased a firestation from the city of OKC to rehab and turn into rentals.  It's a $1.6M deal.  I've got 2 banks who will fund the deal, however they say i need 20% down ($350k in cash or collateral + a guarantor for the loan for up to 3- 5 years).  I've been on the hunt for a partner/investor who can put in the cash/collateral in + guarantee the loan and offer a profit share up to a certain amount and buy them out after 3-5 years after they recoup original investment.
It is a unique deal also in that theres qty 2 rentals 2 bed/1 bath and then an urban glamping feature in the back with an accessory dwelling, igloo, airstream that sleeps 8-10.  it is also located 1 block from a brewery and music venue.

1. is this the best way to structure this deal if I want to keep and operate it long term?  If not, what do you suggest?

2. is this the best way to fund this deal? through a bank or would a business line of credit, private equity or? what do you suggest and do you have a contact of anyone who's willing to fund this deal?

Any other thoughts you may have?