NYC Rehab!!!!
Gentlemen and Ladies, I need your advice and input. I have a deal in Manhattan, gut rehab, purchase price 475,000, rehab costs (including architectural, permits, materials, labor and sign offs) is between 168 and 223,000. After market value for all comparable properties in a 5 block radius over the last 18 months with identical configurations range from 860,000 to 1,125,000. This is the last vacant property on this block, the property next door was just finished 4 months ago and appraised at 1,000,000. I know this is a solid deal, now what is the best way to go about obtaining the financing (including construction costs) I would need the money for approx. 6 to 9 months at which time I would have it appraised and refinanced. I personally have access to approx. 150,000 but I would prefer to stay as liquid as possible. I have done rehabs before on a much smaller scale always using my own funds but I can't let this one go. What are my options?? Any and all comments are welcome
HEY BADGE EMAIL ME PLEASE