We have an abandoned mansion that needs major rehab and need help finding the money to finance it. Will banks help us? This all just happened on 7/27/06. We got it for free but we need major $$ for rehab. We’re going to rehab it, furnish it (with a decorator of course) and rent it out as corporate housing.
Can anyone tell us how to get the money to do this? We need about $300,000. Upon completion, we will refinance and pay back the construction loan. Comps place the APR at $2.1 million and is in New York.
Come on you guys. I see that people are reading my posting, but doesn’t anyone have a suggestion???
IF (and that’s a really big IF) you really have a mansion that’s will sell for 2.1 million dollars with only $300,000 in rehab, go to the bank and get the money. If your credit is lousy, get a hard money lender or a partner to loan you the money. Sell the thing fast at a big discount at $1.5 million and make a quick $1.2 million profit. There should be no shortage of investors that want to split $1.2 million. The only thing that you have to do is convince them that you’re for real.
Mike
Mike, I understand your skepticism, but I guarantee you that what I say is true. The contract is being drawn up by my attorney as we speak and the seller is eagered to sign because without us, their property has been sitting vacant and in disrepair for years. It’s a very unusual circumstance, where perserverance and building a relationship paid off.
Quite honestly, the reason why I even got the property was because although everyone was chasing this property, no one actually bothered to contact the seller, which was a foreign government. I located their office in NYC, called the General Consulate and one year later finally got a call telling me to “send us the contract with your terms”, my attorney is actually drawing up the contract. I say someone gave it to me because NO ONE will believe what we bought it for (in New York no less!!!) with a little bit of luck and stick to itness.