I have my eye on a Historical building to purchase for $129,000- It was a old boarding house/hotel with 2 storefronts. I want to convert the building into 10 condominium units. I need 1 million dollars to do the job and the asking price of the building. Once completed I can sell each unit for 200,000. That makes the value of the building 2 million. Plus this building is eligible for tax credits from state and federal totaling 45% of the 1 million. I need a hard money loan. It sounds so simple but I don’t have any funds of my own - but I thought that was what hardmoney was for. Maybe someone with some equity in another building of there own could invest in this- but how would I set this up? I have until Wed. to get this deal or he will accept an offer from someone else. If I had 2.5% of $129,000- I could hold the building for 90days to shore up my loans. Any suggestions? I need help I want to make some money-
I guess I would even take a partner if I knew where to find one. I know they will sell they are building a new hospital and renovating 4 blocks from this building. Please give me some ideas if anyone can!!! Thanks! Val