I have 8 unit apartment building. 1 unit was burned due to a fire. my credit is poor and i need funds to start

Question

i have an 8 unit apartment building 1 unit was burned. i had no insurance on my building (going through a divorce) how can i find funds to get this building back up and running. my credit is not good and i have already went to bank of america...what else is out that i can get this building back up and running before i loose my home?

Answer 1

Try to borrow hard money if you have equity and you cannot get funds from banks. You need to get insurance re-instated and the lender will usually require it as a condition of funding. Losing income from an unusable unit it not good. Hard Money rates are higher than banks but usually you get the money if you need it to add-value or save your equity position. I would rather pay higher rates to save lots of equity you have built up vs. losing income and potentially the property.

Try golendershopping.com they have hard money lenders who can lend on multifamily properties. Hope this helps you.

Answer 2

Wow, I agree with Acermill.

Sell now.

You have no business renting apartments to anyone.

You are not even close to responsible enough.

What if someone had been hurt in that fire?

I usually stand beside my fellow landlords, but you are the kind that not only gives the rest of us a bad name, but you put innocent peoples safety at risk.

Please sell before your neglect causes irreparable harm to another.

Answer 3

If you own an eight family apartment and have no insurance on it, you do not belong in the rental business.  Sell the place in its current condition and find an apartment for yourself in which to live.

Only a total idiot would not carry insurance on such a building, divorce or NOT.

Answer 4

just don't renthta one unit out,

many people will do that if they have a trashed unit, and the building is of nominal value.