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12 suite apartment in Oliver area of Edmonton

gungfuinvestor1

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Registered
Joined
Mar 11, 2011
Messages
6
Hello
We have a 12 suite apartment that we are close to finishing renovating...but...... our contractor went delinquent... pretty dismal and we are tapped out of funds..ie loans 2nd mtgs..,... do you think we should sell or look for a JV partner. The building is fairly heritage and it was a tax sale that allowed us to purchase. All the suites are vacant and hopefully fairly close to being completed. We are getting quotes from other contractors to get the final phase done. They will be all 1 bedrooms and we have enough parking
for all 12 suites. Any great ideas..?

If you need more info let us know.

Thanking you in advance for insights.

regards

Jordy
 

Matt Crowley

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REIN Member
Joined
Dec 14, 2013
Messages
980
Hi Jordy,

You need to recapitalize or you will lose the asset. Ultimately it is a math question.

If you take an investor right now, they will strike at sub-cost basis. Tapped out on debt, your only option is equity.

PM me financials, I may be interested depending on the economics and project status.

Matt
 

Thomas Beyer

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REIN Member
Joined
Aug 30, 2007
Messages
13,881
Do the math to re-rent, then refi when full.

If all fails, sell or call Bob Dhillon at Mainstreet Equities. He'll buy it at 100/door or so.
 
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