OfflineI have two small apartment buildings in Chattanooga, TN ( 8 units and 10 units). I live in Florida. I need money to help renovate and carry mortgage. I have used all my funds, credit cards etc. How do I find a partner to help carry these and get them fixed up. If I sold them on market I would lose money at this point. They are could properties with built in equity once fully rented. My current property management company is running them into the ground so to speak. I am desperate. Please can anyone give me helpful pertinent information to help me immediately. Thanks.
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Congratulations on taking action. Each experience will be a learning experience. The key is to stay, focused, positive and confident. I would recommend the following action items:
- Immediately join and network with local real estate investing clubs. They usually allow you to discuss potential deals at a meeting
- Look for an equity partner through other means of networking. You may want to contact several realtors, mortgage brokers or bankers and inquire who local investors are in the area
- Drive the area and get local numbers from "for rent" sign and call these landlords. Inquire if they have a ninterest or would know someone that has an interest
- Place ads in supermarkets, "penny saver" type of newspapers or on-line on sites such as Craigslist
- Contact local small banks in the area and see if you could qualify for a construction rehab loan
I hope this helps. Good luck with these properties. Believe and Achieve!
- Joe
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