Financing in Gowanus>Question Details

Pat, Both Buyer and Seller in San Francisco and Br...

Can I get cash out of my 8-unit building if I have a negative cash flow?

Asked by Pat, San Francisco and Brooklyn Fri Jan 25, 2008

I have 3 tenants and would like to completely renovate it for possible condo conversion. Where do I start?

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The best person to answer this question is a commercial loan officer. If you wish to have a few names to call, contact me offline at and I will be happy to recommend.
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0 votes Thank Flag Link Fri Mar 7, 2008
Give me a call at (718) 698-2179 at Prosperity Real Estate Group, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can call and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
0 votes Thank Flag Link Fri Mar 7, 2008

If you need cash to renovate the first step would be to calculate the cost, which I'm sure you already have. You can borrow money based on the future value of the property once completed, comparing similar buildings in the area that are fully rented. I work with several private lenders that have a healthy appetite for renovations if the circumstances are right. As far as the conversion is concerned, Gail is correct in advising getting a reputable local attorney versed in the process. Feel free to contact me if you want to look at your options.
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0 votes Thank Flag Link Mon Jan 28, 2008
Need an attorney who has a track record in conversions.
0 votes Thank Flag Link Fri Jan 25, 2008
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