If you’re rehabbing a condo building with multiple units, whether or not you’ve already secured a hard money loan, should you sell the whole building or sell it unit-by-unit?
It’s a tough question, but only your own financial circumstances, as well as your intentions for the future of the property, can answer it.
Should You Sell the Whole Building or Sell it Unit-by-Unit?
Look at this question long-term. If you sell the whole building, you’ll make your profit and be done with it. If you sell it unit-by-unit, or if you choose to keep some units as rentals, you’re in for a more long-term profit (and you’ll be in the rental business).
Managing rentals can be a pain (that’s where a property manager comes in), but over time, it can pay off. However, there are no guarantees in this business!
Are You Looking for a Hard Money Loan to Buy a Property?
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding in Tennessee, Georgia or Florida. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.
Read our frequently asked questions and take a few minutes to learn about the hard money loan process.