Thanks

Robbin profile photo

Hi,

Well I didn't expect all these answers but....

The SBA is Small Business Administration. No they do not give loans for real estate. But I am opening a restaurant. I am multi talented ..LOL LOL

Well lets see he had a contract with the city but they changed their mind. he does not want to be a landlord. the units are not occupied. he does have 4 people moving in and one of the store fronts. I want to use the other store fornt for my restaurant and maybe the other for my office. I have big dreams..LOL I think BIG ..Maybe thats my problem. The SBA is giving me 200k for the restaurant(well I have to go to National City Bank to apply with the guarantee form the SBA)

I haven't found any hard money lenders for ohio on here. I actually haven't found much for Ohio as far a smentors or contacts. but this site is still Great.

As far as the numbers go.

In the area the store fronts rent for 800-900 dollars. The 3 1 bedrooms rent is 400 and the 3 - 2bedrooms are 500. This is common for the area because it is in the city of cleveland not a suburb. The taxes run 10k a year. I work for a bank(go figure, but they are strictly A paper. My credit score is 575) I am working to clean it up. I have been writting and disputing things for a yr now. But the property can gross from 52800 to 65000 a yr. Which isn't bad for a 6 unit building.

Thanks Guys rasberry

Comments(1)

  • DaveT3rd April, 2003

    Robbin,

    Look past the potential gross. What will the property net? After debt service, what will be your cash flow? Your business decision should be made on cash flow

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