Hi all,
We have done a condo conversion on a 6 Plex (undivided co - ops), we sold 4 units and 2 of them are still occupied by tenants unwilling to leave.
The amount of mortgage we are able to keep to be covered by the rents we receive from the tenants is $150,000.
However the bank was willing to let us keep $280,000, but we need to cover the mortgage payments from somewhere, now the question is would it be a good idea to lend the money privately for 12-14%?
Or to invest it in a rental property?
We have a rate of 3.5 Capital and Interest.
We have done a condo conversion on a 6 Plex (undivided co - ops), we sold 4 units and 2 of them are still occupied by tenants unwilling to leave.
The amount of mortgage we are able to keep to be covered by the rents we receive from the tenants is $150,000.
However the bank was willing to let us keep $280,000, but we need to cover the mortgage payments from somewhere, now the question is would it be a good idea to lend the money privately for 12-14%?
Or to invest it in a rental property?
We have a rate of 3.5 Capital and Interest.