Need help with fixup cash - Posted by Mike K

Posted by Mike K on April 28, 1999 at 17:23:02:

My brother and I own a 3 bedroom 1 bath house with a small store front. The house is in fair shape (needs paint or siding) and the store front is in very bad shape. We would like to turn the store front into 2 large self storage rooms and rent them out. Already getting about $150 per month positive income from the house. We have about $10,000 in equity on a 15 yr mortgage. The repairs to the house and store front will be at least $20,000. How can we repair them both, not use any of our own money and not have negative income each month ? Any suggestions would be helpful.