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Updated over 1 year ago on . Most recent reply
Financing Options and Deal Analysis for Mixed Use
I am currently getting out of my first deal as a flip hoping to net around $80,000. We have found a Mixed-Use property for $200,000 on an off market deal. Total SQFT of the property is $2178. The bottom floor is a barbershop in great condition and the residential property above is A 2 BR 1 BA. Based on Fair Market Rent we believe we could get around $1100 for the residential space.
However, we are trying to figure out what would be appropriate for the commercial space. Where can I access information pertaining to commercial space rent/SqFt?
Additionally, we are looking to put between 20-25% down. I am a loan officer myself and after checking guidelines on Conventional financing the property would not work Conventional. I have a DSCR investor but was curious if anyone else had ideas pertaining to the financing as the DSCR rates will be close to a 9% and throw the initial cash flow off a little. Any ideas for less money down or a product that allows for more seller concessions as DSCR is only 2%?
The property also has a detached garage - any idea on market rent for a garage/storage space.
Thoughts?