Need money, bad credit, no savings, i do own a paid-off warehouse

[Kent Peterson]

I am new at this and am willing to learn... I own a vending machine business(LLC) with my parents and we also, own a warehouse for the business as well and it is completely paid off. (roughly 100k warehouse) .... is there a way to take a commercial loan out (since we own the building) and use that money towards my first property purchase, including the rehab and closing costs...etc and how does that work?

I had heard something about a commercial loan on a podcast I was listening to on Bigger Pockets and had my brain turning....cause I am struggling on getting my hands on hard money this way before I start talking to actual investors.....thanks for the help!

[Frank Hinck]

@Kent Peterson

Yes you can take 70% of the value of the warehouse but then keep in mind you now have a mortgage payment on the warehouse again. If you lose the house you also lose the warehouse.

Take a year, I know it seems long but trust us real estate and “deals” will still be there albeit anything you’re looking at now won’t. Take a year and 1- listen to a BP Show per day, 2-cut your living expenses as much as you can believe it or not you can find $1,500/month by reducing rent & car & cutting luxury expanses and in a year you will have $18,000 - this will suck but it’s an investment!! 3-Network! On BP forums, meetups, REIAs, coffees, find your local experienced operators/NOT paid gurus and see if you can help them find deals, drive for dollars, analyze deals, line up contractors - it’s your unpaid internship to soak up as much experience as you can handle - - best of luck!!