Mortgage Brokers & Lenders
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
Please help me BP I need advice!
Hello all I once again for my 2nd time am turning to BP for some much Needed help. I recently past few months/year have a pretty nice chunk of money saved up. I live in Northeast PA and recently put a bid that was accepted on a beautiful 4 Unit apartment building that is already half rented out. Here comes the Problem I need help with. To purchase this investment property I have to do a commercial loan at 8% I'm fine with that and I have to put down 25% of the price I'm also more then happy with that after all this I would have about 22,000-25,000 to put money into the building and get maximum rents. Problem is I found out this week after paying 550 for the home inspection they can't do the commercial loan because I have a felony that has zero to do with money or anything like I was in a bad accident and my best friend passed away because of it. I'm currently not working witch is why I'm doing the commercial mortgage route but I have the money to put in and extra after for repairs and enough to pay the mortgage for 2 years if I ever needed to do that. If anyone can point me in the right direction or help me out anyway possible please let me know I don't wanna lose my first investment property that is perfect in my eyes! Thanks BP you guys truly Rock on here!!!