I am a new investor and would like feedback on this deal.

[Melissa Tumelty]

Hi all.  Here are the details of the commercial property located in Norristown, PA.

Price $419,000

Mixed use Commerical - 2 Buildings Commerical, and 3 apartments. The 1st floor is a convenience store that has 9 years left on a 10 year lease for $1,500. Building A, 2nd floor has a 1-bedroom unit for $680. and 2nd and 3rd floor a 2 bedroom unit for $950. Both renters have been there for 5 years and are month to month.  Building B has 4 bedrooms, 2 full baths completely renovated with a projected rent of $1,800. To the rear are five parking spaces with a private fence.

The annual NOI is $33.498

Assuming a commercial mortgage for 30 years, 20% down at 4% the annual cash flow is $14,295.  Cash on cash return 13.65%

With that said I need to put more than $85,000 down.  

I am looking for creative options for financing.  Do I do the commercial loan, wait forever to close since the process is long.  Or do I go for a hard money loan and a personal loan for the down payment?  Then refi the hard money loan in a year or less?

I would love feedback on the deal and my options.  Thank you all!

33,498.00