How to Finance a Unique Opportunity

[Jerad Miller]

Hello BP Community,

I was out all day today with my father in law searching for our first deal. Originally we were looking for a multi family today. Looked at three properties, all to us were overpriced and needed to much work to be profitable. We are in the northeast Ohio area, and were looking throughout Lakewood for those who are familiar with the area. We didn't like anything we saw today however we were talking with our realtor and came across a property that seems very lucrative. It is located about 15 mins from my home. It is a storage unit facility with 48 units, A SFR for a rental and also a small Apartment that is a separate dwelling from the SFR that could also be rented out. The property definitely needs some work but nothing that can't be fixed. My issue is with financing. The property has been on the market for a long time (over 500 days). The only reason I can see that it wouldn't sell is with the repairs needed and it being a commercial property that financing is going to be tough to obtain. List price is 188k. We could put down 20% or even 25% if need be. Im just wondering where to start and how to approach funding this deal. Any help would be greatly appreciated. Thanks!