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Updated over 6 years ago on .

User Stats

5
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0
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Johnny George
  • Los Angeles, CA
0
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5
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Buying Commercial Property with Residential Above

Johnny George
  • Los Angeles, CA
Posted

Hello BP Community!

My sister and I are looking at potentially buying a small local neighborhood  market, which has a 2BR apartment above it.  I purchased my first investment property (single family home) a year ago, and it's going well, but I'm wondering how the process differs when targeting a commercial property with residential above it?  Are there things we should be aware of that maybe I wasn't as focused on when purchasing a residential property alone?  Obviously the condition of the market, and the costs associated with fixing it up are vital, but in terms of the buying process (i.e. pre-approval, loan, interest rates, etc) what should we be most aware and cautious of?   Also, are there initial steps we should be doing now to help this process flow smoothly?

Thanks for any and all help!