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Commercial Real Estate Investing

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Ali S.
  • Investor
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Small Mixed Use Building Next Steps

Ali S.
  • Investor
Posted Jun 5 2024, 13:22

Hi All, Looking for a little advice here in terms of next steps and strategy. I've identified a small mixed use building I'd like to purchase. It is three apartments, a store front, and two shops/studios. I have put together budgets and started a business plan. The apartments will require about $40k to bring all three up to rentable condition. One is currently rented. I have an option to take over owner carried financing of the building  that the previous owner has set up with the owner before them. But there would still be about $200k for me to come up with. I can put some money down, but I want to stay under $50k at absolute most and prefer to put down as little as possible. I have good personal credit (~730-740), average-high personal debt (mortgage, student loans, vehicles,) and I am employed making $90k/year. I am looking for help identifying the best path forward in general and next steps. I have rehabbed three residences and flipped them as house hacks, but never purchased a building like this one that as purely an investment, so would love help on strategy and specifics. 

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