Looking to Purchase Commercial Property, Need Guidance

[Kalene Smith]

I have a commercial property I want to purchase but have the slightest clue where to start. I own 2 residential rentals and know the process is somewhat similar.  The building is:

• in the downtown area which is attracting a lot of new business and residential projects right now
• 4 stories (top 3 I would like to convert into living -reno and sell, the first floor I would like to recruit a restaurant)
• nearby our arena which hosts a lot of shows and draws a large crowd
• great location and a lot of potential

My question is, how do I go about:

• exploring tax credits offered for a project like this
• find the capital for the reno (I can afford the down payment but am capped out at that)
• what else should I be looking at in a commercial property?

Any help is much appreciated!

[Tyler Cauble]

Kalene,

A good option for you may be to partner with a local investor/developer who has some experience doing exactly what you're looking to do so that you can learn directly from them. 

Commercial real estate can be very tricky (and get you in trouble) if you don't know the ropes, and I've found learning from others firsthand serves me best. 

Good luck!