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Updated almost 6 years ago,
Commercial hair salon purchase
NEED ADVICE
My Father owns a commercial building that rents $1600 a month (long term salon tenant). He owes about $38,000 on the mortgage loan. I want to purchase the building off of him but not sure how to go about it with him. Maybe seller finance but then I don't want run in to a due on sale clause issue. Another question I would have is what to value the building at and how to go about offering him a price to purchase! There aren't many comps around and I haven't talked to realtor yet. What are some creative ways to go about this? What would you do if you were in my shoes? Also what type of loan would be the best route on purchasing this building? I could look at a private lender route as well. Thanks in advance!