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Updated about 8 years ago,
Do not want to quit on commercial!
Hey ladies and gentlemen,
I am basically ready to make the leap, have all finances in order, great team (attorney, bookkeeper,CPA, Broker, etc.) and have been looking into residential multi-families in Northern CT, and Western MA, and the more I think about it and the more 5 + units I see, the more I believe it would be smarter for me not to be "afraid" of commercial and believe it to be more advantageous to go a little bigger rather than smaller (assuming the price is right) I have spoken to numerous people, and they say "well this is your first property, so you won't be able to get a loan for any commercial", or " stick with getting the 2-4 unit as your doing, prove that you can manage something small for 1-2 years ( I will be living their) and then go after commercial. With the research I am finding, if I happen to find a property that is owned outright, there may be a chance (seller financing, Master Lease Option, etc.)
Are there any words of wisdom for a Vet who doesn't have the best credit, and has been pre-approved for a VA loan, and FHA 203k Loan , but I really didn't think I would be able to.
Is raising money for a down payment and finding investors the only way I can honestly get into the commercial real-estate?
Any advice or referrals to Commercial Agents/Brokers would be greatly appreciated.
Thank you in advance.