1st commercial offer on an 8 unit

[Tom Camarda]

Greetings BP,

I've been investing in single family and duplexes while working my "dayjob" shooting TV shows but I'm now eyeing my first commercial, 8 unit multi-family. The property is under-performing with only 2 of 8 units currently rented way below market value. Owner is in her 80's and wants out. In all, a great opportunity I think.

The listing price is already low, so does one risk losing this opportunity by making make a low ball offer based on the CURRENT rent roll of this property? Or better to be more competitive and pad the offer a bit? I will need as much of my cash as possible to start rehabbing 6 units right away especially before the winter rolls in (the property is in Ohio)

What kind of interest rates and terms can I expect to find on a property such as this? Who does one call for commercial Insurance? Same as residential?

Thanks in advance!