House flipper looking to purchase first commercial building

[Jeffrey Vanicky]

Hello all, I am Jeff Vanicky a newbie to real estate. I have done a couple single family house flips with a goal to own multiple rentals. I like to jump right in the ring and take a couple bruises on the way, but I am a lightweight trying to get in the ring with a heavyweight. I came across a commercial building that is around 12,000 sq feet. The building is three stories with 2 retail store fronts totaling approximately 3,500 sf and 12 units at around 800 Sf. There is only 6 units rented averaged $600 per unit. The store fronts and other 6 units are vacant and look to be in need of renovations. There is no hard data on expenses and rents all is estimated. Not sure what a good asking prices should be and what other expenses I should calculate. 

[Justin Goodin]

@Jeffrey Vanicky It's great that you are taking steps to get into multifamily investing. I would get a plan to figure out your goals and create a criteria of the deals you want to buy to go after. Take a sniper approach instead of a shotgun approach. Other than that, I would read books, listen to podcasts, and network with more experienced sponsors. Let me know if I can help.