Buying first commercial multifamily

[Christopher Hunter]

What is the standard process of getting this purchase started once you found a cashflowing property. Do you work with an agent, broker. I'm assuming this process is much different than my other SFH I've purchased. I know closing costs and inspections are much more. What all do I need to plug and play here?

[Patricia Steiner]

You are purchasing a commercial property, you may find that lenders are not willing to lend to investors who do not have experience in owning/managing these type of properties. You will most likely be required to submit a business plan and you'll need the financials from that property for the past 3 to 5 years (no financials? Gonna be tough to get financing).  I strongly recommend that you find a broker/realtor with commercial property expertise to drive the process for you.  You may have to pay the agent's commission as many of these properties only compensate the seller's agent - in other words "each side pays it's own way."  You will also want to start searching for lenders; rates are increasing and commercial rates are higher.  

Hope this helps...and by the way, hope you find that perfect property!