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Updated over 9 years ago on . Most recent reply

User Stats

9
Posts
4
Votes
Jack Reed
  • Investor
  • Watonga, OK
4
Votes |
9
Posts

Duplex with commercial building attached

Jack Reed
  • Investor
  • Watonga, OK
Posted

Ok so i am new to this and found a property that I am looking at purchasing. I am running into a problem due to the type of property that it is. it is a Duplex that has a commercial building attached to it. The owner is asking 200k and current rental income is $2000 per month (which is low, rent will need to be raised to meet market value which should be closer to 2700). The problem that i am running into is financing, its not commercial and its not residential so the bank is trying to find a product that will work. However, the other problem i am having is the owner producing income records for the property. Is this a worth while deal or should i just walk? Thanks in advance. 

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