1st buy and hold...commercial
So, recently I closed on a property in SC. Currently the building is vacant, at one point it was a functional beauty salon. This is my 1st deal EVER. My plan is to convert into a barber shop, should be a smooth transition. Property zoned for commerial use. My parents owned the salon across the street, i lived in VA. So definitely long distance. Barber actually pay for booth rent. In SC market barber's typically pay anywhere from 100-125 per WEEK. This property has space for at least 6 barbers possibly more! Mostly importantly I hit my goal numbers wise! Feel free to critique the numbers. I'm no expert by far.
So here's the numbers: seller finance
Offer price: 38,500
Down payment: 2300.00
Interest: 9%
Monthly PIT: 567.00
Cashflow: 1800 minus utilities.
BOOM!
Thanks Biggerpockets! future updates coming soon.