Financing commercial mixed-use property with laundromat

[Tije Wilkins]

Hello, all! I came across the opportunity to buy a mixed-use commercial property but I wasn’t prepared and not sure how to navigate the commercial process since the owner isn’t willing to seller finance, and I just recently bought a primary home in November so I can’t get any type of owner occupied loan. I just wanted advice and resources from the fellow BP community!

The property has a laundromat ($24K/yr), mechanic shop ($7200/yr), and 2 mobile homes (owned by the tenants) on a month to month lease ($400/mo). And room for another mobile home (I’d prefer putting my own mobile home to live in on there). The purchase price is listed at $285K and that includes ownership of the land, laundromat, and shop. I only have access to about $30K so not enough for a 20% down payment. Even if I negotiate the price down I don’t have access to $50K+ just for the down payment. The laundromat is an old mom & pop, and will likely need new machines (currently 6 washers & 4 dryers). I don’t have detailed financials on the laundromat as they just did the bare minimum to keep it open, and I want to go in and add value. This is the only laundromat in the town, with the next closest one being 45mins away. 

Note: I bought my primary home in Georgia because the home next to my mom's that I grew up in went for sale, so I plan to hold onto it longterm and put it in a trust with my mom's house. I bought it as a primary residence but it's sitting empty majority of the time as I work in New Mexico 95% of the time and get per diem to be here which more than covers my New Mexico living expenses. So if there's any way to swing this into a reason why I need a second primary home in New Mexico, I'd be interested in that. My DTI is roughly 30% and I make a good 6 figures with my 9-5 plus day trading money so I know that I'll be able to manage both mortgages, I just don't know how or if I can go about financing this deal with little cash on hand.

Any help or resources to look towards would be appreciated, thank you!