All Forum Posts by: Bakari Autman

Looking for a source would like to use the equity in my Commerical property to fund new investments. A line of credit…. Please advise

@Patti Robertson thank you for all your insight and advice. This has been a great help

I have operated a barbershop for 11 years renting yes I know don’t judge me. It is time for me to own my own property. I have found a mixed use property for the barbershop with a 1&1/2 bedroom apartment . The seller is asking $64,500 down from $80k, the property has been on the market for a year. I’m assuming it’s an older couple that owns the property and the building is paid for with the tenant paying $600 a month in rent. The barbershop needs about $25,000 in work to get the space up and running. Personally I have about $50,000 to invest in the property. My credit is not good enough to take out any loans. The seller has rejected my cash offer of $35k and $40k. I am blessed to have people in my life with excellent credit that are willing to secure a loan for the property. My novice thought process says dont use the entire $50k to negotiate a purchase price, since all my other offers have been rejected and i still need $25k for rehab. The individuals that are will to assist already have homes and FHA Loans will it not work. My question is what loan can I get to help with the purchase and the repairs to get the shop up in operating order? Should I talk to a bank? In total I believe $90k to $95k will be enough to purchase the building and do all repairs. The building is 1,375squ ft. 700 is the commercial space. I do have the $50k at hand but I don’t know how to proceed. I do not want to use all the $50k at once and still need the repairs done. What’s should I do to secure the rest of the money for repairs and to purchase the property???

@Steven Rubino congrats

@Michael Lee thank you for your insight and advice

Gm I am a looking to buy a mixed use building front has a no operational barbershop I am a barbershop owner. The back has one and a half apartment that is occupied. The seller has went from 80k down to 65k. The barbershop needs at least 20k to get up and going for me to mace my business. I offered 35k cash and was rejected no counter. Property been on the market for a year now. Was just reduced 5k this week? What’s the next step I should do I want the property bit done want to go past 45k a building next door went for 33k

I am barbershop owner of 11 years and it’s time to own and stop renting. What calculator can I use for projections on the property? Renovations are also needed to make the barbershop operational i was wondering should I get a construction loan or use OPM for the repairs?

@Andrei Bortnov I will have more info tomorrow my mother was given the property by my deceased grandfather it is located in Wilkinson Township in Cass County, Mn.

We own 7 acres of land in rural Minnesota never been there where do we start first? I have a lot of ideas from renting to deer hunter to starting a camping ground any suggestions.