When it came time to actually buy the property we ran into a road block.

Hey BP'ers!  I've been listening to the podcasts for about 2 months now and it has provided me with the wealth of knowledge I needed to get my bearings in this crazy world of real estate investing. I've seen Real Esta...

Hi all,I'm still scouting for my first deal, and I came across a commercial multifamily (7 units + 2 stores) that is out of state (NY, I'm in CA) that looks promising.The basic numbers are:Asking price:  300kCurrently leased, bringing in 74k per yearTaxes:  8,600, but assuming 10k.I'm assuming this needs to be a commercial loan, which brings me to my first road-block - my down payment ability is limited to about 30k (I have an IRA with 60k in it that I can borrow up to 50% of).What sort of things should I be on the lookout for with this type of property (assuming I'm able to surmount the down-payment problem)?  

Dennis Block. http://www.evict123.com.

If there is an electrical issue, you can test it with a multimeter, or remedy a cleaning issue that is blocking gas flow.

Feet on the ground, even just once, can make a world of difference in RE since many markets are very different block to block. 

I am a condo-owner in Miami (2 blocks from Coral Gables).

We also look at the state of the block.  

This criteria varies greatly city to city and block to block even,  but you need to know beforehand or you are already done before the day you start. 

I know you didn't ask me, but unless you're in the next block, I wouldn't worry alot about the train noise.