Commercial Property - Posted by Mike
Posted by Mike on June 26, 2003 at 22:52:06:
I am looking at a 3-family home with 2 store fronts on the ground floor. I just purchased a two family home for myself 5 months ago.
I am wondering about how to get financing. I am new and trying to learn as much as I can. I have seen about 65 properties now…and this one seems to be a great deal, having a very good cash flow after expenses.
Do I have to put 20% down? Can I put less? Can I get a mortgage for less than 20% down?
How can I get the money for the down payment? I do not want to use my own cash, will a bank lend me the money as a personal loan? Is getting a loan from a credit card like DISCOVER worth doing?
Can I get a 30 year mortgage on a commercial property?
I need advice so I can maximize this opportunity.
Thank you for all your help.