Posted by Tim on April 24, 2006 at 15:51:27:
Still looking.
New to Commercial Property - Posted by Tim
Posted by Tim on March 12, 2006 at 13:30:51:
I have been working with residential real estate as a side line for the past 16 years. Nothing big, single family homes that I bought cheap for cash flow or rehab/resale. I’ve got a fair amount of equity in my residential rentals, but don’t want to rock that boat. I would now like to get into a commercial property, with the goal of less management hassles, decent cash flow and hopefully adding value to the property.
I have around $80,000 I can invest in a property, great credit but not showing much income(almost none). I’m hoping to find a property that would allow me to get a 10-15% return on my capital, & still have enough income to take care of debt service & any other expenses. I don’t want my funds to be more than 20% of the purchase price. Is a deal like this possible? Is it possible to qualify for a commercial loan with good credit, a decent down payment, but almost no other income? Any suggestions as to where to start would be appreciated.
Re: New to Commercial Property - Posted by jlaass
Posted by jlaass on April 21, 2006 at 23:17:53:
find anything yet?
Re: New to Commercial Property - Posted by Josh Geyser
Posted by Josh Geyser on March 13, 2006 at 13:33:29:
Tim,
It can be possible depending on what you mean by no other income. If you simply write off all of your income, that usually does not cause problems since most commercial loan programs utilize the income of the subject property for qualifying purposes. However, showing big losses year after year may create problems. If necessary there are also stated income loans, though your terms are not as favorable. If you have other questions feel free to call me at 866-369-5168.
Josh