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Updated 4 days ago on .

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1
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Abigail Klinge
  • New to Real Estate
  • Maine
0
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1
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How to become ready for a commercial rental?

Abigail Klinge
  • New to Real Estate
  • Maine
Posted

Hello, I am Abigail. I currently have a small two unit rental and I am looking at my next deal. My broker and I found one with a two residential and one commercial unit. The commercial unit downstairs used to be an orthopedics office and has no current tenant while both the residential units do. I want this property because its in a town with a good CIP, taxes at the location are not bad, and with a 6% interest rate (which is hard to find in the state I'm in) I would be able to pay 100% of my expenses (mortgage, insurance, taxes) with just those two residential units at their current rent price, leaving the commercial unit grossing right into my pocket. My main issues are:

 This has been for sale for almost a year, I am not understanding why people aren't buying it and how to find if it has any issues. 

I am familiar with residential rental structure, but I know absolutly nothing about commercial units, leases, what deals are good and bad, I really want to know the best way to educate myself on that side of rental income. 

I am not planning on buying this property until early next year (if its still available) as I just don't feel I'm ready. Does anyone have advice? I am only 20 and have a itty bitty portfolio, is this too big of a jump?

My goal is to be financially independent by 30, I would like, passive, around 6 grand a month, enough to be comfortable without a W-2 job.