First commercial deal. Any advice

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ok i do not have all the numbers yet but am wondering what i should be looking for. my real estate agent approached me with a 16 unit and 4 store fronts. net profit a year is around $70,000   owner will hold financing. $500,000 purchase price and $100,000 down payment at 5%. I know i have to check the building and rent roll and expenses etc but just curious of any advice anyone has.  i own a duplex now and have been looking at 3-4 family but my realtor said this is a good opportunity so curious what you guys think

Will the owner carry the financing to term? If not, make sure there is nothing odd with the building that would get in the way of a commercial loan you may need to pay off any balloon payment the owner may require.

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thanks brie. and that 70 would be befor mortgage. i will update when i sit down and talk numbers. the property is not on the market and owner does not want to show it unless i'm serious. my realtor had breakfast with him and was telling him about a deal we looked at and passed on, building was in horrible shape and he offered his. so very beginning stages but looks very promising 

thanks matt,  building looks good so far. just went to codes office and requested all permits, violations etc so we'll see how they look. codes officer did say building is in good shape so thats a plus

@Michael S. You've gotten some very poor information here. There is NO way to tell if the property is a "deal" based on your information. If the actual market cap rate is 16% for similar properties in the area YOU just paid $62,500 TOO much to control a $70,000 NOI.

YOU should be concerned if you are buying above or below market cap rates. A 14% cap only means that at the price they want from you they are willing to give up the $70,000 NOI for only a 7 times multiple. WHY? Unless that is market I would wonder why it is so undesirable to the market.

@Bob Bowling  Thanks for the comment. Gives me something to think about. I will talk to my realtor and find what similar cap rates are. Hopefully gonna meet with the owner this weekend or next week. The property isn't on the market and when I saw cap rate at first look very interested. Went to codes office and am am waiting form export. I live in small town so similar properties may be hard to find.  I purchased my duplex for $42,000 and rents for $600 for each apt. And taxes are $1500 a year very little maintenance. My realtor had breakfast with owner who is in hiss late 60's  told him I looked at a bad property and hoped I didn't buy it and the guy said he'd be interested in selling his

It is really difficult to handle the first deal for buying the real estate property. It is usually seen that financing in real estate property is daunting, So if you are really concern about financing your first property, you must check your credit early for mistakes you need to address.