First time Commercial buyer

3 Replies

I have a question and I am completely new to purchasing commercial property, or investing in itself for that matter. I am a retired US Air Force Veteran and want to try to purchase a commercial building with multiple tenants. The anchor tenant isn't going anywhere and the second tenant would be my partners wife's business. Between these two tenants the mortgage is easily covered to include maintenance and taxes. The other two tenants are profit, nearly 8K per month. I am looking for help on how to get an investor or help with the $390,000 down payment on a 1.9M building. Can some provide advice on how I can find an investor to loan us the 390K to purchase the building for either repayment with great interest over 5 years or become partners going forward. Thank you for helping the next generation of commercial property owners.

Originally posted by @Matthew Hendry :

I have a question and I am completely new to purchasing commercial property, or investing in itself for that matter. I am a retired US Air Force Veteran and want to try to purchase a commercial building with multiple tenants. The anchor tenant isn't going anywhere and the second tenant would be my partners wife's business. Between these two tenants the mortgage is easily covered to include maintenance and taxes. The other two tenants are profit, nearly 8K per month. I am looking for help on how to get an investor or help with the $390,000 down payment on a 1.9M building. Can some provide advice on how I can find an investor to loan us the 390K to purchase the building for either repayment with great interest over 5 years or become partners going forward. Thank you for helping the next generation of commercial property owners.

 Welcome to Bigger Pockets! Nice name by the way. 

Couple suggestions here: 1) start attending real estate investment association meetings or local meet ups for real estate investors (try meetup.com) and start networking with people in your area. 2) Place an ad in the marketplace here on bigger pockets stating that what you are looking for. 

With no experience in real estate (your words) you are going to have a challenge to overcome with investors. You have no track record and that is risky; especially when you're asking for a large chunk of change. Don't let anyone tell you it can't be done! But at the same time, be prepared for a lot of "no's" on your way to yes. 

Thanks for your input Matt. I understand it will be difficult, if not everyone would be doing this. I will look at the areas you mentioned. I anticipate a lot of "No" answers and will kindly thank them and move forward. I will never make the most of all opportunities and partner with the right investors. Thanks again for the response and look forward to reading many more on the site

Hi Matt it's not you alone my name s Vernice Taylor and I'm in the same position just like you .I am new to the business with no money and is seeking help just to get me started .if anyone should from the kindness of their heart give a loan and help me to get started I promise to repay that person back every penny with high interest.I just will like to do my first flip.