If you wanted a commercial property, a residential building apartment complex of 10+units, what are some things to consider?
How is the lending process? Does it work the same as for residential homes? In terms of conventional loan options, and is it easy to get a loan for like a $2Million property with 20%DP? Also, what are some other expenses that an owner is responsible for? What type of insurances is a must?
As the complex owner are you allowed to set your own rent and even seller finance each unit?
Can you set up your own HOA amounts for residents?
Can you add amenities like; Large complex pool installation? Do you need permits to remodel the complex?
Also, in terms of cash flow, profit making, would it be worth buying such a commercial investment? Rather than having 10 individual residential units all around in different places? Wouldn’t it be way more profitable to own a complex? Assuming it’s a class B or A area, with high occupancy rates, good neighborhood, location, and past record of solid income stability?
Thank you in advance for all responses!