Hi BP community,

I'm looking to buy my first investment property and it's a commercial property.  I've just started communicating with the bank to feel them out and put myself in front of them as an educational experience.  So, here are the vague details:

  • This would be an owner occupied purchase (my business would occupy about 29% of the total square footage)
  • The other spaces are leased
  • 2 separate buildings (space 1= 46,800 sq ft; space 2= 10,000 sq ft)
  • Possibility of owner financing of up to about 65-70% LTV
  • Currently the property does about $300,000 in operating income $53,000 in operating expenses for a net of $247,000.

I'm really looking forward to hearing some feedback and opinions on the deal.  Because this is my first investment property, I understand that I don't know what I don't know and I'd love some guidance and suggestions.