Updated over 6 years ago on .
Advice for getting started with a commerical/residential unit
Hi there.
I am extremely interested in getting into the real estate game.
I recently came across a listing in a great location that has a reputable fast food chain leasing the main floor and has 7 individual units above to be rented out. It is currently listed for around $800,000. I am going to find out more information specifically regarding the apartments (size, previous rent amounts, etc). I had a couple of questions though pertaining to starting off that I was hoping some of you could help point me in the right direction. This would be my first real estate investment...
1) How does an individual just starting out even go about getting such a sizeable loan? Would this be a small business loan?? What are my options?
2) Any advice for how I can be sure I'm not getting ripped off? Advice for evaluating the deal once I find out more information?
3) Any advice as to what specific questions I should ask the seller?
Obviously this is very early on and I am in the "could this even be a possibility" phase. But I am excited at the possibility of exploring and learning and look forward to hear any pieces of advice you have to offer!