Updated almost 12 years ago on . Most recent reply
Investing in a commercial/residential property
ok so here is the dilemma. In my town there is a property up for sale. It's located right on the main street in our small town where there are other similar buildings. The downstairs is a business front and the second floor is a super upgraded two bed one bath 1200 daft loft with no current renter. I've been interested in buying it and leasing the business area and renting the loft. The problem is they want 119900 for the building but the business currently there is closing and there is no one renting the loft. I need advice on where to go with it. In my head I feel I could easily get a renter to pay $600/month for the loft but finding a business to lease the bottom is a little more difficult. With a conventional loan I'm looking at a $800 mortgage. Depending on zoning I've also thought about just rehabbing the bottom to be another apartment but of course that would cost a substantial amount of money. Any thoughts?