Help! Need advice on my potential first deal..
Looking at buying an old Post Office next to my parent's house as my very first investment. Listed as a commercial property with a small store front and duplex in the rear. Currently both units are rented, but the store front is vacant. List Price is $59,000 and I know it's going to need a new roof very soon (est. $6000) and concrete work outside (est $2000). Rents in the area are between $500 and $600/unit. It's a D building in a D neighborhood, but the entry price seems right on. Haven't seen the inside yet, but I'm trying to evaluate if it's worth looking at since it's listed as commercial.
What kind of hurdles can I expect with this since it's listed as Commercial property? Am I missing something obvious?
Most Popular Reply
@Dominic Lucarelli You'll need a commercial loan if it is a commercial property. But more importantly you should really be careful. You're getting into something a little unusual for you first property. Make sure you know what you are getting into.