Great Opportunity any Creative Down Payment Ideas??
Have an opportunity to buy a mixed use building in the village square from private owners. We bought our business building from them last year and they are good family friends. Building has three large commercial store fronts on lower, three commercial upper and one luxury apartment. All units are occupied by solid companies. Building is $650k, gross rents are $9k/month, all leases are NNN except apartment. Only normal expenses are electric for elevator and exterior lights and normal maintenance. Even with 20% down the building would net $4k per month after taxes/insurance/expenses. My business is also right next door and I'm there all day in the event issues pop up, and only live 10mins away.
My problem is down payment. I don't have $130k cash to get in. Getting the loan is no issue, I've consulted on this awhile back. Seller has a $250k equity loan out on the property and doesn't want to hold a portion of the loan. Also they're getting older and just want the cash from the sale. I've reached out to local potential partners and due to their current acquisitions, are unable to assist with the down payment. Any suggestions?