Does this type of loan exist?
Hello BP! I have the opportunity to purchase a mixed-use building in my local town for 80k. It has two rented apartments on second floor, rented out storage in basement and ground floor is a vacant salon. My plan would be to buy this building, have the income from the apartments and storage to cover the mortgage and then gut the storefront and open a liquor store or bookstore and personally run it. The profit from the store would be the cash flow.
My question is what type of loan could I secure that would cover the purchase price, reno and business expenses for inventory and supplies to get the business up and running? Is there a loan program that would lump all this into one? Is this an SBA loan? Has anyone tried something like this before? Any help and insight would be appreciated. Would love any advice or stories about if you succeeded trying something like this. Thanks!