Feedback on Commercial Multi (7 unit 2 store) out of state

[Kevin Eldridge]

Hi all,

I'm still scouting for my first deal, and I came across a commercial multifamily (7 units + 2 stores) that is out of state (NY, I'm in CA) that looks promising.

The basic numbers are:

Asking price:  300k

Currently leased, bringing in 74k per year

Taxes:  8,600, but assuming 10k.

I'm assuming this needs to be a commercial loan, which brings me to my first road-block - my down payment ability is limited to about 30k (I have an IRA with 60k in it that I can borrow up to 50% of).

What sort of things should I be on the lookout for with this type of property (assuming I'm able to surmount the down-payment problem)?  And any suggestions for getting past the down payment problem?

Thanks all for your input!

-Kevin