My first real estate mistake

[James P.]

I made my first real estate mistake. I purchased a multi-use residential mixed general commercial property with a primary residence conventional mortgage...

At first. I thought this was a wise thing. Due to reduced interest rates. All I had to do was live in this house for 12 months. Easy! I reach 12 months, tomorrow!

Now for the bad news... the mortgage company will not allow me to lease the property to a commercial company.. nor can I refinance into a commercial loan, because I do not have 2 years of business income...

What do I do? My only understanding of a solution, is what leads me to this site....

Perhaps I obtain a private loan, to pay the remaining loan balance. Due to appreciation, and a sizeable downpayment, I already have roughly 50% equity.

Any ideas?? This property is worth more than double when leased commercially, instead of residentially.

James

[Kenneth Garrett]

@James P.

Contact the commercial division at a bank you work with or a local bank in the area.  They should be able to help you.  Stay away from the big banks they are to difficult to work with on small projects.