Real Estate Investor · Jacksonville, FL · Member since 2013 · 7 posts · 0 votes
I am a real estate broker and residential investor. i would like to get into investing in commercial and may have my first opportunity. I have a commercial office building for sale for $1.3M. A highly interested and well known company does not want to buy but wants to lease for a min of 5 years for $12,000 per month. The seller needs the cash as they are retiring. So owner financing is not an option. The office building is move-in ready. I do not have the cash. How can I make this work. The numbers look good.
Real Estate Investor · Jacksonville, FL · Member since 2013 · 7 posts · 0 votes
8y
Yes and it is 1 large office building that they need full space. Also have 3 present tenants in 3000sqft of building but they will also need that space.
I am a real estate broker and residential investor. i would like to get into investing in commercial and may have my first opportunity. I have a commercial office building for sale for $1.3M. A highly interested and well known company does not want to buy but wants to lease for a min of 5 years for $12,000 per month. The seller needs the cash as they are retiring. So owner financing is not an option. The office building is move-in ready. I do not have the cash. How can I make this work. The numbers look good.
I know you said owner financing is not an option, but...
Have the current owner sell the property to you and hold the paper.
Refinance with a new loan that does not require seasoning or income verification. You should be able to get one for as much as 75% loan to value based on the appraisal, not the sales price (make sure you buy the property right, don't overbuy)
You should be able to close on the new loan in less than 45 days; ample time for the seller to get his cash and retire.
It's all about structure for the purchase that sets up the refinance
Real Estate Investor · Jacksonville, FL · Member since 2013 · 7 posts · 0 votes
8y
Where would you recommend a refi? What are the chances a refi not going thru? It is a beautiful building and ready for.move in. Ehat about the 25% down payment which I do not have?