Updated almost 8 years ago on . Most recent reply
Financing for Mixed Use Property (3 apartments and 2 storefronts)
I came across a mixed use property listed on Loopnet for $650K - it's a steal in our area but it's based on really deferred maintenance - somehow this property still yields close to $6700 per month based on very creative ways to produce income.. basically renting out every inch of the property for storage and $200 per parked car. $450 for storage in the garage etc. I love the location smack dab in a quaint upscale town and would love to reposition it. Trouble is that loans for mixed use properties require 30% down. We have managed to save up to be able to spend $130K including closing costs but that wouldn't be enough for a conventional commercial loan. I would have accepted it and moved on if it weren't for all the inspiring people on the BP podcasts.. should I contact the owner (I think it's his name on the income report the realtor sent me) and ask if he would consider seller financing, though it's already listed with someone?)
Would also like to hear your thoughts on mixed use properties as we only have a couple of multis but don't own any retail stores. Thank you!