I'm in my thirties and run my deceased father's 5 unit, 1 store commercial property in North Jersey for my mother, who's currently the owner. It's been valued at 700k 2 years ago. The property itself pays off itself after mortgage, taxes, insurance, sewer, and water - and leaves some to reinvest. I would like to purchase another commercial property under the current licensed corporation that this property is currently under but in a better town.
My question to you is how can I get a loan out of this property that we run now? Do I take an equity loan? Our goal would be to have enough commercial real estate eventually that would be some what of a good passive income generating corporation.
If you need more info, please don't hesitate to ask. If you can point out to any other resources, links, videos with good tips on reaching this goal of ours - it's very welcomed. Thanks.
Welcome to the site @Bill Joseph , Im not sure what the answer is. I would start by contacting the mortgage holder of your current property and discuss your plans. Next, I would reach out to some local banks in your area. Lastly, try to network with some lenders here on BP.
Try these and see if you get anywhere. Be sure to let us know how you do!
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