Buying Commercial property as my first deal
Hi,
I have been a passive member of biggerpockets for a while. I already own a home and i have learned a lot about residential properties from books and cds.
I have just seen a 15+ unit building listed for sale in my area. i know the building very well and i want to make an offer. The owner is very motivated and he states that he is willing to finance 70% of it. I have a feeling that he can finance even more than that.
I have great credit but i know the commercial property would have very little to do with my own credit.
So how do i go about finding out if i can get a commercial loan for this property. If the owner is willing to finance 80% of the deal, do i have to pay any cash from out of pocket or would a bank give me a loan?
Is there any company or quick mentor that can help me navigate this deal. I am a CPA and work in finance industry so i can crunch all the numbers, i would need some direction.