All Forum Posts by: Ali S.

Thanks for replying, Vanessa. Would the type of loan you mention above work with a property like the one I'm interested in purchasing? There is a small amount of rehab required to reach the full cashflow potential. The storefront and workshop/studio spaces could be rented right away, but two of the three residential units require a small amount of work to bring up to rentable condition. The current owner was great at taking things down, but not as great at putting them back together:) Let me know your thoughts. As I mentioned, I'm looking for ideas on the best way to approach this. 

Hi All, Looking for a little advice here in terms of next steps and strategy. I've identified a small mixed use building I'd like to purchase. It is three apartments, a store front, and two shops/studios. I have put together budgets and started a business plan. The apartments will require about $40k to bring all three up to rentable condition. One is currently rented. I have an option to take over owner carried financing of the building  that the previous owner has set up with the owner before them. But there would still be about $200k for me to come up with. I can put some money down, but I want to stay under $50k at absolute most and prefer to put down as little as possible. I have good personal credit (~730-740), average-high personal debt (mortgage, student loans, vehicles,) and I am employed making $90k/year. I am looking for help identifying the best path forward in general and next steps. I have rehabbed three residences and flipped them as house hacks, but never purchased a building like this one that as purely an investment, so would love help on strategy and specifics.