All Forum Posts by: Guillermo Gomez
Guillermo Gomez has started 1 posts and replied 2 times.
Not worried at all, there is a lot of traffic and the market in the area has turned around. It’s a regular mom and shop deli that Needs to be revamped. The owner wants to retire. he has been in the same place for 45 years.
I am purchasing a building for 90k zoned commercial. The AVR is about 180k to 190k and needs about 30k in repairs. In fact it's a mixed unit but the commercial is a storefront long with the basement. That makes it about 70% commercial, 30%residential.
The other alternative that I have is to cross collateralize my other two properties under the LLC worth about 120k along with the one that I'm purchasing and cash out total 157k. That would leave me enough for repairs and a downpayment for the next deal.
What course of action makes more sense?
What type of lender do these types of deals? Should I got to a HML or small community bank for small commercial loan.
I may also have equity in my house the could tap into but don't want to start applying and have my credit scores take more than hit