All Forum Posts by: Jesse Simmons

Real-estate Rookie here, 

I am going to try to make this as concise at possible.

There is a mixed commercial unit for sale in my market that I have had my eye on for awhile. The property has been on the market for at about 2.5 years. It has a lot of potential, but will need a lot of work. I believe it is over priced (originally for sale by owner for $280k,later listed through agent at $360k), but I feel like the seller may be open to a creative financing option. 

Property includes: (2 buildings)

The large old building with main level office previously a dental office and potential for build out second floor of (1)-1br efficiency apartment, (3)-2br/1bath. This building will basically need a full gut reno.

 A smaller building that used to be a small community bank that could easily be retail space/ cafe.

I will qualify for conventional financing for this property, but with interest rates being what they are, I'm not sure that's the best option. Also considering the length of time/ amount of work that needs to go into the property I may have some leverage to enhance the overall deal.

I guess my question is what should I do? What are some creative options of presenting a seller financed deal? How could I best secure financing for the renos to get each unit up and income producing? Really ANY advice would be welcomed. 

THANKS In advance