All Forum Posts by: Phillip Ricci

We fell into a great opportunity to buy a commercial deeded building with a commercial rental downstairs, and a potential residential 2nd and 3rd floor (1 or 2 units depending).  New roof, A/C and HWH in 2019, very little rehab besides cosmetic things Ill do my self.  its on a main street, great store front, very aesthetically pleasing frontage.  Com unit rented for $1500 and the Res unit $1200 before the building was foreclosed on.  We are under contract for $180k.  The numbers make great sense.  

BUT...

This will be our FIRST project, rehab, rental, ever.  We are approaching lenders, hard money and banks, who have said numerous times that "commercial would be a tough first project for you.  Its a different animal".  What are we missing?  Any lenders out there that you've used that can help us finance this?

All info welcome and appreciated!

Greetings all,

First post on BP and just wanted to introduce myself. My wife and I are rookies in the investing business but eager and excited to jump in. We just opened our new LLC, Ironhorse Investors, with the hopes of making our first purchase in the next 30-60 days.

My wife is a home and bedding designer by day, and a photographer on the weekends.  I am a high school administrator, with a long background in general home construction, repair and handyman services.  Together we have bought, updated, and sold two of our primary residences, but looking to stay where we are now.  Would love to use our skill set to start building a portfolio.

We have been gathering info from BP for months now and can't believe what a wonderful, HELPFUL community this is so thank you all for your input and insight!  I hope we can return the favor one day.

Would love to connect with folks in the central and southern New Jersey area as well.  Looking forward to digging even further into this site after we upgrade to PRO!

Cheers, Phil