Hey, so here’s the deal – I’ve got two duplexes that I’ve owned for about 5 years now. Snagged one with an FHA loan and the other was a 5-year ARM that I recently refinanced into a 30-year deal. Both properties have some serious equity built up, and I even managed to secure a pretty nice HELOC based on that equity. Living in upstate NY, I’m not exactly in a high-cost-of-living area, which is pretty sweet when it comes to real estate.
Now, I’m looking to level up and get into something bigger, like a commercial property with at least 5 units. I’ve got around 20% to put down for a loan of up to a mil, not that I’m necessarily going to drop all of it on a single property. I’m open to exploring different financing options to make this happen.
My plan is to maybe reach out to some local property owners directly and see if they’re up for some off-market deals or even seller financing. This way, I can skip the whole realtor fee thing and potentially come up with some creative financing solutions that could benefit both parties.
My personal goal is to generate monthly revenue that’s around 1% of the purchase price, and ideally, I’d like to see around $400 to $500 in cash flow per door each month. That kind of return would definitely make it a win in my book, no matter what property I end up with.
I’ve been doing my research, but I’m eager to make a move sooner rather than later. So, I’m curious – what would you do in my shoes? What kind of financing options are out there for commercial properties? I’m all about seizing opportunities, and I’m ready to dive in – any suggestions or tips would be greatly appreciated!