Considering Purchasing An Industrial Condo
The developer is selling the units for $96.000. He also is offering financing: 10% d/p, 7.75% adjusting every 5 years, 20 year loan with 25 year amortizing.
Since I have zero experience in this I am looking for advice. The property is new construction and located in Rockdale, IL.
There are 11 units in the building. He estimates the monthly assessment for maintenance at $50.00.
What should I look for in the loan documents ? What pitfalls should I watch for ? I am considering purchasing the unit for use with my business (electrical contractor)
Thanks for any advice.
Hey commercialking give my guy Dan Mosca a call. He is in the Southwest suburbs but travels and does a great job for my clients. You can reach him at 708-235-1000.
heil and heil, in evanston is all i use. they are the cheapest i have come across
Try the local Cincinnati Insurance rep.
Cincinnati Insurance is a GREAT company, but usually non-owner occupied property is not their forte...
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Best regards,
Tim[ Edited by norrist on Date 11/02/2007 ]
I would try to find a mentor and get some real world experience.
Short of that I would try to find a small easy deal w/ limited loss potention and do it myself.
An experienced mentor is great advice, but what if this mentor specializes in an area that your are not interested in? Try to find an area that excites you then find corresponding mentor/advisor for guidence.
Most people start with single family houses or duplexes.
If you have the knowledge and the start up money, this may be the BEST TIME to get into the business.
Just understand that there are a bunch of REALLY motivated sellers and VERY FEW investors ready to risk their money right now.
There are numerous rotten, lousy, overpriced deals out there. And a few home runs where you can double or triple your money. YOU have to be alert enough to know the difference!
[addsig]
hi, keep learning and when u are ready jump! thats the only real way to get involved is to get started. HAve you checked out this book. Confessions of a Real Estate Entrepreneur, by James Randel. This book gives some great advice on getting started. Have you learned about options and contingencies, these might help u feel more comfortable about getting involved