How Can I Finance This Deal.
I currently looking into a small 3 unit shopping center. Its currently 2/3 rented. The main tenent is a Convienience Store leased till 2011, they been there for about 2 yrs $1500 a month . The 2nd is a beauty supply shop on a month to month lease $300 they been there about 6 months. The third is currently vacant i needs rehab to lease its about 500 sq ft. The convenience rent will go to $1800 in oct. Tennant pays their utilities,upkeep and water. Expenses are around $5000 yr and the conversation i had lead me to believe i can get the property for around $80,000. Is this there anything im missing as to why this is not a good deal? How can i get
commerical financing for $80,000?
would a local bank a finance this property?
Is the building in perfect condition? If not there may be funding available. Let me know.
I want a "silent partner", 630 credit score required, No money down at all, for some foreclosures in my area. I have lenders in place, just need a credit scoring partner.
Lets do each other a ....
try this again, lol
www.hailey.maxwell at http://www.mac.com
I have found that alot of time I get a great idea of there criteria, then reswarch the area and demographics. Many find the land, tie it up, then present it to single tenants. Once you do that and get an LOI fron them, its very east to get them financed. You have to be proficient in your seach and knowing these tenants you are selecting, and THEN you have to be persistant contacting them and getting them to move unless its a slam dunk land.