I am looking to purchase a mixed used property that I am looking to occupy the commercial property and also have a single family prefab home built behind the commercial property to rent out as their is a large lot behind the building.
I don't qualify for traditional funding anymore since I went full time with my business anymore even though I am making in a day what I made in a week at my job. (Thanks banks!)
I am getting shot down at every hard money lender too though because I want to be an owner occupant in the commercial building.
Does anybody have any recommendations for financing a deal like this?
The property is listed for $250,000 and that includes 2 parcels. The commercial building is on 1 and the empty lot is directly next to the commercial building.
I am looking to make an offer at $225,000 and finance around $400,000 to do some rehab to the commercial building and have a small prefab home built behind the commercial building. The exact costs are still TBD as I need to get the property under contract before I go deeper into due diligence, inspections, and contractors.
My monthly income since going full time has went from 7,000 month 1, to 13,000 month 2, and on track to do about 22-24,000 this month and this property would take that to $50,000 or more within a few months as it would help expand my business big time.
@SteveO @Envision Would anybody have some advice for this?
I don't qualify for traditional funding anymore since I went full time with my business anymore even though I am making in a day what I made in a week at my job. (Thanks banks!)
I am getting shot down at every hard money lender too though because I want to be an owner occupant in the commercial building.
Does anybody have any recommendations for financing a deal like this?
The property is listed for $250,000 and that includes 2 parcels. The commercial building is on 1 and the empty lot is directly next to the commercial building.
I am looking to make an offer at $225,000 and finance around $400,000 to do some rehab to the commercial building and have a small prefab home built behind the commercial building. The exact costs are still TBD as I need to get the property under contract before I go deeper into due diligence, inspections, and contractors.
My monthly income since going full time has went from 7,000 month 1, to 13,000 month 2, and on track to do about 22-24,000 this month and this property would take that to $50,000 or more within a few months as it would help expand my business big time.
@SteveO @Envision Would anybody have some advice for this?
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