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Real Estate What next?

Discussion in 'Real Estate Investing' started by M&T, Oct 8, 2007.

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  1. Oct 8, 2007 #1
    M&T
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    M&T New Contributor

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    My wife and I bought a bunch of properties.Had to put them in our personal names, I know -but that was the only way we knew at the time.I am looking to get into commercial, but...It is difficult now because of the sub-prime market mess.Everything has tightend up.I would like to get personal financingfrom someone but I don't want to do hard money lending. It wouldn't make sense. Any ideas from any of the big dogs out there?
    Mike...:bgh:
     
  2. Oct 8, 2007 #2
    Sid23
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    Why can't you get a commercial loan? They are based on the property's ability to pay back the loan.
     
  3. Oct 8, 2007 #3
    M&T
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    So they only focus on the property and not all the debt on us that we are towing around?
     
  4. Oct 8, 2007 #4
    Sid23
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    Sid23 Bronze Contributor

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    Well, they will ask for a personal income statement and review your personal financials, but having debt won't preclude you from being able to buy a commercial building.

    If you buy a 30-unit apartment building where the rents more than cover the expenses, debt service, etc you shouldn't have much trouble finding a loan. 20% down payment would make it a lot easier.

    This is obviously oversimplified but you get the basic idea. Have you found a property?
     
  5. Oct 8, 2007 #5
    M&T
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    They are everywhere here! I am ready to go.
     

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