BUYING YOUR OFFICE BUILDING
Posted 28 November 2004 - 10:07 PM
THE INCOME FROM THIS PROPERTY SHOULD GIVE ME ABOUT $1000 MO.
THE PROPERTY ZONE R-2 (RESEDENTIAL-NON CONFORMING)
WHAT KIND OF LOAN SHOULD I LOOK FOR? COMMERCIAL OR RESEDENTIAL, INVESTMENT PROPERTY OR SECOND HOME, BUSSINES LOAN OR PERSONAL?
WHAT WOULD BE THE LOWEST DOWNPAYMENT I CAN QUALIFY FOR?
SHOULD I LOOK FOR COMPANY THAT SPECIALIZES IN FINANCING TO DOCTORS?
Posted 29 November 2004 - 12:09 PM
I am not certain about what you mean when you talk about 5 bedrooms… If you mean 5 apartment units then it would still make this a commercial loan because anything over 4 units even if one of the units is owner occupied would make this a commercial loan.
Posted 01 December 2004 - 06:38 PM
Admin raises another important question; Is it 5 apts or 5 rooms (rooms with communal restroom would make it a SRO). I think you leaning the commercial way at this point. We do financing properties like this and you are right that it would cost you about 20% down (10% down if there is a seller second). Thanks! Naj
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