How Do You Decide Whether To Buy Commercial Real Estate?
I work at an office job I don’t like, out of monetary necessity. So it has been for most of my adult life. My dream is to open my own store. So when I noticed a small commercial building in my town for sale at a bargain price last week, I became very excited. It was a cute space with some renovations done to the inside. The downstairs could be used for a retail store, and the upstairs could be rented for an apartment. All for $116,000 to $160,000. It was listed as being a “short sale,” contingent upon bank approval. I did lots of research in a few short days about commercial loans and creative financing. I came to the conclusion that I would not buy the property because it was just too much of a gamble. Here are some tips and advice from my experience and research that you may get some use out of. Commercial loans are hard to get. They typically have much higher closing costs than residential mortgages. Also, I wouldn’t doubt if they took longer to process. Avoid them if you can, is my
