|
Are you sure the $430K price is really a great deal?
Are the property taxes high? ... are the other units owned? ... many being leased out? ... one or more in foreclosure / other distress? ... what's the future going forward?
Traditional office space seems redundant in the world of the internet, outsourcing, and offshoring.
If the space you're seeking is suitable, as in people would likely go there, for say a physical rehab facility, doctor's office, law office, etc *and* is more ideal than surrounding properties for such uses, then perhaps it has great potential.
Do you have a tenant booked or specific use in mind? ... or are you buying it figuring it will simply appreciate in value?
Rambling on ... and it may seem as if I've gone off on a tangent, but all of the above relates to whether one will give you such a loan with so little down.
The seller may be willing to loan part of the amount ... and also, if you own other real estate, you may be able to collateralize it for the loan - extremely risky though, since then you could end up losing a lot more than just the property you're seeking to buy.
Be careful who you deal with - not just from a physical safety aspect, but also from a contract aspect - some private loans may contain provisions allowing the lender to sell the property upon missing just one payment, or even potentially before, if the property value is deemed by the lender to have significantly declined. Get an experienced attorney involved before signing anything, especially if doing a private / non-bank loan.
Ron
__________________
Domagon - Website Management and Domain Name Sales
|