One, where all of my deposits are, wanted 20% down and that was non-negotiable. After talking with my two main banks I didn’t like what I heard. Figuring out how to finance it with the least money out of pocket. Now that I had decided to buy it came the hard part. This would work the same with numbers that were just a little bigger. Once I calculated rents received it was obvious that the income would more than cover the payment and I immediately went to the “house hacking” idea. The building was a 4 unit complex and each unit was about half office and half warehouse save for the last space that was all office and had a 3000 sq/ft warehouse attached. Mainly focusing on single family homes to get started as many do I hadn’t even looked at other classes of units especially not commercial.Īfter reading, studying, and running numbers until I couldn’t I concluded that it was in fact a very good deal and I would buy it. Rewind a bit and I had been looking to start transferring money from my more volatile ecommerce business to a more stable asset for quite a few months. Of course as long as we kept paying rent he said. My first reaction was asking if they were going to kick me out and he laughed. I figured that he was just following up on something but he had actually called me to tell me that his bank was foreclosing on the building that I was renting a unit in. This story started 9 months ago and I have added quite a few units since then with a plan to add many more.Ībout 9 months ago I got a call from one of my commercial lenders who I use to get loans for my company. Now, while the title sounds great and all I’m not quite there yet. After talking with quite a few at the summit I realized that I don’t have a progress thread on my real estate ventures yet and I’m sure at least someone can get value out of my story this far and progress going forward.
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