How to secure financing?
Hi guys. I'm new to this forum and commercial real estate. Just recently I came across an opportunity to make money renting out parking lots and vacant lots. After doing a bit of math, it may make sense for me to buy and pay off a property while making a decent cash flow. Problem is, I don't have experience in commercial real estate financing but don't want to miss an opportunity. I have a bit of cash  so realistically, what do you think it would take to get a property financed? My personal credit is good but obviously I don't want to be personally liable. Don't have an established business either. 

Where do you think I should start? 
What type of pricing should I consider at first$200k? 500k$
Is SBA an option? 

I'd appreciate any help and advice. 

Thanks! 

[{"id": "ee54eot", "text": "I might not be completely understand the question. Sorry if that\u2019s the case. \n\nYou don\u2019t go and get a loan prior to having a specific deal in place. You\u2019ll need to present to the bank how you intend to make money from a specific deal. \n\nThe bank won\u2019t give you a 300,000 line of credit that you can then go buy an investment with. (Generally, there are exceptions, but not for a brand new investor). \n\nAs a part of your purchase contract you will have a financing contingency. That\u2019s where you put together your financials and present it to the bank to get a loan. \n\nThis is generally a good thing because the bank can be like a second set of eyes that has no emotional investment in forcing a deal to work. ", "replies": [{"id": "ee55xsy", "text": "I'm just wondering where I should start and you answered it. Thank you. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "ee554gj", "text": "Its unlikely that you will get a loan on vacant property/parking lots without being forced to guarantee the loan. If you do, it would like mean you are only going to the 50% or so of appraised value in the loan.\n\nYou will need, at bare minimum, the following for financing any decent sized parking lot:\n * operating financials\n * phase 1 report\n * zoning letter from local jurisdiction stating your intended use is permissible\n * clear title\n * insurance\n", "replies": [{"id": "ee56ee9", "text": "Thank you for the list. That's what I was looking for. Know any banks that'd be willing to work with me? I live in the Midwest. Thanks", "replies": [{"id": "ee5csq9", "text": "The smaller the better. If there is a small town bank in your area (or the area you\u2019re working). Small as in 1 location. You\u2019ll have more luck with a \u201ctough deal\u201d than if you go to Wells Fargo or Chase or somewhere like that. ", "replies": [{"id": "ee676xz", "text": "Gotcha. Thanks for info. \ud83d\ude42", "replies": [], "depth": 4}], "depth": 3}, {"id": "ee5dh0g", "text": "go to local and smaller regional banks. The bigger banks (think Fifth Third, US Bank, PNC, or national banks like Bank of America, Wells Fargo, etc. aren't worth the time for small deals.", "replies": [{"id": "ee6755y", "text": "Great, thanks guys I'll look into it. \ud83d\ude0e", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]