I need your advice!! novice investor. looking to purchase 7 unit commercial property
Hello everyone, I need your advice. I'm in the Chicagoland area and I'm looking to purchase a 7 unit building. My dilemma is I don't have the sufficient capital nor credit to purchase this building the traditional way at this time. My question is what techniques or avenues I can offer to the owner to allow me to purchase without much capital/ any creative funding ideas. Your help would be greatly appreciated. Also, I'm new to reddit I have no ideas how to search in this thing lol
[{"id": "ily12yl", "text": "Your best bet is to educate yourself and go to your local networking groups for real estate. You will find a capital partner eventually", "replies": [], "depth": 1}, {"id": "ily2jib", "text": "Syndication could be an option, you\u2019d need to find investors though", "replies": [], "depth": 1}, {"id": "ily54yc", "text": "Bigger pockets look for investors In your area", "replies": [{"id": "ily7bi7", "text": "Most members of BP have no clue.  Prolly 50% scammers.", "replies": [], "depth": 2}], "depth": 1}, {"id": "ilyf9ps", "text": "Go after something smaller", "replies": [{"id": "ilyim74", "text": "Exactly. 7 unit with no experience or capital? Great ambition but sometime you have to play monopoly (cheaper properties until you can afford the hotel).", "replies": [{"id": "ilyofhe", "text": "I assume OP believes it is an amazing deal and that is the reason behind it. If it isn\u2019t already purchased than it must not be that amazing is all I have to say. Sometimes the smallest deals that everyone overlooks produces the best results. I would advise OP to look at like a single tenant build or a cheap piece of land and gather some investors and go after it.", "replies": [], "depth": 3}, {"id": "im0ljyq", "text": "I have the experience just not the capital at the moment to be clear and I have part ownership in a hotel actually", "replies": [{"id": "im0oi2v", "text": "You said in your title \u201cnovice investor\u201d pretty confusing if you\u2019re in fact an experienced one.", "replies": [{"id": "imgnmz4", "text": "My apologies im experienced with single famiy residences not commerical properties", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ilyr4pm", "text": "You say this time, do you have other properties you can get equity out of by a refi or heloc? Not sure how novice you are or the situation of the seller either. Do you know the seller personally, do they need to sell or want to sell? Sometimes a seller is willing to give you a note for the amount down you would need but again, a lot of unknown factors.", "replies": [{"id": "im0ocza", "text": "I'll look into that thanks", "replies": [], "depth": 2}], "depth": 1}, {"id": "im2dm8h", "text": "Owner financing.  See if the seller will hold paper.  Finance what the bank will allow", "replies": [{"id": "im2dpqs", "text": "Thank you I will look into that. I will contact the owner this week", "replies": [], "depth": 2}], "depth": 1}, {"id": "im30eia", "text": "Triple net or gross leases? What\u2019s the tenant mix", "replies": [], "depth": 1}]