Advice on my first commercial investment purchase. I have a friend that's a mortgage broker but I have not run this by him yet. Can I just get a regular loan for a commercial investment?
After clearing up all of my debt and credit following a bad divorce, I'm ready to get a loan and I believe I want some type of commercial real estate investment. I don't know if I wanted to be a warehouse to rent, or what. I need any advice about my best options so I have something to leave my children and something that will hopefully generate a little income in the meantime. Please advise my fellow redditors
[{"id": "heoblgq", "text": "How much money do you want to invest? Where are you located? What are your options? The order of LTV / Risk in a lenders eyes are:\nMulti res,\nIndustrial,\nRetail / Office,\nHotel,\nOther", "replies": [{"id": "heso5cl", "text": "I'm in FL. I have $185,000", "replies": [], "depth": 2}], "depth": 1}, {"id": "heoi5kl", "text": "Have you done residential before? It\u2019s not a prerequisite but you should know what you\u2019re getting into with investment RE.", "replies": [], "depth": 1}, {"id": "heozk95", "text": "You need property managers and lawyers if you don't know what you're doing.   \n\n\nNEED", "replies": [{"id": "heqeam7", "text": "I guess what I meant is what type of property should I buy? Should I buy storage units? Should I buy a commercial warehouse to rent? Should I just buy a home and use as a rental? I need some suggestions please and I need to know what would qualify to be purchased with a loan.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hew7f44", "text": "The type of property will be based on your tolerance for risk. It\u2019s easier to get into multifamily but there\u2019s lots of competition as opposed to trophy office or commercial farm operations. I\u2019ll be very interested to see where what u decide. \n\nAs for qualifying for the loan for commercial, I\u2019ve been asked about my professional experiences operating as an operator from the lender/seller, proof of funds, and other questions poking at your track record.", "replies": [], "depth": 1}]