Hello everyone. This is my first time posting and I hope that my posting is in line with the topic.
My situation: My wife and myself own one home and just bought another without needing proof of us selling our current home. We plan to rent out our current home and begin investing that way. I am drawing up a detailed business plan at the same time. Over the next 2 weeks I have an LLC forming so that I can have name and develop a very positive image behind what I’m doing.
Question: Recently, a multi-family 5 unit has caught my eye. I am very interested in this property and want to pursuethis. However, I have come to understand that commercial property financing is a bit different than residential financing. Our median credit score is somewhere between 715-720. We don’t have much at all to put down on this property. Is there some other creative solution in terms of financing that I can undertake considering that we will be spending anywhere within the range of $150-200k?