I'm trying to buy an investment property. It's commercial/residential, with 3 apartments upstairs and a retail space downstairs. All apartments are occupied and pay $450 a month each, retail is vacant. I have a business plan and have history of running business, so the retail space will be used for myself. They're asking $100k for it but the agent kept saying price is VERY negotiable. There are some cosmetic issues, but no structural issues. I have no money to put down from myself but there is a program in my area meant for people like me to start a business. They will give me $25k, but I have to have a refusal letter from a bank saying I don't have enough down payment, etc. But I still need a loan for the remainder. Is there any mortgage I could use? FHA, RD, etc? I have a good credit history and good credit score, and make about $45k a year from my regular job. I plan to hire a family member to manage the business when I am working.
Read more: Is there a mortgage option that fits me?
