1st Commercial Deal - Posted by Mike

Posted by Ferris Anderson on June 27, 2007 at 14:20:59:


Your first order of business is to find out how much the renovation will cost. You need to contact first an architect and then a GC. Also you need to check with zoning and building codes to see if your idea is feasible. Next you need to find out how much the proposed condos will sell for. Finally once you have these numbers and if you think it could be a profitable venture you need to figure out how you are going to have atleast 20% to put into the deal and how you’ll be able to cover the debt service during the construction and marketing period. If you want to pursue this project further I may be able to be of assistance. I am both a Florida Realtor and mortgage broker. Just drop me a line.

Ferris Anderson
Mortgage Broker

1st Commercial Deal - Posted by Mike

Posted by Mike on June 20, 2007 at 12:22:46:

Hi, my name is Mike and I have been in the hospitality industry for 19 years, I am 31 years young and I want to become involved in commercial real estate in my hometown. I have found an old church (Built in 1950 - 8000 sqft - brick) asking $350K. It is located 6 blocks from the UF campus in Gainesville, FL. I want to buy it and turn it into condos/apts for students. Where would I start? Should I try to find a GC 1st or a lender? I on my home but that is about the only real estate experience that I know. If anyone is willing to guide me or show me inwhich direction to head. I would be grateful. Thanks