- Joined
- Jul 25, 2017
- Messages
- 13
Hi guys,
I am looking at a triplex with a commercial unit on the ground floor (bike shop) and two residential units on the top floor.
As I have never ventured into mixed-use commercial real estate, I am not sure how financing works.
Can I move in one of the top units and pay only 10% down ?
Will the bank consider it a commercial building and require 25-35% down?
I believe the value of the commercial part is about 30% of the property and rent is 33k/year. Does that change anything?
Thank you so much for your input!
I am looking at a triplex with a commercial unit on the ground floor (bike shop) and two residential units on the top floor.
As I have never ventured into mixed-use commercial real estate, I am not sure how financing works.
Can I move in one of the top units and pay only 10% down ?
Will the bank consider it a commercial building and require 25-35% down?
I believe the value of the commercial part is about 30% of the property and rent is 33k/year. Does that change anything?
Thank you so much for your input!