I'm looking around for ideas on attracting investors and how to market commercial property. More specifically, I may have a 4 family and a 6 family coming on the market and want to attract the most possible buyers (of course!). I'm familiar with LoopNet and the Commercial Investment Multiple Listing Service, what else do you professionals suggest? I'm looking for all ideas, especially the creative ones!
Also, the sellers had a question about what kind of rates are available to investors these days. What are they looking at to purchase a 6 family which would be considered commercial? How about for the 4 family? Any good advice or programs you could point me to would be greatly appreciated! They are also willing to do some owner financing...I'll post more about the properties when they come on the market.
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Kathleen Cooper
JCKC Realty Keller Williams
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Kathleen I don't do commercial loans, but the 4 family could go either FHA, VA or Conventional. The interest rates are close for each of those loans, the difference is the downpayment required for each. VA no downpayment is required, FHA a minimum downpayment of 3.5%, and Conventional would require at least 20% down because PMI companies are only issuing PMI on 1 to 2 family houses.
Thanks for the info George! That's very helpful, we're trying to figure out how to market and how to get people pre-qualified for these types of properties. Have a great 4th of July weekend!
Sincerely,
Kathleen