|
I have a small apartment building that is classified commercial for lending and insurance purposes. Commercial loans are structured differently than for small residential. Make sure you know how they work with balloon dates, variable rates and the rates available. My loan with 5 years fixed at 3.9% adjusts to market in Aug of 2025 and last time I looked, will adjust to 6.7% and is then due in Aug of 2030. I'll be retired by then and either sell or pay it off. Currently paying ahead about $1,200/month on the principal.
Office space is obviously a mess right now. Commercial retail space can be a boom/bust scenario. I like the idea of smaller industrial spaces. I have three friends that rent space in a small industrial park that has been full for many years now. They all use the space for their car collections, both storage and projects. All have lifts in their spaces and work on their cars there.
__________________
Jerry
1983 911 SC/Carrera Franken car, 1974 914 Bumblebee, 1970 914-4, 1999 323ti
|