Buying commercial property for personal use?

[exrider416]

Anyone bought commercial property before for just personal use?? I found 50x35 brick 2 story garage right up the street from me I would like to buy. Problem I'm having is it's zoned commercial, so having trouble finding financing so far. I can't do a small business loan as I'm not running a business out of it. Any suggestions?

[devous1]

We just built a warehouse in Lancaster and tomorrow should be our last day of moving. I can't help ya out but it has been one big pain in the ass. A good realtor should be able to guide you in the right direction.

[exrider416]

We just built a warehouse in Lancaster and tomorrow should be our last day of moving. I can't help ya out but it has been one big pain in the ass. A good realtor should be able to guide you in the right direction.

You do a business loan I'm guessing? So you had to meet with them and give your business proposal and all that

[leroy93lx]

Couldn't you just start an LLC for property management and lease the building to yourselves for payment amount? Storage facility on paper. Zero income and property upkeep could be beneficial to your taxes. Does it have manageable property taxes for personal use?

[exrider416]

Couldn't you just start an LLC for property management and lease the building to yourselves for payment amount? Storage facility on paper. Zero income and property upkeep could be beneficial to your taxes. Does it have manageable property taxes for personal use?

Yes taxes aren't bad. Plus I plan to go to the board of revision and have them reassessed at purchase price which will lower them even more. I could definitely use something to benefit my taxes as well, I get raped every year!! I will look into doing it this way.

[m347]

You might get a loan for that at a savings and loan bank. Interest would be about 1/2 percent higher.

[exrider416]

You might get a loan for that at a savings and loan bank. Interest would be about 1/2 percent higher.

I check with one of my credit unions (GE) and they couldn't help me. Going to check with a few other places I regularly associated with

[devous1]

You do a business loan I'm guessing? So you had to meet with them and give your business proposal and all that

Definitely, we've been in business around 10 yrs and have always had excellent credit. Even with that on our side it was a very long and painful process for us.

We did create an additional LLC holding company to hold the real estate, one thing I do remember from our meetings with our bank was that they would not allow us to use the property as rental. We had to occupy it because I originally wanted to add on two smaller warehouses for rentals and they shot it down.

What about the VA, any chance there?

[exrider416]

Definitely, we've been in business around 10 yrs and have always had excellent credit. Even with that on our side it was a very long and painful process for us.

We did create an additional LLC holding company to hold the real estate, one thing I do remember from our meetings with our bank was that they would not allow us to use the property as rental. We had to occupy it because I originally wanted to add on two smaller warehouses for rentals and they shot it down.

What about the VA, any chance there?

I'm going to try a few other places today and see what they have to say. I thought most places allowed rental as long as you occupied over 50% of the building, guess that isn't the case.