More thoughts on jobs and working

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Matty
Ha! Found it. Just $550k in 2019. Unreal. Thought it would've been twice as much. There are 12 units in the place, you could put a bit of money in it then charge a grand per in rent. That's a ton of revenue.
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Make him an offer and get a mortgage
 
Surely you can scrape together 5%? There's gotta be some sort of program out there for low down payments?
 
Minimum downpayment for a mortgage above $500k is 20% (and possibly higher for a commercial building?)
 
Shiiiiiitttt. Though I bet its LESS for a commercial building which has the promise of revenue generation. Or alternatively you could easily (?) obtain a business loan for the down-payment and/or operating capital of your commercial real estate business.

Think big dude. Diversify your income stream.
 
roguejuror
How about for under 500?
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You can yet away with 5% if you get extra insurance but I'm pretty sure that only applies to a primary residence, not an investment property, let alone a commercial building.
 
Boner_18
Shiiiiiitttt. Though I bet its LESS for a commercial building which has the promise of revenue generation. Or alternatively you could easily (?) obtain a business loan for the down-payment and/or operating capital of your commercial real estate business.

Think big dude. Diversify your income stream.
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Yeah. One of my fears is that there just aren't enough high quality tenants here (I'm seen as one which is both hilarious and depressing.) But yes I need to get into the real estate game yesterday.

Stuff is starting to happen. An old boss turned angel investor has been buzzing around me for a bit. And I may be hiring employee #1 soon.
 
Fair enough. Now that I've been rebuffed a couple times please ignore if you're truly all set... however...

I suspect you're a bell weather tenant. The first (or early) scout of an impending hipster gentrification... expand your footprint in the space at lower cost if you own it. You enhance then attractiveness, perhaps widely, of the space by being owner occupied. If you have to bang down the rents to a break even level (mortgage wise) you attract the best of the best tenants and for a low rate you taking advantage of cheap money to bet on either your own expansion or real estate in Owen generally. DIY the finishes in all the spaces (not electrical or plumbing) and you are essentially supplementing your business income with a side gig - or if your business is humming, employ a handyman and further pump the local economy.

I will accept nothing less than "headed to the bank first thing in the AM Boner, thanks for the encouragement!!"
 
lololol

I would, but I'm still a hand-to-mouth, mostly-broke-ass dick at age 41 and I don't especially feel like having a banker remind me of that.

Things are slowly getting better, but I don't think I can qualify for a mortgage on my own at this stage. The wife would need to get involved and there's no way she's co-signing on a commercial building before a house.

I also don't think I'm willing to give up equity in my little startup in return for short term financial help. There's still a lot I can do on my own before it overwhelms me.

I need to look into local grants, there seems to be lots of resources in OS for peeps like me.

Thanks for the encouragement bone bone. 🙏
 
roguejuror
What feelers has he put out?
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He keeps reminding me that he's watching my adventures with keen interest. He wanted to meet for lunch last year but he didn't realize I was still in TO (he's in Quebec).

He injects cash into startups and then installs himself as CEO. I'm not ready to do that, not now.
 
I should get him to buy the building and I would manage the property in return for a % of revenue (or a salary, which would free up my cash flow - not having to pay myself would be amazing)
 
Matty
I should get him to buy the building and I would manage the property in return for a % of revenue (or a salary, which would free up my cash flow - not having to pay myself would be amazing)
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:idea:
 
I think we should all invest as a group. Gamelive Investing. Let’s buy this building
 
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