Purchase Options for Special Property

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Anonymous
Purchase Options for Special Property 2017-09-04 09:26:38 Post No. 3345406
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Purchase Options for Special Property Anonymous 2017-09-04 09:26:38 Post No. 3345406 [Report]

I know this board is mostly interested in coins right now, but I was hoping I could still get some help.

There's an old building near me that I'd like to buy. It's got space for two businesses on the bottom floor and two apartments upstairs.

My goal is this:

>Buy the building
>Live in one of the apartments while I renovate everything
>Rent out the other apartment
>Lease out one of the business space
>Run a store out of the other business space

I'm 26 and have a shit-tier Credit Score due to student loans and things like that. Does anyone have any ideas for how I could finance such an endeavor?

Thanks in advance for any help, Anons.

Anonymous 2017-09-04 09:28:22 Post No.3345454
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Anonymous 2017-09-04 09:28:22 Post No.3345454 [Report]

>>3345406
You can't

No bank would ever give you a loan if your credit score is shit, you have absolutely no idea how to flip buildings, and it's your first real estate buy.

Basically you're poor as fuck and will continue to be poor as fuck until you somehow stop being poor as fuck. Welcome to life.

Quasimodo 2017-09-04 09:30:09 Post No.3345476
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Quasimodo 2017-09-04 09:30:09 Post No.3345476 [Report]

>>3345406
If you don't see the property gaining substantial value from renovations you will literally be a bag holder. Don't take a loan for something where you won't see profits for a long time, these are the kinds of investments people with money do to generate passive income.

Anonymous 2017-09-04 09:31:13 Post No.3345487
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Anonymous 2017-09-04 09:31:13 Post No.3345487 [Report]

>>3345406
get 5 of your friends to join in on this, pool your money together. Maybe ask parents to invest also. Friends and family are all literally invested to see you succeed and will help you out with other resources and manual labor. Use the money to pay back loans and find another adventure to earn money with friends and family.

Anonymous 2017-09-04 09:36:09 Post No.3345556
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Anonymous 2017-09-04 09:36:09 Post No.3345556 [Report]

>>3345406
If you put together a solid business plan that establishes all the upfront expenses and you do market competition research for the types of businesses in your area and the type of business you want to run (plus the space you want to lease) you MIGHT be able to convince someone to invest / help you get a loan.

If you don't have a good business plan as a foundation no one will take you seriously, nor should they.

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I'm aware that Imgur.com will stop allowing adult images since 15th of May. I'm taking actions to backup as much data as possible.
Read more on this topic here - https://archived.moe/talk/thread/1694/