Looking At A Building to Buy, but it’s around $1.7 million…

Hello People of PS

So I am a Network Engineer by day, I don’t have any debts, I make a 6 figure salary, I have a wife and a kid. I sold my home in San Diego just recently currently renting right now because we just wanted to get a feel of the area to see if we like it. I have some savings from the home sale, 401K, and other savings which equates to around 500K. So far we don’t like the east coast due to the heat and humidity. So we are looking to go back to the West coast, but not California. The problem is that there isn’t a whole lot of jobs out there for people like myself who is cleared with a security clearance and I would like to keep it as much as possible. I don’t really want to have to answer to a superior if I can help it, but I’ll do it if I have to.

The other night I was putting around the idea of buying a creative industrial warehouse building with existing tenants already in place; 100% occupied. The problem with this type of venture is (unlike real estate), is that somehow I would need to secure a $1.7 million business loan. I recently checked and I have 790 credit score so I figured that should help out. I don’t want to really dip into my saving or use my own money, but at the same time I kind of don’t want a partner either. I won’t be able to ask my parents for money since it’s tied up the recent real estate purchase. The property itself is big and so I can use it for other things to help gen up revenue as well. I have a couple ideas in place for that.

So has anyone or anyone they know go through a similar situation by chance? How can I secure a fairly high business loan (I have a business plan in the works)? How did you go about securing your business loan? What other avenues I can look at?

If money wasn’t an issue, I would enjoy the entrepreneurship life style and be a philanthropist.


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