Seeking Advice: Combining Business Needs with a New Property Idea

[Christina Galdieri]

Good morning! I had a thought this morning that I’d love some input on. I live in Florida but own a business in Pennsylvania. While I have managers handling the daily operations, I still oversee everything remotely. I’ve realized I need additional help—someone local, like an assistant.

Here’s my idea: I was thinking of purchasing a small piece of property and putting something modest on it, like a single-wide home or a similar small structure. My husband is a contractor, and we’ve done projects like this before for our own home. The idea is to use this property as an office space, giving me the separation I need from home while providing a place for my assistant to work where I can be more hands-on with them.

The business would pay rent for the property, which would cover its expenses. If the business sells (it’s currently listed), the rent payments would stop, but I’d still own the property as an asset. What do you think of this plan? Would love to hear your thoughts!

Morning! A thought popped into my head this morning. I live in Florida and have a business in PA. I have managers run the day to day but I still oversee everything from afar. I need help and someone local- like an assistant. I was thinking about buying a small piece of property, putting a single wide on it or something on the smaller side (husband is a contractor and we've done this before for our home) and then using it as an office where I can get the separation I need from home and have somewhere for my assistant to work from where I can be hands on with them. Then my business would pay rent that would cover the expenses for the property.  My business is listed or sale so I am thinking if it does sell that the business would then just stop paying rent and I would still own the property. Any thoughts on this? 

[Patricia Steiner]

The only way to know if your idea is worth doing from a wealth building standpoint is to do the math: 

What is the cost to acquire? Maintain - includes taxes and insurance?

What is the property appreciation in that market?  Is this the best place to invest in real estate?

How does acquiring compare to renting a small office or sharing office space with another business in that market?

It's all about the ROI. The best ideas are the ones that make financial sense.

One opinion...hope this helps (and that you're warm in this crazy weather we're having here in Florida).

Best.