Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 11 years ago,

User Stats

56
Posts
4
Votes
Andrew S.
  • Binghamton, NY
4
Votes |
56
Posts

How do I proceed on a potential deal here??

Andrew S.
  • Binghamton, NY
Posted

I have acquaintances who are looking for a commercial space for their business, about 3,000sq/ft and are able to afford $2,000 month rent (close to what they're paying now but are being relocated by the landlord at lease end.) There are several building in that size in various states of disrepair or repair from $65,000 to $95,000 that obviously would need substantial work. We are in a poor economy right now. These owners just purchased a house so are not in the market to buy anything. I can come to the table with $25,000 t0 $35,000 cash and have good credit. I'm going to look at several properties this week with an agent..this is all new to me with commercial space. Since it's new it's a little intimidating but I'm looking at it as an "easier" way to get into commercial real estate with one tenant/one space. I'm bringing tenants open to a 5 to 10 year lease to the table and possibly an avenue for me to rehab a property in a zoned commercial area and have them pay my nut. Should I find a building that interests me, how do I obtain inspections/costs to rehab before committing? Write a "subject to" type of clause into the offer? Get pre-approved for financing first? How do I get people in to look at the space without an offer on the table. Obviously I do not want to put an offer that is accepted THEN find out I have much more expense than anticipated. Sorry for what may be a stupid question. I'm determined to exhaust possibilities for these people, they are solid owners and haven't been late on rent ever (I know their current owner who is expanding his business into their space and he's too busy to help them find something.) They've called REA and they've all pointed them to Class A finished space that is well above what they can spend. Buildings I'm looking at are taxed at between $2,000 to $6,000 per year depending on what part of town. Thanks in advance. Meant to keep it short, sorry.

Loading replies...