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 9 years ago, 01/20/2016

User Stats

27
Posts
6
Votes
Kristin Horowitz
  • San Luis Obispo, CA
6
Votes |
27
Posts

How do I buy a million dollar building?

Kristin Horowitz
  • San Luis Obispo, CA
Posted

Hi guys, here's my story: when I was in my early twenties, my husband and I started a non-profit climbing gym club that's flourished. We decided to expand to a new location and I have spent a year or so reading the forums, doing research, etc, and thought that it would be a good move to BUY the next property instead of lease (as someone with a non-profit, we lose everything if we walk away). We found a property with the help of a friend who is a commercial real estate investor, but the pressure was on to secure the lease rather than work out a deal. After nine months . . . we're finally on the cusp of opening it and the thought of buying it keeps coming up.

Thing is, we JUST bought our first house around the same time. We have no assets. We DO however have some friends who have assets that could help us buy this property (and the next one, too, we're looking to expand in five years to another location), but I feel like the key is in the ask.

What I'd need is the down payment - and while one way to do that would be to sell our house (it's appreciated $100,000k since we moved in thanks to our improvements), but I don't think either of us is ready to make that big step. The mortgage would come from what we're already paying in rent. The business is solid and it's a physical wall so it's not going anywhere. A good investment, but I don't know the best way to approach a potential co-investor or loaner or what have you with a deal that's worth pursuing. One of my mentors has said she'd loan me money to flip houses (because of how well we did with this house), but that's a lot of work and a lot of risk to try to get the money in this particular market. 

I've also never held property before - we just got the house and that's been an education, but commercial can be it's own thing, I'm sure. Benefit there is I've been renting commercial properties for ten years so I think I understand what's needed to keep costs low and profit up . . . but any thoughts you have would be MUCH appreciated.

We've got a 401k and IRA going to take care of us in our old age, but I'd much rather have properties when we retire rather than nothing, you know? We've got solid businesses, why not capitalize on it a la McDonalds?

Loading replies...