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Updated almost 8 years ago,
Buying first Commercial property. Advice needed! See Pictures
Myself and two business partners stumbled across this property very poorly marketed for sale by owner. We found that the property has some great potential with the city building a library right across the street. I don't want to get into the numbers at this point but I am in need of advice with dealing with my first commercial rental property. There are two residential units upstairs that we won't have a problem renting. But as far as the lower commercial unit, it was built for a chiropractor who owned it previously. Some questions I have:
- Should we leave the space in the current state and just paint the walls or should we take out any of the walls and make it more of a blank slate for our potential tenants?
- How is the best way to advertise this space for lease? Should I post on Loopnet and place signs in the yard?
- How long should we ask the tenant agrees to stay?
- Who pays for renovations to the unit if the potential tenant wants to make changes?
I really have so many more questions as I dive into commercial for the first time. I would love some of you who have been dealing with commercial to give me some advice. I'd love to jump on the phone with anyone who has advice! Inbox me. See the pictures below of the building we are purchasing.