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 8 years ago,

User Stats

211
Posts
129
Votes
Kyle Grimm
  • Investor
  • St. Louis Mo
129
Votes |
211
Posts

Buying first Commercial property. Advice needed! See Pictures

Kyle Grimm
  • Investor
  • St. Louis Mo
Posted

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. 

Loading replies...