What to do with new commercial purchase?

[Mike Lynch]

Hi

I pulled the trigger, a couple of months ago, on a 2000 sq ft building in a very busy road frontage location in Ocean Isle Beach, NC. We have no mortgage on the building, as we flipped a large waterfront home for the funds. We burned the money up in order to do the 1031 exchange. We bought this commercial property and another house. The commercial building is split into two separate sides of 1000 sq. ft. each.... Each of the 2 units have glass entry doors and a solid wall between them to totally separate them. With the purchase of the building, the owner sold me a Business and the Business name....... The business is a shipping, fax, copy, notary, mailboxes, shredder, center. It also came with an employee, who has been running the place for about 10 years. The business does not make a wonderful profit, as it basically sells paper things.... Not jewelry, Computers, Guns, iPhone's, Dental Services, ….. just shipping and paper services.

Now, one half of the building will be empty in about 40 days, so there will be a totally empty 1000 sq. ft. very nice open room / office available. The rents in that area for a road frontage place like this, in a great location, is about $800.00 to $1,200.00 per month.

What to do?........ Start some kind of store or service in there which could possibly make much more money, or play it safe and just take the rent money from a new tenant? If I started a store, what kind of store? …... I have heard about buying truck loads of liquidation items..... Perhaps start a small, Big Lots, type of liquidation store..... Thrift store...... Good Will type of store? …... I also have interest in some sort of Senior Service, as there are more and more baby boomers, and Senior Care is becoming more in demand.

Any Ideas?

Thanks,

Mike