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Updated over 7 years ago on . Most recent reply
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Anyone deal with a Commercial / Residential property?
Would like to get some feedback about this mix property I found. Its a strange set up, but I just see all kinds of $$. Its a commercial building for $490k. Has a fully stocked operational liquor store and tv repair shop in the front, facing a road that gets good traffic. The liquor store has $150k or so worth of stock currently. Behind these 2 stores is 2 offices, and a 2 bay automotive garage, that is currently rented out for $700 a month all in a large fenced in yard. Then behind that is a large storage building that has 6 separate storage units with enough land to build at least another 30 units next to it. Then to top it off there is a bill board at the edge property that they get rent for as well. (Maybe we can make it a BP billboard! lol) On top of the liquor store is a 1200 sqft home (use to be 2 apartments that they made a single family). Im looking at this seeing a good money maker due to the various sources of potential income. The biggest issue (aside from the down payment) lol is the liquor store. I dont want to deal with that at all, so was thinking to sell the store stocked for $150k to someone and then charge the owner of it rent for the space. All that being said, my question is how much different is commercial rentals than residential. I have been doing the residential for a while and know how to advertise, write leases, and work them. When it comes to commercial I am clueless. Is there a different way to advertise or work them than residential stuff? Any tips, feedback, or people interested in this that would want to share some knowledge or even get involved with it let me hear from you.