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Updated over 5 years ago on . Most recent reply

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Looking at a small commercial property to split into two units

Posted

I can get long-winded when typing. The most important part is in bold. 

I'm seriously thinking about buying a small commercial property with a workshop/loading dock in the back. The shop space is a great fit for my piano service business. The location is great for me from the perspectives of commuting and being able to check on it. It's located in a place that's a fit for a small, local business with growth expected a few years down the road.

My plan: buy it, treat the shop in the back as a separate office unit/workshop for my business, and get the front portion fixed up a bit (probably need to do some sound-proofing between the back and the front) and lease the space to another business to cover some or maybe even all of my expenses on the property. I've even considered whether I can create a separate business in the front that can run without me always there, but that's another post for another forum I suppose.

I have a million questions so I don't know where to start. I guess I'm just looking for advice/things to look out for. 

This would be my first property purchase other than my own home, and though I had planned on getting started in real estate investing through maybe land flipping or buy and hold SFH, this seems like a good way to combine a desire for some shop space with potential for a little extra income. The current owner is retiring. I don't know him well, but we are business friendly and he refers people to my business. I'm meeting with him this morning to talk about the property.

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