Skip to content
×
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
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
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 over 5 years ago on . Most recent reply

User Stats

12
Posts
1
Votes
Josh Chavez
  • Rental Property Investor
  • Rochester, NY
1
Votes |
12
Posts

Purchased my first commercial property cash now what ?

Josh Chavez
  • Rental Property Investor
  • Rochester, NY
Posted

Hello , So I purchased a small 2- possibly 3 unit commercial property on a very busy and visible street In Rochester NY , I got my hands on it from the Monroe county foreclosure auction got 25k but the catch is it owes 40k in City taxes which can be put on a payment plan ... My first thoughts was to remodel and upgrade the place , Rent it out as a barbershop on one side which it used to be and already set up to be one then run a Tire shop out of the other side (Already set up to be from previous owner) but my question is should I Upgrade it , maybe put another 20k in it and flip it with tenants in it already Bringing in cash flow ? I could easily get 1700 a month... 1000 for tire shop side and 7-800 for barbershop ... The actual building structure is 2800 square feet with a 3500 Square foot parking lot ... The city assessment is 70k but the pricing of commercial spaces that are zoned for Auto I believe is very high , I’ve seen a similar structure in a worst area posted for 185k , Soo some guidance would be nice from experience

Loading replies...