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Updated almost 4 years ago on . Most recent reply
How do I make an offer against a Right of First Refusal.
Hi Folk,
My name is Brian. I'm a small business owner (gym) looking to buy a property to open my second gym in. The owner is sort of open to a lease to own situation, but she doesn't want to sell right now as she wants to 1031 the property and there aren't great alternatives for her to buy right now. I have little-to-no experience in purchasing commercial property. What would be a strong offer? (She has said through her property manager that she would be looking for something like $550,000 for the building. Do I offer her 2-3 years at or above the lease price she is requesting with a pre-agreed upon price? How do I even structure an offer when I'm reliant on her for financing it? I have had one mortgage broker say there's no way a start up gym (my first gym is in a different state) would qualify for a commercial mortgage right now given the covid restrictions on gyms, etc.
Any ideas for me?
P.S. The property is in Colorado Springs. I currently run a gym in Boston.