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Tips for Mixed Use properties?
Hi! I'm new to the BP forums and would appreciate some insight from you all. I got started in the REI world 5 years ago here in St. Louis by house hacking my way into a duplex. We moved to a SFH 2.5 years ago, but retained the duplex and have it operating as a 1% property right now. Well, we got the itch again and are under contract to purchase and move into a mixed use property 5-10 minutes from where we currently are. The property is comprised of:
- 1) 1500 sf townhome with 3 br and 1.5 ba where my family will live,
- 2), a 2 BR apartment that is currently rented slightly below market rates with the lease expiring in September,
- 3) a ~900 SF commercial space that is currently leased through next June, and
- 4) a small office that is unused by the current commercial tenant but is not separated out in their lease.
Things I could use your wisdom on:
1) I am looking at separating out the small office space and renting it separately. Any tips on how I do that before next June?
2) Any other advice from people who have done mixed use property before?
Thanks all!