Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
New Member Introductions
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 about 6 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Tyler Eberhart
  • Real Estate Agent
  • Colorado Springs, CO
0
Votes |
1
Posts

I'm thinking about trying a commercial deal - Any advice?

Tyler Eberhart
  • Real Estate Agent
  • Colorado Springs, CO
Posted

I am a new home sales representative for a builder.  We receive a 12.5% discount on any home we build with them (max 1x per year).  And I am about to close on my third home with them (all positive cash flow rentals).  I was planning on building a fourth next, but then I started to dream bigger.

I'm very familiar with the submarket I work in, and I know that we have a large population (next to a large military installation), with a very limited number of services.  The only gas station constantly is packed.  The chic fil a has lines out the door.   The area is in need of retail, grocery, car wash, storage facility.  What if, instead of sticking to what I know, I get outside of my comfort zone and try my hand at purchasing raw land and building a commercial business.  I am leaning towards storage as the overhead is very low, and the government pays for the storage for the soldiers.

I am thinking I will probably need 200-250k working capitol to make this happen.  And I can do that.  What I'm most concerned about is that my pockets aren't nearly as deep as some of the developers around here.  I don't get a do-over for a long time if I **** this up. I'm ready to do the work and take the leap into this realm to see if I can level up and start running with the big dogs.

Do you have any advice for me as far as things you wish you knew before doing commercial?  Any resources / books / webinars you suggest?  I want to learn as much as I can before I make this jump.

Loading replies...