All Forum Posts by: Account Closed

I'd be willing to pour a concrete pad if nessacary.

Recently, I have had to take over my father small country store due to his health issues. He has owned the business for 37 years and everything is paid for. The business has not changed during this time and the numbers are "ok." The business sits at an intersection and I believe a conservative traffic count of vehicles passing each day is about 1,000.

There is about a quarter acre of flat yard attached to the business that he has we could lease out to generate extra income to cover the extra expenses. I prefer not to build anything but offer up the space to lease to someone. My first thought is large vending machines like those from "Twice the Ice" and lease square footage to that person who wishes have one there.

Are there any other ideas or concepts that could work leasing space for non permanent structures?

Thanks, Aaron. I will look into that although I am a bit hesitate with possible rezoning coming up.

Jeff: No down payment. The owner of the land is a good family friend who was willing to sell at such a great price and owner finance it. They merely wanted some extra cash flow and the personal satisfaction of help a younger person get their start. I doubt I could go ask more from them.

Joel: The sewer line I speak of actually stops just before my property (literally right across the road you can see the pump station and it is rated for 1.5 million gallons a day) and a right of way was bought about two years ago to continue onto my property. Three weeks ago a County Commissioners meeting was held proposing a new "economic development zone" that again.. stops on my property line. After that meeting I spoke with the Chair of the commissioners and asked them to include my property in that economic zone. The Chair agreed to include my property. But as you said... it has not happened yet. Hopefully they will make an announcement within the next month if the commissioners plan to rezone the entire area. It is roughly 1500 acres and two miles from two major interstates.

In a very long story short I came across a deal I could not pass up. One year ago I purchased 23 acres of land with a tax value of $292,000 for a price of $175,000, 3% interest rate, and it is owner financed. The 23 acres of land will (within a year) have a sewer line built on it that is for a project a few miles down the road. Also, the land has a 1700 square foot house that I am currently renting out. (Side note: I rent the house I live in now.)

I absolutely do not plan on selling the land because of the sewer line coming in will raise the value of the land.

My real goal is to own an industrial/commercial properties in a metropolitan area. Is there a way to use the equity already in the land/house to borrow from to purchase other properties? It is my understanding that banks will see my property as investment property and will not use that for collateral.

I am 28 years old and I have been told many times that I have time to take a few hits financially and still do well later in life.

How do I use what I have purchased to my advantage and continue to grow? Any constructive criticism is welcome.