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All Forum Posts by: Dan Leverence

Dan Leverence has started 1 posts and replied 3 times.

Thank you for all the help! We ultimately would have needed a structural engineer to do a lot of work, and the conversion cost we estimated was jumping from about 800,000 to well over 1.5mill. Sadly preventing us from moving forward.

Hi everyone,

I am currently in a position where I have the ability to buy an office building with 38,000 sqft for about 300,000 at 4 floors, and do so with cash with a partner. This building has very solid construction, however in its 40 years of life, has never had its interior finished, so it is still a shell of a building.

My current plan is to purchase this building and convert it into storage units. There is parking for only 15-20 cars once we pave a lot. My partner is trying to find an easy cashflowing and low upstart cost business since we project we can fill only about 70% of our units consistently with market demand, leaving an entire floor of empty space.

In your experience, what is the best way to proceed? Do we attempt to start a business, or cater to a business to rent from us, in an attempt to fill that extra floor? Or do we keep the plan of renovating all floors into storage units, trusting that the market in our area will continue to grow (3 apartment buildings right next to us, with 2 condo associations and plans for 4 more acres of residential to be put up across the street from us) and eventually fill the demand for these storage units?

Thank you for bearing with the long message!

Good afternoon,

I happen to be in a similar boat. I recently bought my first property, and one of my tenants was approved for Section 8. I am rather inexperienced in this realm, and want to ensure we are not cementing ourselves with a poor choice. 

1. Are we able to independently raise rent? With the current inflation, we are expecting rent prices to continue increasing, and do not want to cap our potential. 

2. If we are in the process of bringing the building up to code, but still have aspects that are outdated, will this surrender our ability to house Section 8 tenants? 

Thank you for any clarity you are able to provide!