Hey everyone hope all is well.
Here is my current situation...
Myself and my father recently inherited a commercial building from my grandfather 3 years ago. The property is in a growing community south of Downtown San Antonio. This property has great potential to be a creative office space or split into two live/work units. Here is a little description on the place.
- City appraised value $84,750 & going up FAST.
-Zoned light industrial
- 3400 sq/ft
-Rehab- $75,000
3 restrooms
1 Garage
Alley Access
Small upstairs apartment
Repairs needed- roof, plumbing, electrical, hvac, windows, drywall, paint, facade improvements. These are the items needed to have it back up to my standards with out adding living ameneties.
Now the question is would it be a better move to pull the equity out of this property and use it do another deal since it isn't costing us much to keep it idle OR would it be best to complete the renovation and basically use the Rehab, rent, and refinance strategy. The property is gaining value fast with all the development in the area and I hate seeing this sit there not earning me any cash flow in any way.
I would also like to know of any general contractors in the San Antonio area that are reliable and reasonable.
Any advice/recommendations would be greatly appreciated. Thanks in advance.
P.S. I don't want to sell this property because of the potential value down the line.
