All Forum Posts by: Account Closed

I'm looking at a deal where the numbers all look good, but there are two additional units in the back without permits. Is it hard to make them legal (in california)? Does it take a lot of time or money? I would like to rehab and flip this deal, and I feel like making those units legal could be a big plus for the buyer. Anyone have any experience with this?

I found this deal on a commerical property, and I can't make up my mind about it!
The numbers make sense, but it's an empty commercial building in a "depressed area".
Its a small retail storefront type property. The area is said to have been hit very hard, but I went to visit, and the property is on a pretty busy street (close to rite aid, McD, grocery store, , etc) and the town is not nearly as bad as people warned me it would be.

There is an environmental problem (which can be fixed, just costs $ b/c need an attorney), and new roof (20-30K) and other small work (drywall, etc). But when ready, can have income of 50,000. (Talked to other busienesses in the area, that would be an avg rent for units that size)

the building costs 30 + lets say 50K in repairs, so would pay for itself in 2 years.

But since its a bad economy, I'm worried that I'll just be sitting on this empty commercial property, tying up my cash.

i don't want to pass up a good deal but i don't want to get stuck either

any advice?

Thank you!!!