All Forum Posts by: Paul Singh

@Lee I. Thank you for answering my stupid questions. I have a better understanding of how a commercial property works now. I will take everything into consideration and go from there. 

If I have further questions, I will follow up in the post.

Paul Singh

@Howard Abell

@Lee I.

If i purchase the property - I know that I will sell the business to a veteran operator and stay on as a landlord. As far as the financials of the restaurant, they have better monthly sales than my inside store sales. Also I believe that the restaurant's lease has just been renewed but not sure for how long. The rent from my side is $3500 for next 2 years and an increase of $500 to $4000 after that for the next 5 years. The restaurant's just increased to $2500. I believe the property taxes are 5-6K for the year.

Does a commercial property's value increase similarly to a residential value or is it based of off different values, or does it really not matter if the value increases? The reason for me asking is that my landlord purchased this property in 1994 for 700k and built the gas station on top with the rental space for the restaurant.

@Lee I. - the purchase will not be owner financed, I will have have to take a loan. As far as my business, this property is related to that. If I purchase the property I will sell the business and and reap the 9% cap rate. 

Here is a new bit of information that I just learned, one of my friends that owns a business on the same street just notified me of a retail plaza with seven shops, sold last year on the Auction block for 240K.

What kind of an affect will this have on the value of the property I am looking at.

I am a currently an Owner/Operator of a Gas station but do not own the property. I have been there for nine years and recently my landlord has given me the option to purchase the property from him as he wants to get into other ventures. On the property is my gas station and fast food restaurant with a combined rental income of $6000 a month. This does not include property taxes and/or CAM. The purchase price will be between 700-750K with a 20% down @ 20 years. I am not sure yet of the expenses and have not adjusted for vacancies( I don't foresee any vacancy due to the fact that i have been here for the past 9 years and the restaurant has been here for 12).

My question from the subject line is "how do I evaluate commercial property?" What are the values I should look for to figure out what is the current value of the property, what will be the value or appreciation of this property 10-15-30 years down the line?

Thanks

Hi BP - I am getting screwed every which way, I currently own a business not the property and am in need of a commercial lawyer. My business is in Georgia, cobb county area so I would prefer, if anyone can recommend a good lawyer, within the metro area.  

My landlord is selling the property and the new owner is pretty much screwing me in buying out me lease. I just want to have my lease agreement evaluated because it does not state anywhere about the property being sold and the end result of my lease. So I need a lawyer who understands GA law - since GA law is more in favor of the lessee and not the lessor. 

I have been stuck here in this business for the past six months with a buyer in hand, ready to by my business and not the property, but my landlord has had his own agenda. He wants to sell his property and let the new owner buy me out. Three months back the prospect owner and I fixed a sale price (verbally), not in writing and today he wants to offer me a lower offer. I just want to find out if there is some action I can take against my current landlord.

Thanks

Paul Singh

@Jonathan Foskey - Welcome to BP - wish you all the success in your future endeavors!

@J Scott - Thanks for all the information. Very helpful 
Paul

@Jered Sturm@Joe Aagaard  @Joel Owens @Pyrrha Rivers  @Heather W.  @Taheem Bellz @Andrew Cordle @Bob B.

Thank you all for a great welcome to Bigger Pockets. I do apologize I haven't had a chance in a few days to respond. I haven't had a chance to go through the site and explore but defiantly will. As you all know owning a business takes a toll and too much time to keep it running. I am looking forward to network with the bigger pockets community and gain knowledge from all of you.

Again

Thank You

Paul Singh

P.S. Brandon - I think you should start giving away your book to a random newbie that signs up every month - it will be a great "plug" for your book (you can start a post for every newbie gets your book) if you like you can start with me - lol!

Welcome to BP - @Christi Hatchett

I too am new here from atlanta, just put up my first post on friday. As you can see there are lot of great and smart people here. In the past three days I have received so much information, I don't know where to start. 

Take everything and like Brandon stated start with the blog and go from there.

Me personally, am addicted to the podcasts, there is a wealth of information anywhere that Bigger Pockets is associated.

Wish you good fortune on your success!
Paul