Real estate, property management, an opportunity....

[Frank]

I have been contemplating this for a while.

I know a business that owns the property on which it operates. The building where they conduct business faces a residential street, but they have another building. The other building used to be a small frame house, that faces a busy street. It has been vacant for years but has been leased out in the past. The owner of the business has not done anything with it since her husband passed away several years ago and she does not have anyone to help. Its on a main thoroughfare and near a busy cafe and doctor's offices. The owners do not want to sell this building or split up the property as I understand there is some grandfathering of some kind of benefit that allows them to continue their business. I believe the owners to be completely trustworthy. They have been in business nearly 35 years at the same location.
I have been contemplating approaching the owner about me fixing the place up to lease out again if it isn't too far gone, and then me subletting the property. I don't care about owning it. I would have to put some money and sweat equity in it of course. It would be ideal for a small office or boutique. I would have a contract written up so both parties are protected and satisfied.
This is something completely out of my league though. This isn't what I do or done, but that doesn't mean I can't learn. I would need to inspect the property first to see what work would need to be done of course, study the comps to figure out appropriate rent, and what other expenses are involved with a commercial property.

I don't even know what questions to ask here yet, but wanted to float it and help me think about concerns and such that might not be on my radar.

[Ruffdaddy]

Did you delete this then retitle it?

Regardless, if you dont know much about real estate...im going to guess itll be a losing endeavor.

[Gasser64]

Unlike you, he can learn. You faggot. Fuck you.

[yellowstang]

Repost!

[Frank]

Did you delete this then retitle it?

Regardless, if you dont know much about real estate...im going to guess itll be a losing endeavor.

I did because I realize my title did not reflect the subject well.

Besides...gotta play to win....faggot

[Ruffdaddy]

Unlike you, he can learn. You faggot. Fuck you.

Hahahahahahahahha look at this guy getting his panties in a wad! And this is coming from a college dropout.

I did because I realize my title did not reflect the subject well.

Besides...gotta play to win....faggot

Lol...i only say itll probably be losing because its so hard to get a good estimate on real estate repairs and a good valuation if you dont know it. Thats pretty much all industries.

Ive had machine shops lose their ass and expect me to cover it because they bid way too low on a job when they didnt know enough about machining the material I specified.

Maybe im thinking of it from a different perspective, but its just so hard to know the true cost of anything that you have little experience with.

But like you said...gotta play to win, and if youre ok being in the red for awhile...you MAY eventually know enough to make the venture profitable.

[Cooter]

Definitely never ever try anything new. You know the old saying... "Nothing ventured, scrub toilets for ever."

Did you delete this then retitle it?

Regardless, if you dont know much about real estate...im going to guess itll be a losing endeavor.

[Ruffdaddy]

Definitely never ever try anything new. You know the old saying... "Nothing ventured, scrub toilets for ever."

I never said dont try it...i said hes probably going to lose money. How did you mess that up like justin?

Im of the mindset that you try to make money off the skills you already have...unless youre ok losing money to develop skills you need

[Gasser64]

You took the bait lol. That was too damn easy. I didn't think it was going to be THAT easy...

And i'm back in school, you'll be disappointed to know. Mr illegitimate ritalin user. How does one actually "drop out"? I'm not sure that I know. Do they have to sort of ask you not to come back or... you just never go back... do you somehow lose all your past progress?

Not sure this "dropping out" you refer to, actually exists anymore. You're old. What are you going to say when I finally graduate? That my diploma is fake? I'm sure you'll come up with something. Don't fret.


Back to Frank. Imho, I think it would be an excellent deal if you can get them to go for it. Sounds like a fairly easy payday once all was finally said and done.

[Cooter]

I never said dont try it...i said hes probably going to lose money. How did you mess that up like justin?

Im of the mindset that you try to make money off the skills you already have...unless youre ok losing money to develop skills you need

like I said... never try anything new... once you learn to scrub a toilet, only scrub toilets for money!!!!

[Frank]

I have a rent house and learned a bit and about subcontracting so that part is not entirely out of my league. I talked to a realtor today to find out the comps and rent would probably be in the range of $2600 on the low end and up from there for about 1300sq '. The place is owned outright, but then if I am leasing it, it would be no different than if I was buying it. I'd still have to make the rent whether it is leased or not. I need to talk to the owner and do a walk through to get a closer look if I want to pursue it. I've just never met anyone who leases and then subleases a commercial property.

It is a building that will no doubt continue into disrepair if someone doesn't step up, then the owner would have to have it torn down. None of the "men" of the family have any interest and complain when they have to do any minor repairs.

[Ruffdaddy]

I have a rent house and learned a bit and about subcontracting so that part is not entirely out of my league. I talked to a realtor today to find out the comps and rent would probably be in the range of $2600 on the low end and up from there for about 1300sq '. The place is owned outright, but then if I am leasing it, it would be no different than if I was buying it. I'd still have to make the rent whether it is leased or not. I need to talk to the owner and do a walk through to get a closer look if I want to pursue it. I've just never met anyone who leases and then subleases a commercial property.

It is a building that will no doubt continue into disrepair if someone doesn't step up, then the owner would have to have it torn down. None of the "men" of the family have any interest and complain when they have to do any minor repairs.

Ahh i see so you do have a little real estate experience. I guess youre worried about the whole arrangement of fixing it up under the condition of getting to lease and then sublet?

My neighbor got screwed over hardcore by setting up a gun range with his "friends" on family land, and they just suddenly backed out after all his hard work...but youve obviously got plans for a contract before getting too deep.

My only concern would be the men of the family suddenly becomming interested when they see the place all fixed up.

[Ruffdaddy]

like I said... never try anything new... once you learn to scrub a toilet, only scrub toilets for money!!!!

This is just an ignorant statement...and surprising coming from someone like you.

Continue playing justin.

[Nash B.]

Isn't paying for school losing money to develop skills you need?

[Frank]

...I guess youre worried about the whole arrangement of fixing it up under the condition of getting to lease and then sublet?

Exactly

My neighbor got screwed over hardcore by setting up a gun range with his "friends" on family land, and they just suddenly backed out after all his hard work...but you've obviously got plans for a contract before getting too deep.

My only concern would be the men of the family suddenly becoming interested when they see the place all fixed up.

I don't do business with friends. I don't make friends with those I do business. I wish it didn't have to be that way, but once you get friendly, they are more apt to put you on a back burner or let things slide figuring you'll be more patient.

I don't know if the sons would be an issue. They have no rights unless the owner passes away and they have their own careers, but who knows.