Real Estate Agent · Tucson, AZ · Member since 2014 · 59 posts · 30 votes
Looking to buy a property. It’s pretty distressed. Needs to be gutted. Needs a new cooling/ heating system. For me to be able to use it I would need to install security fence and do some pretty extensive remodeling. 35k in all. The property is in a pretty heavy petty crime area. Lots of rentals/ trailer/ low income housing around. The adjacent property is condemned. The previous renter was a year ago. Was removed by the police in a pretty ugly eviction.
The property is on a main fairway and will allow me greater exposure for my business and allows me to bring the whole operation to one location. Currently have office away from the yard and the PO box.
asking is 165. Im looking to pay more like 110. I was hoping to possibly occupy the space for ayear while I revamp the property to suite my needs and then take on the mortgage. Thinking I would be able to rent the space for less than the mortgage allowing me funding to remodel.
Bad idea? any thoughts or comments? Not a real estate guru so would appreciate any help in structuring this offer.
Realtor · Westwood, MA · Member since 2015 · 145 posts · 67 votes
7y
@Jason K.
If you were buying to flip I’d be concerned that you would be selling the best property in the neighborhood where pricing limited by value of neighboring properties.
Being on the main road definitely provides visubility. Are there any other limitations that might prevent people from seeing your business and coming to your office? Traffic? Noise?
Look forward to hearing where this goes.
Rj
Real Estate Agent · Tucson, AZ · Member since 2014 · 59 posts · 30 votes
7y
Hey whats up I grew up in Scituate. There is nothing stopping visibility. We dont typically have office visitors as Im a contractor and we go to the clients site. Access isnt an issue for me.
I guess what im looking for is some advice on how to take this on. Im planning to bootstrap the remodel while working my contracting business from the back of the building. Im hoping the rent with option to own is less costly than the mortgage was gonna be. Less overhead leaves me more $$ to get the place up to standards. Its barely rentable as is. My long term goal is to get the building together and rent the front 2/3 to another business while I occupy the back 1/3 and a fenced in area behind the building. Ive got to sink 5k into the site to get the back usable by my business and fence in 6k square feet for vehicle and equipt storage. Once thats done I can focus my efforts on getting the front rentable to an accountant, engineer what have you. Then turn to the lender for a mortgage.
Id like to go into my meeting with the owners next week with a clue as to how this could be structured.