New attorney seeking wisdom from the more experienced. Currently working FT in a corporate job indirectly related to law. I am looking at leaving my corporate gig and "hanging out my shingle" as a solo employee. I am looking at the possibility of renting office space or, in the alternative, buying a commercial office space large enough for myself and space to rent out to others to offset some of my costs. Any thoughts or suggestions on 1) rent vs. own office space; and 2) commercial market in Las Vegas/ Henderson, NV.
You will build wealth owning but you have to have a solid contingency plan in place for vacancies. Make sure you understand the operating costs for ownership if you choose to go that route. Good luck!
I did some deals back in 2009-2014 in Las Vegas - mostly commercial - i'm now in San Diego.
I know office space is one of the most depressed areas of Las Vegas. This may be a good indicator to buy. My buddy who is not in BP is a very experienced/sophisticated real estate agent in Vegas. He mostly does land deals, but I'm sure he can help you with buying commercial space. He and I have worked on commercial, residential, and development work in Las Vegas.
Also, if you want to purchase in order to occupy a portion of the space, I would highly recommend looking into the SBA 504 Loan program. You can't get any lower rates.
I see a lot of office space for rent around the Summerlin area.
I agree about SBA 504 financing. The Las Vegas market is rebounding well.
@John Ryan Congrats on your decision to go out on your own. There are lots of ways to cut down the initial costs of office space. Depending upon your operation, you may want to ease into something by subleasing a portion of office space from a larger firm, use a home office, try temporary executive suites, etc. If you don't have to consult clients in your office, you really have lots of low price options.
While I practice primarily in residential real estate, I'd be happy to introduce you to an associate that works in the office sector.
If you can buy I would encourage you to do so. I have a colleague on my Team that handles all of our land and commercial deals. Let me know if you would like me to introduce you.
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