This is my first experience posting on Bigger Pockets and I thank everyone in advance that takes their valuable time to provide some advice. I hope to return the favor some day.
I know someone that is buying a small commercial investment property because it appears to be a good deal, but does not have a plan yet and no experience. The property needs a lot of work.....exterior siding, landscaping, roof, complete interior gut. Because the renovation and design needs to fit the needs of an unknown commercial tenant, my question is which rehab projects, if any, are done prior to finding a tenant for the building and which are done after? I can't imagine going too far without knowing the needs of your future tenant. My thought at this point is to take care of the basic things that any tenant would need like the exterior issues, get the demo done for a cleaned-out space, then try to find a tenant and fit-out the interior to suit that tenant's specific needs. Can someone confirm this thought process?
@Paul Wilcox you are correct. Take care of the exterior issues and enhance curb appeal as much as possible. If the interior is bad shape and not usable then definitely clean it out and secure a tenant and build out to suit or let them do their own build out.
We just clean up the exterior & remove any obvious junk & electrical/plumbing issues as the tenant usually guts the inside & rehabs for their use.
One we did he accepted it as is & did it all himself & is still there 5 years later & he has put a lot of money into it.