Buying small office, subdividing into 5 single offices
Purchase price is $300,000. Seller is willing to finance with 30% down. Space is zoned commercial and currently set up as single office but in need of work. I'd like to put up walls and turn it into 5 single offices for professionals in the area.
I'm not too concerned about the business plan. I've run the numbers and feel comfortable. Putting $90K down is also not a problem.
I've never bought commercial property before and, as a lawyer, I'm mainly concerned about missing something I'm not thinking about. Given that the seller is willing to finance (which I think is good), I'm also aware that without a third-party bank lender I won't have them watching over my shoulder making the normal checks.
Is the best course of action to hire a local real estate lawyer with experience in commercial property to make sure I don't miss anything big?
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@Pavel Ushakov this isn't necessarily true. All he has to do is figure out what the taxes and utilities are, increase the monthly rent, and say "utilities included." That's essentially a NNN lease.