Updated over 6 years ago on . Most recent reply
Commerical Building Opportunity- Good or Bad Idea? Thoughts?
Hey there! I'm completely new at all of this so be brutally honest. An opportunity has come to me to purchase a small commercial building in an "up and coming" downtown area. It's a private deal/loan, no money upfront, 550 a month for 5 years, no balloon payment. It used to be a doctor's office but the inside needs to be completely gutted and redone. It's valued at well under a 100k right now. I have no experience in commercial property but I think it could have some potential. I know someone who has the experience and means to fix up the place at significantly reduced rates if they get a stake in the building/business, which isn't a problem. I don't have a lot of upfront capital but between us both could rehab the place, I have the financial means and they have the experience and means to fix it up, it would just take longer than usual. I feel that at that price so much could be done with the building whether its leasing it out or selling later for hopefully a profit. This would be my first time venturing into the real estate realm so there would be lawyers involved but before talking with a lawyer I wanted thoughts and opinions. This could be a horrible idea or a stepping stone.