How to get started with multi-family/commercial?
Basic numbers: 1930 built, 5-story building with 4 retail stores at ground floor and apartments above. Value $580k
Property taxes $28k
Building sq. ft. 1,911
Building dimensions 25 ft x 75 ft (lot 26x80)
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About me. Licensed Real Estate Sales Agent.
About the property. It has been boarded up for years. I have access to a few individual investors (maybe 1 who could take on the whole project by herself).
Question: in what order do I talk to which people? Obviously (?) the owner first. What are key questions to ask the owners besides "is the bldg. for sale, and if so, for how much?"
This is just to start getting some guidance from the community, so won't barrage you with tons of questions. With this in mind, is there a good intro book that would help me become even cursory knowledgeable about, at least, the beginning stage of putting a deal together?
Until I get my hands on whatever source/s you recommend, who do I talk to next and what info/questions do I bring to them?
My plans (if it's for me to decide or at least suggest) include as one of many cost-control measures, approaching local architecture schools to see how/if a graduating student could with sponsorship/supervision of a licensed architect do the plans.
Can this be done also with engineering services? Do schools work on architecture/engineering projects on this basis?
That's all I have for now. Excited to join this community and looking forward to learning from you and sharing whatever I learn (mistakes included).
Thank you all.