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Buying Commercial Land
I am in the process of trying to purchase a piece of commercial land with owner financing, at which point I'm going to try to lease it to a corporation (restaurant chain).
I will be getting a private loan for the 20% down payment. Probably going to be in the neighborhood of a 375k purchase price total (around 75k down).
My question is, how can I determine the average rent to charge the incoming lessee? Can I find out how much neighboring restaurants are paying monthly for the land to have some viable comps?