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General Landlording & Rental Properties

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Tracey B.
  • Real Estate Investor
  • Maryland
84
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124
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mixed use property, top floor rented, office space vacant

Tracey B.
  • Real Estate Investor
  • Maryland
Posted Jul 18 2010, 05:49

I have a question. I bought a mixed use property a few years ago that I used to run a business out of. The top unit is an apartment that has been consistently rented with no issues. Last year, I stopped doing the business that I was using the first floor for after many years of success because I started another company and I didnt need the space for it. I had the office rented out but now it has been vacant for a year. My commercial loan payment is fixed at $1500/mnth and I cannot pay down the principle or sell the property for another 2 years. I have a hard time finding a good, qualified company to take the space and am considering turning the first floor commercial space into a residential rental. What do you guys think? My husband is worried that we will lower the resale value by doing this, but because of the area its in, it is better as a rental and would rent relatively fast if I added a kitchen and bathtub or standup shower. What do you guys think about turning an office into a residential rental to make money?