All Forum Posts by: Kim H.

@Danny Stuckey and a lot less headaches. Maybe I will look I to some options. I have a sign out that advertises owner financing.

@Danny Stuckey the building might not require too much of a remodel as far as floor plan. I have a reception area with a receptionists desk and a conference room. There is also a kitchen and his and hers bathrooms. Mostly it would just need flooring. I just can't imagine that a doctor or dentist would want to set up in Seven Points. I've thought about executive suites, but I think Seven Points is too far off the main drag for that, even though it's on hwy 274.

@Carlos Flores I've already been approached by Big Daddy's (the market next door) and he wants to pay me $70k for the building because he wants to tear it down and add more parking. I paid $100k and added $30k in renovations back in 2008, so I'm not selling for $70k. It's currently listed at $113k, which is already a loss, unless I count the rental income I've made through the last 3 years.

I think the only way I could get him to buy it or lease it would be to compete with him. Maybe I should name it Little Mamma's. LOL!

But I need to make money or cut bait on that property. So, my choices are limited.

@Mike H. No, mom and dad make sure no idiots tear the place up and oversee tenants when necessary. Plus, my dad has done a LOT of work on my investment properties through the years and only takes $10 per hour for labor. They have earned their free rent.

Yes, utilities average around $300 per month. Less when my mom and dad are in there because they really watch it for me and read the meter daily.

Our summer heat gets over 100 some days, so I could see a huge benefit to an indoor space. I think my spaces are slightly smaller though, so that might compensate for an equal price.

I just don't know if I want to be in another kind of business. I already have my real estate brokerage, my rental properties, a new multi family that I am closing on in a month, and now a trade market? Seems a little too diversified (or crazy).

I was only getting $800 per month with my previous tenant, so $200 per booth would be a huge improvement if I could get all 8 filled.

Thanks @Mike H. I don't think I would have too much trouble with zoning, being that I am out of the city limits and the building was previously used as a day care. I don't think the county governs it too much. However, I am concerned about the amount of foot traffic. It's a 2000 sq. ft building with about 8 individual offices (or booths I guess in this case). It could get crowded pretty quickly.

Eviction is pretty much if you haven't paid by a certain date and time, then your stuff is donated to charity. Most of the rentals might be weekend only anyway. Move in on Friday afternoon, move out by 6 pm on Sunday. Could be a combination but any lease would be for one month at a time. I have actually used a resortlock in the past on a vacation rental where you assign a code to enter the building at a certain date and time and it locks out at check out. So tenants would only have access if they paid.

The market next door turns on electricity at 3 pm on Friday and turns it off promptly at 4 pm on Sunday. He has some tenants who rent on a monthly basis for $200 per month and some on a weekly basis for $50 to 75 per week (depending on the size of the space). His are all outdoor, open air spaces, so crowd control is a little easier.

I think my biggest concern is the amount of people in the building and how I would handle disputes among tenants (you know there will be some).

@Danny Stuckey it's funny that you posted here today. I just submitted another post about the property under commercial real estate asking about trade booth rentals. My building is actually located just outside the city limits of Seven Points next to Big Daddy's. My parents have been doing some re-sale business out of the building between tenants just to keep it from being vacant. Some of Big Daddy's vendors have approached my parents and asked if I would consider renting space in my building... it's air conditioned and heated. I am giving that some thought, although I am sure it would come with major headaches.

Thanks so much @Roy N. This is some really great info. I will take a look at your other posts as well.

Has anyone ever rented a property to individual trade market booths (i.e. crafts, boutique shops, etc)? I have a small office building in a rural area outside of the DFW area that I can't sell and I can't get another tenant in. However, the building is next door to a large trade mart that is open only on the weekends and draws a big crowd. My parents have been using the building between tenants to sell re-sale antiques (free rent of course, but saves me from having to have vacant property insurance). Several of their customers have come in and asked if I would rent individual spaces so they can sell their goods.

I have calculated that renting each office to individuals on a monthly, or even weekly (setup, take down) basis, will make a lot more $$$ than I was making with my last tenant.

Has anyone ever done this? Are there any special rules or guidelines? I know that each individual booth needs to provide proof of a state issued re-sale certificate, but what else?