All Forum Posts by: Tom B

thanks for the responses. Jon, yes I have requested a copy of the associations 2013 financial statement, bank account balance, declarations.

Well, to answer both of your questions.

Although this is my first commercial property, I have purchased 2 other rental residential properties in the past not to mention 5 homes I have lived in over the years.

While I'm not new to the residential process, I must admit I cannot answer your question on whether I should seek representation or not because I don't know what I don't know.

I do know that the price per square foot is in line with the other office condos for sale in the area. Further, since I am needing a bank loan, I'm taking some amount of comfort that a proper process will be followed because the bank requires it (appraisal, title search, inspection, etc..)

Maybe I should just ask you directly, how might this process unfold in a way that is different from residential that representation might be best? ie- if I'm comfortable with buying and selling residential properties, can that same level of comfort generally be applied to commercial properties or might I be missing a big puzzle piece because it is commercial.

Thanks.

Hi Group,

This will be my first time buying a commercial office building. It's a small office condo less than 1000 sq ft. The price is right for me. There will be a small bank loan.

My question is this. The seller is also the broker. The listing claims a 3% commission split. I had not anticipated bringing in a commercial realtor to represent me as a buyer since I found the property on my own.

What I'm wondering is this. Is it customary for a buyers such as myself in this position to negotiate the price based on the fact that I would be unrepresented and conceivably saving the seller from having to pay commission dollars?

Should I ask for the price to be reduced by 1.5% (or 1.25% to make it worth it for him).

Thanks for you input.

Tradd, what did you decide? I'm considering buying a small building in Tampa and turning it into coworking space.

If you get the police involved and they refuse to help, then your screwed, you have to go the eviction route. Don't put yourself through the trouble for a couple of bums.

You can always say you were the previous occupant/tentant/squatter whatever before buying the property, the other person is just an imposter squatter, a trespasser, whereas you are the rightful squatter now turned property owner. Get creative.

These are squatters and even squatters have rights unfortunately. If it was me, after observing the property, I would probably just change the locks after they leave to eat, etc.. and dump their stuff in the backyard, then on to the dumpster after a few days. If questioned about it, just say you never saw these people in your life and the house has been empty since before purchasing it. If you go this route, I think you can make a better case they are trespassers, not tenants/squatters.

Thanks Karen, I was able to find a few I hadn't seen before.

Yes, I do have a free account. How does loopnet determine what properties it will show me vs. which ones are locked? Maybe based on whether the lister paid for the listing or not?

Jon, yes I do realize. I just thought it was odd for someone who is looking to buy (as opposed to sell) that they cannot see all the commercial properties available for sale.

That's the thing though, I want to own it. I'm self employed in the IT field, I'm looking at this as a retirement plan.

Even if I just break even each month, I see it as paying for the house and contributing to my retirement savings.

I believe in the concept. I ask myself if this is something I could see myself renting from someone (if I wasn't an owner) and I can say yes.