Having never purchased a piece of business real estate, I was wondering if any forum members were interested in discussing the ins and outs of real estate that is business-related rather than residence-related. Are there different approaches that you need to keep in mind? Would you ever conduct a real estate transaction involving a place of business without consulting a realtor to make sure all the bits and pieces are taken care of? I'm not looking to get into the market now ... just was wondering if anyone had any comments that might help judge whether it's a good market to get into (buying and selling business real estate ... I guess either with the business too or just the property itself)?
Business is the only real estate worth investing in right now, at least where I live. It's so easy to get a mortgage here and interest rates are so low that more and more people are just buying a house. Their monthly payments aren't much more than renting an apartment would be. However, buying a commercial office space is a little trickier, so almost every business will rent space instead of building or buying. It's the most convenient, and also many times is the only way to get prime public shopping locations. Commercial real estate is the way to go if you ask me.
I don't own a damn thing, so this is just my two cents worth .... So, Andrew, you'd like to buy business real estate, but where you are the market is too good so no one is selling - they're just renting out space to new businesses, but not selling to anyone who wants to actually buy space, right? Interesting ... here, the value of all land has gone through the roof. The problem is that construction of new buildings (either residential or commercial) is so behind because of the lack of skilled workers to build them, that it's hard to know which would be a better investment if you could get into the market even. Do you think it makes a difference if the commercial space is brand new or already built in whether it's a better choice than residential buying?
I meant that the market to buy a HOUSE is too good, so it's harder to find people to rent your appartment building. It's easier to buy commercial real estate and rent it out to businesses. That's what I meant. I think it doesn't make a difference if the commercial space is new or not, as long as it's in a good area where people will want to buy. It's extremely expensive to buy it though.
Is anybody in the Real State biz using a franchise? I would like to know what is better, if becoming a broker and start your own name or buying a franchise? I was told by a Franchiser that the name of the Franchise gives you 3 or for more money at less cost (in effort) than starting your ouwn name... of course what the franchiser couldn't say to win a member? and also, on the long run you might be franchising too.
Well upfront you will make more attaching yourself to a big name franchise.. but if you start your own name and grow it into something that YOU franchise out, and it turns into a well known name, then you are making MUCH more money. That involves an insane amount of work though.
Go the fun way. Call your city hall to see if you have tax lien sales. In my state, we have tax lien sales. Basically, if someone owes back property taxes you pay the government the taxes, and if the owners pay you back you can get up to 25% interest in a year. If they don't, you foreclose and take over the house free and clear EVEN IF it has a mortgage on it.
