Looking for advice on leasing a new shop.

[ebscreen]

Seriously. That would be in the several millions here.

Oddly enough I want to retire (next year) in Georgia.

[brandon]

hahaha, I eventually want to move back to Charleston, SC or New Orleans, LA myself!

[GraphicDisorder]

Before I bought our place our rent was $1500 per month for 8,000sqft.  We used a real-estate agent, but found the place on my own but wanted someone between me and the owner and I am glad I did that.  We had some issues with things over the last 3 years and the owner is impossible to reach so the real-estate agent would handle issues and take it out of what he paid the owner from our rent. 

Now that I own the place I now collect $1600 per month for other portion of our building.  I didn't really think I would get into real-estate but it was a wise choice for us in this case.  Our building is 14ksqft total.  We do not share anything with the back side, other than 1 cinder block wall with no doors.  The back has its own entry and bay doors just like our side.  When I decide I need more space, I will boot them and have another 6k sqft.  I estimate that will be 2-3 years max.

That is so cheap. You probably paid less for your 14 sq ft building than my house. Location, Location, location...

$330k.  Appraised for $438k, so I have 108k equity.  I put zero down as well.  In fact I walked away from closing with a $3,300 check to me.  Never so much as met the bank until closing day.  I did it all via email. 

I think I did very well on the deal. 

[Screened Gear]

Good deal. You got 14k Square feet for just more than my 2K house. That is awesome. How much is the payments? Are you paying less now?

[GraphicDisorder]

Good deal. You got 14k Square feet for just more than my 2K house. That is awesome. How much is the payments? Are you paying less now?

Paying less now over all.  Rather not put the payment out there. 

[Screened Gear]

Good deal. You got 14k Square feet for just more than my 2K house. That is awesome. How much is the payments? Are you paying less now?

Paying less now over all.  Rather not put the payment out there.

I understand. That's an amazing deal. People look at real estate the wrong way. I have 3 rentals. People always as what I paid for them. I say monthly nothing. (I did pay alot in fixing them up and so on) I make money on all of them. If you look at your buying the building this way you got it for free. Your paying less now so technically they are paying you to own the building. way to go. Now stop screwing around and help poor Shelly get the work done there.

[GraphicDisorder]

Good deal. You got 14k Square feet for just more than my 2K house. That is awesome. How much is the payments? Are you paying less now?

Paying less now over all.  Rather not put the payment out there.

I understand. That's an amazing deal. People look at real estate the wrong way. I have 3 rentals. People always as what I paid for them. I say monthly nothing. (I did pay alot in fixing them up and so on) I make money on all of them. If you look at your buying the building this way you got it for free. Your paying less now so technically they are paying you to own the building. way to go. Now stop screwing around and help poor Shelly get the work done there.

I think what scared me most was just not wanting to be a landlord, not sure I even still do.  But as you said, it's almost like I am being paid to own it.  I am happy with it though.  Got 2.5 acres with it too!

[Screened Gear]

Good deal. You got 14k Square feet for just more than my 2K house. That is awesome. How much is the payments? Are you paying less now?

Paying less now over all.  Rather not put the payment out there.

I understand. That's an amazing deal. People look at real estate the wrong way. I have 3 rentals. People always as what I paid for them. I say monthly nothing. (I did pay alot in fixing them up and so on) I make money on all of them. If you look at your buying the building this way you got it for free. Your paying less now so technically they are paying you to own the building. way to go. Now stop screwing around and help poor Shelly get the work done there.

I think what scared me most was just not wanting to be a landlord, not sure I even still do.  But as you said, it's almost like I am being paid to own it.  I am happy with it though.  Got 2.5 acres with it too!

You must live in a sh!tty area. I feel sorry for you now.

[GraphicDisorder]

Good deal. You got 14k Square feet for just more than my 2K house. That is awesome. How much is the payments? Are you paying less now?

Paying less now over all.  Rather not put the payment out there.

I understand. That's an amazing deal. People look at real estate the wrong way. I have 3 rentals. People always as what I paid for them. I say monthly nothing. (I did pay alot in fixing them up and so on) I make money on all of them. If you look at your buying the building this way you got it for free. Your paying less now so technically they are paying you to own the building. way to go. Now stop screwing around and help poor Shelly get the work done there.

I think what scared me most was just not wanting to be a landlord, not sure I even still do.  But as you said, it's almost like I am being paid to own it.  I am happy with it though.  Got 2.5 acres with it too!

You must live in a sh!tty area. I feel sorry for you now.

No sir just a area where the economy never grows it drastically or shrinks it drastically.  Tennessee is great.  Lived all over and I like it here.  I stole the shop and land.  Right place, right time deal!

[Screened Gear]

Never been to Tennessee.  Lets see...

Jack Daniels
Elvis Presley
Davy Crockett
Moon Pies
Dolly Parton

[GraphicDisorder]

Never been to Tennessee.  Lets see...

Jack Daniels
Elvis Presley
Davy Crockett
Moon Pies
Dolly Parton

Cheaper housing, land, wages, no state income tax, could go on lol.

[inkbrigade]

Apparently i've been in outer space. I posted a question and never got back to the thread. Been super busy..

Anyways, we did find a building we'd love to buy. I was told through the grape vine that you could only do a 15 year mortgage on commercial property and you had to have a huge percentage down. That's a deal killer right there.
Does anyone know if that's correct? What was your deal like brandt in term of.. terms.

Right now we're in a 2500 sq ft space. We're so packed it's not even funny.

So as it stands right now we found a building we'd love to buy. 10K sq feet but it's lotsa money to say the least.

We found another we'd like to rent, it's basically a shell 10K sq feet, close to where we are not and we like that a lot. They want $3K a month, but like $900 for NNN. If we could get them down to $3200 i'd take it.

Our last option in to move into another unit in the building we're already in. It's a good building, love the location and love the land lady. But it's like $3100 a month, and it's only 4500 sq feet. It's about the size that would fit us now and for maybe the next year. But we keep growing every year, so i'm concerned we'd be bursting at the seams again in about a year.

Thanks for the advice on a commercial real estate agent from a trusted friend. I'm gonna call her and have her talk to the big place... See if they could do the $3200.

[GraphicDisorder]

Apparently i've been in outer space. I posted a question and never got back to the thread. Been super busy..

Anyways, we did find a building we'd love to buy. I was told through the grape vine that you could only do a 15 year mortgage on commercial property and you had to have a huge percentage down. That's a deal killer right there.
Does anyone know if that's correct? What was your deal like brandt in term of.. terms.

In this area the common commercial loan is 20 with 5 year balloons.  I wasn't thrilled about it but the bank said after the first 5 years they often let people into a fixed 15-20yr deal at that point.  It's a feeling out phase basically.  We didn't put a cent down.  I did check with a few local banks and that was the common deal.  Even a company on our street same deal.  I was hopping more like a home loan, 30yr fixed.  No dice.

Right now we're in a 2500 sq ft space. We're so packed it's not even funny.

So as it stands right now we found a building we'd love to buy. 10K sq feet but it's lotsa money to say the least.

We found another we'd like to rent, it's basically a shell 10K sq feet, close to where we are not and we like that a lot. They want $3K a month, but like $900 for NNN. If we could get them down to $3200 i'd take it.

Our last option in to move into another unit in the building we're already in. It's a good building, love the location and love the land lady. But it's like $3100 a month, and it's only 4500 sq feet. It's about the size that would fit us now and for maybe the next year. But we keep growing every year, so i'm concerned we'd be bursting at the seams again in about a year.

Thanks for the advice on a commercial real estate agent from a trusted friend. I'm gonna call her and have her talk to the big place... See if they could do the $3200.

2,500 must be horrible to try to work in.  4,500 would probably allow you to breath now but like you said in a year or two what then?