Yes Jim, historic projects have many financing options especially non-profit activities like a museum, but it's usually the down that can be tough to swing and renovation expenses can be twice, even more than conventional projects.
George P. seems to be hot on the trail of something, hope he got away from MH parks (LOL).
George, while you certainly look at current rents with tenants and the risks with them, never buy based on one tenant, someday they will likely move, die, go out of business or want to buy it.
A short game maybe, might be interesting.....
Say George buys this 1,200 sq ft. retail spot, free standing. He gets several tenant applicants to consider. As I mentioned, you need to know something about businesses, which tenant applicants would be the best selection as to physical risks associated by each type of business wanting to lease?
1. A flower shop
2. A gun pawn shop
3. A sandwich/hamburger joint
4. A hobby shop, model cars/planes and toys
5. A CPA firm
Assume infill is there, tenants pay PIT and carry liability, building insured by LL. Tenants do maitenance on the inside, 5 year lease, all paying the same rents, all having been in business over 3 years elsewhere. HVAC, electrical, sewer and water service maintenace is on the LL, but not utilities.
No right or wrong, just your considerations, how would you select the business type, best to least?
Source: http://www.biggerpockets.com/forums/32/topics/85521-how-do-you-define-commercial-real-estate
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