I bought a huge commercial property earlier this year. I paid 2.1 million dollars for the property which has a grocery store, restaurant, coffee shop, and some vacant space. I plan to also open my new real estate brokerage in one of the vacant units. The property was built in 1964 and I wanted to know the history on it.
https://investfourmore.com/2018/02/16/podcast-139-buying-68000-square-foot-commercial-building/
Why was it hard to find any history on this building?
There is a lot of history available on buildings in my town: Greeley Colorado. Howecer, most of the info is on the old buildings downtown. My building is on the West side of town and not quite old enough to be interesting.
A few people have told me the grocery store used to be a Gibson's Discount Store. I tried and tried to find something on Gibson's in Greeley Colorado. It was impossible to find anything until I added the "Discount". I found the grand opening article, and article on them expanding the store, and I posted on a local Facebook group. Someone had a picture!!!
Interesting departure from residential, and a big leap.
May I ask, other than the availability of a partner, why you decided a strip center would be your next move? As opposed to say an apartment building, as obviously your residential background would make that a more logical next move.
Or was this such a good deal that you had to take it, and a good deal is a good deal, why not?
I wanted commercial because the returns are much better here than on residential. You have to be careful with what you buy and this was a pocket listing. We got a smoking deal on it. This will have space for my new office as well. I think managing 4 or 5 commercial tenants on long leases is much easier than managing 50 residential tenants that are constantly moving.
I agree with that. My favorite type of commercial is medical office, even small ones. The tenants do a lot of capital improvements (dentists in particular) which make them stay longer, and generally make good money and can pay the rent. They also become very likely buyers for the property.
Hi investfourmore,
First, congrats on your investment property....a big purchase in my eyes anyway.
2nd, must be a buyers' market in commercial properties in CO but how about the rest of U.S?
It is actually a huge seller's market in Colorado for all real estate. This was a pocket listing and an amazing deal. Most properties are selling at CAP rates of 7 or less and this was over a 9.
Sounds like you were right place at a right time for this amazing deal. If it is a sellers market in CO, it must be hard to find a reasonably cheap commercial property then?
This is off the subject but...
My younger sister put down $35k for a real estate package to flip houses. Fortunately she told me about it and she canceled the package after told her it could be a scam.
What would be the best way for her to learn how to flip houses in NJ?
I have been working hard to buy one for a couple of years. Finally found the right deal!
Has she seen my site? https://investfourmore.com/2014/12/05/flipping-houses-ultimate-guide/
I teach more on my site for free than those courses will. I also have some coaching available that is a fraction of the cost.
today is really ? givson birthday ? @stonerydell
That article is from 1969
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