OfflineHad to share, I found an amazing property I might make my 1st deal all I can say is it's in the center of town motivated seller and seller financing. Guaranteed profit's and I dont even want to think about what it will sell for in 2 years. Been told 7 digits. Some brief info
This is the historic Centennial building in down town Hardwick Vermont. The building recently housed a restaurant on the first floor. The second floor has extensive office space. The third floor was a hotel which needs renovation.
This is a project that when completed will be a real show piece. It was the historic Grand hotel of the North East Kingdom.
Type: Commercial Style: 3 Story Basement: Yes, Full Size: 10,000 sq. ft. "Third floor needs complete renovation" Lot Type: Rectangular Lot Size: 0.4 acres Year Built: 1900 Taxes: $6,000.00 (2007)
$150,000
Im gonna make him an offer he cant refuse
It sounds like the building is empty. What are your plans? Do you have a buyer ready to go? How are you going to finance? Is it a no-money down deal. I feel your excitement, but do you have everything in line to proceed? Commercial Props. have a different twist to them. Let me know what your plans are
I know you are excited that this may be your first deal and all but les take a step back and look at the "NOW" of it.
1. Have you gotten comps on it
2. Is there money owed on it
3. What is current Fair Market Value
4. How much is estimated repairs.
5. What are the financing terms and will the numbers work for YOU
6. How muc will FMV be after repairs
7. What is the potential CASH FLOW
8. Being that it is an old building, are there building limitations or
guidelines OR PERMITS for repairs from the city that you have to follow -
this can be EXPENSIVE
9. How long will repairs take and can you afford the payment until able to
rent/sell it?
10. IS THIS THE DEAL FOR YOU?
I know there are a whole lot of other things but for the sake of argument, take a step back and ask your self these question.
Good Luck and I hope it all works out for you.
Anita
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TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Those are excellent questions, especially the one about the cost of restoration. If it is a "registered" historical building, there maybe very strict guidelines one has to follow on how the restoration can be done.
Hope things work out well, but it will be prudent to first follow what Anita suggested.
cactusbob
Not sure if this deal is for me. I just wanted to share it with everyone else because I didn't have much time searching and bam I found a deal. The building is currently empty, the owner is willing to finance. But the broker was talking about owner pulling credit and down payment. It is a very potential piece of work.
Im gonna make him an offer he cant refuse