Builders- Amarillo,Tx?

Comments(6)

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  ddlingo7th July, 2006

  The $200k and $55k are seperate. So its $255k total with the land and construction costs. The contingiecies and escrow feww and what nots are supposedly built in. These are the figures the lender (Buildmax/Indy Mac) gave us. I was just inquiring to get some type of feedback on this whole scenario. I am still feeling my way around this deal. Let mw know what you think.
  
  Thanks,
  D.Lingo

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  wsmann2nd July, 2006

  In my area SE PA there are a number of such facilities. Some are called "business incubators" and are sometimes associated with a local university. I started my software business in a 10x10 office in one. Moved to 400 sqft office, then bought an office building. I think they work rather well. One of the locaal incubators, associated with Lehigh University has a waiting list for space on a 12,000 foot building.
  
  Your 6,000 feet may be a little small. These places typically have some office/secretarial staff and you want enough tennants to keep your staff busy.
  
  The other thing you may find is these tennants are often looking for money, joint venture partners, legal advice and so on. You can add value for your tennants by having a good local rolodex.
  
  Best of luck,
  
  Bill

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  mimoca3229th May, 2006

  With a condo most of the time the purchaser is buying a seperate interest which is basically a cube of air and has an undivided interest in the entire project. They would receive a deed saying that. In a co-op the co-op owns the entire project and you receive a certain number of shares which entitles you to that unit. If you can go condo conversion due to the hard time you will have with getting buyer financing with a co-op.

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  ypochris29th May, 2006

  "Cube of air" because the walls, floor, and roof are jointly owned, usually by the codo association- as are halls, grounds, pool, etc.

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  YasirOmari31st May, 2006

  ... so then my question really is that when I purchase a thirty unit structure and condo convert the purchaser of that "cube of air" has rights to said cube only? The rest of the physical structure remains the ownership of myself???

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  tom1101127th June, 2006

  Hi, after the seller sells off the rest of the shares, who manages the property? Also, who decides what upgrades or fixes need to be made? Who decides common fees etc.. ie- snow removal, etc..
  
  Also, does insurance get removed from the common areas since you are paying for insurance for your particular unit?