Industrial Buildings???
Newbie Alert!! I appreciate any comments!
My friends wife is a real estate agent and she told him about a 4-unit industrial warehouse that has been vacant for 2 years. The owner just died and supposedly the owners wife wants to get rid of the place for next to nothing. Should I look at this in the same light as I would a SFR project?
industrial buildings are way different than SFR; but the concept is certainly the same. You;ll want to make sure she has been paying the taxes BEFORE you even talk to her.
It can take much longer to find tenants for industrial buildings, but once you find a good one; you should be able to sign them to a minimum of a 5 year lease.
If you find it's not your cup of tea, please don;t hesitate to contact me PMB and I'd be glad to try to help you with it.
Well it certainly is not the same as SFR. You want to check enviornmental conditions, for example. Why has it been vacant so long? Some things are the same-- what are comparable rents? Whats the market?