Office Space Purchase
thinking of buying an office building which I currently occuppy and which at my current rent plus other rents will just cover all expenses inculding piti if rest of building 100% rented . No allowance for outside management or vacancy in those numbers .Building about 12000 ft and I occupy 2200 curently .Is this a good deal based on those numbers ?
You need to develop a solid business plan and shop your local banks with local underwriting.
I doubt this loan is salable on the secondary market so you are going to have to find a lender to hold the note in-house.
GOOD LUCK[ Edited by myfrogger on Date 12/29/2004 ]
I talked to my local bank, and they said because the boards were out of state, they could not do it. The collateral has to be in their state. I think I need a bigger bank with offices in many states as I plan to buy boards all over in 2005.
Any suggestions??