Looking to buy a building
Im going to be opening a gym within the year of 2017. I have my sights set on a building im going to buy. is there anything I should look out for before making this purchase?
[{"id": "dafggt9", "text": "Why buy vs. lease? ", "replies": [{"id": "dafts8t", "text": "Agreed... opening a gym implies new business. OK to carry the building if the gym doesn't pan out long term? If it's a gym, location is often critical. My advice based on limited info would be to find the area that your gym will thrive in, then evaluate the lease and buy options available in that market. No benefit to owning a building anchored by your languishing business because it is in the wrong area.", "replies": [{"id": "daiorii", "text": "Yah, \n\nI'd say combining the purchase of commercial RE with operations of business compounds your calculus and makes it both a CRE play as well as a business. That money you put into the purchase of the land could be used as expansion capital. \n\nOne reason I can think about why you'd buy is if there's a lack of newly constructed space &amp; all the old ones have demolition clauses AND you happen to have a bunch of capital lying around and aren't averse to investing in CRE. \n\n", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dafgjkw", "text": "You should get an agent to begin with. ", "replies": [{"id": "dafi694", "text": "already done, just looking for some things that may be overlooked \n", "replies": [{"id": "dafza4h", "text": "Make sure the building is up to ADA code. Once you pull any permits, then the \"fun\" happens. \n\nGood luck. \n\nAlso make sure you have enough parking and that your neighbors are not assholes. \n\nCheck to make sure the building does not leak in a rain storm. See what permits were previously pulled, as that will give you an idea of what to look for. \n\nAnd make sure you have lots of $ to do all your improvements, most people try to shoe string it (by not hiring an expeditor and end up losing time, and time is money). ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "dafre6h", "text": "One thing that I will say is that it's worth considering buying it in your own name then lease it to your business.", "replies": [{"id": "dah2u06", "text": "why in my name?", "replies": [], "depth": 2}], "depth": 1}]