Anyoen a commercial Real Estate guru? I am thinking about buying an old building ...

[FortFunFoSho]

My friend and I have pinpointed an old building in our city and we are thinking about buying it. We would buy it and essentially gut all of the 30,000 square feet. Eventually turning it into lofts and business space.

We are going to visit it this week. But in the mean time I am curious what steps I can be taking to somehow check the projected growth plans for the city? And what else should i be thinking about and looking into.

I am new to this. So be gentle. Just trying to learn from some people who have ventured this path before.

 

[HappyPuppy]

You must enjoy being anally probed.

 

[Evadman]

if you are going to do something like that, I suggest starting smaller. Start with a residental home.

 

[Nuriko]

Okay, let's see. You will have to see the zoning people (to see if it's even zoned for what you want to do) and the city code office for starters. The city planning office has the plans for projected growth and all that. You should also enlist the services of a general contractor to get an idea of how much you would have to spend to gut and then rebuild.

One other major note, this really does sound like a big step that will most likely require major funds, I'm talking at least half a million and quite possibly a lot more depending on a lot of factors. As for other help, try posting this over at creonline.com on the commerical re forum.