This morning for no apparent reason I clicked on a web site for commercial properties listed for sale in my area. I ran across a 5k SF commercial building on a half acre of land in a small commercial park. I looked at this building a couple of years ago at 90k. It needed cleaned up and a fair amount of work. I didn’t need it so I passed.
Today I bought it for 48k. Can’t believe it. 2 jib cranes, one overhead trolley with a ton and half hoist. 2 offices, 2 bathrooms, well, septic, 12 foot ceilings, truck dock, 3 overhead doors. 3 phase 400 amp power with a step down transformer and 2 new panels. Power hasn’t been butchered.
Needs roof work or maybe a roof but the sheathing is visable as are the rafters and they are solid. I was able to talk to the guy that built it and ran a machine shop out of it for 40 years and get some history. I am excited as you can imagine. I don’t need that much space…….but what the hell, I’ll enjoy it anyway. Thanks for listening. DanT
Replies
Sweet.
It's a great feeling to pounce on opportunities when they present themselves. Helps validate a lot of things.
Doncha wish your girlfriend was hot like me?
U remind me of my buddy Donnie ...
he's always buying something he doesn't need ... usually for business.
He always ends up with a great deal he can turn an instant buck on if need be.
lives alone ... confirmed bachelor ... house with a kitchen he doesn't use ...
then he found a deal on a warehouse ... he has a HVAC business ... so now he's got a place to set that metal shop he's been dealing on ...
so ... warehouse and a full metal shop.
plans for a loft to live in at the warehouse ...
then ... hears about some land next to his sportsman club ... they shoot in the back 40 ... hears the new prospective buyers will ax that idea ... so ... he calls the family, who he knows ...
suddenly this confirmed bachelor with no need for one kitchen now has 2 houses and a warehouse ...
was gonna sell both ... found tax bennies and extra income to rent ...
so ... he's moving into the new ... gonna rent the old ... and is looking into buying the adjoining warehouse because he's pretty sure he can rent that out and cover the mortgage for both sides!
BTW ... congrats on the new digs! Whens the first warehouse party?
Jeff
Buck Construction
Artistry In Carpentry
Pittsburgh Pa
Thank you.......I think.
Better do the roof first then the party lol. I will get some pictures later. I really don't know how to use it all. Think I will try to rent some of it. It is broken into 4 sections that all have their own OH doors so if I can find some guys looking for space......thousand thoughts running through my head tonight. Better plan tommorow. DanT
"thousand thoughts running through my head tonight."
strip bar
gin joint
illegal gambling den
massage parlor.
there ... I've just filled all four spaces.
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
I'm liking this line of thinking. I might have to have some one way glass installed in my office.
Doo Dah, Doo Dah.
You need the office next to Tony Soprano's at the Bada Bing.Doncha wish your girlfriend was hot like me?
That's kind of what I had in mind. I'd love to have a get away like that. Then again what man wouldn't?
Doo Dah, Doo Dah.
Then again what man wouldn't?
I cant think of the guys name but the one thats hidding out in NH or CONN.(dont remember what state)
You know, the short rolly polly guy!
Doug
Not to gush but.....we went through it again today and it is better than expected. The roof is quite solid with just a few pulled seams, some bad flashing and the top caps of one wall bad.
Found another crane trolley and the electric chain hoist works. And we inherited about a 100 year old forging hammer of some sort. Found more switches and have more lighting than expected also. All in all better shape than we hoped.
I took a few minutes and loaded all of the agriculture grain companies files (who lost the building to forclosure) into Gunners office as well as the jar of dog biscuits and the old copier/printer. That should be enough to get him started. DanT
good thinking ...
he likes his snacks!
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
Ahh your a pal.
I've always wanted to tell everyone "I'll be in the Marion office this week."
Doo Dah, Doo Dah.
I have told my friends I was going to put together a conference room just so I could say I have one. Keep it nice looking with the lights on and when people walk by and see it I can say, thats my conference room. If I do that you are welcome to use it of course. DanT
We'll lay out a nice buffet lunch on it.
Wake me up before you go-go,Don't leave me hanging on like a yo-yo,Wake me up before you go-go,Cos I'm not planning on going solo.
any particular reason the dropped by almost half?
congrats on the score.
U ever see the size of "Big DanT"?
he names a price that's half the going ...
and that's yer new price!
Jeff Buck Construction
Artistry In Carpentry
Pittsburgh Pa
The original owner built the place and ran a machine shop their for 40 years or so. He sold the business on land contract to an agriculture firm that built and maintained grain elevators. They tanked a few years ago.
I looked at it two years ago. The agriculture company had it for sale trying to bail out of it. I thought the price was ok at the time but no steal. They also did nothing to make it more presentable so no surprise it went no where. According to the now owner, who is the original owner and the builder of the property, he started reposession 2 years ago and just got it cleared up. He priced it to get the money he paid at Sherrifs auction plus the 8 years (hard to believe but true) of back taxes.
I think if I had looked at it a few days earlier before everyone in town heard about it I could have bought it for 45 but the morning I looked at it my realtor found out they had 3 more people looking at it that afternoon. It had been on the market 3 days which proves it doesn't take long for the sharks to smell blood in the water. Anyway I offered full price and to close in 7 days. Commerical real estate takes more time to borrow against, get appraised and get the buying process completed. By offering full price and a quick close I thought (and turned out to be correct) that it would push the other purchasers aside. DanT
>>"By offering full price and a quick close I thought (and turned out to be correct) that it would push the other purchasers aside.
Congratulations!
I am very jealous. A buddy has a nice sized well lit shop and every time I go there it makes me wish . . . .
Having lost my share of bids on buildings from inherent delays in comm'l financing, I think you hit the nail on the head. If you can do it with no Phase I and no contingencies, you pretty much win. Machine shop and agriculture aren't dumping crap into the ground so you got a steal.
Best of luck with it and post some pics for everybody to drool over.
"Let's get crack-a-lackin" --- Adam Carolla
Very aggressive and impressive buy Dan, congrats!
As you know, I love the idea of commercial properties (and triple net leases) and at this point I'm quite jealous.
I too find it incredible that the previous owner had to clear up 8 years of taxes. He obviously didn't have very good contract language in his Land Contract, or maybe he was just asleep at the wheel. Those tax problems should have been nipped in the bud.
Buying assets...yeah..that's the ticket!
blue
Vito.
Doo Dah, Doo Dah.
Well since no one has asked. Let me be the first. Can I have the other office? I'll keep the noise down. Just stop by once in awhile and hang out.
Doo Dah, Doo Dah.
Of course. Send me a list of colors and carpet selections that you would like and I will see what I can do. Any particular furniture selections would be helpful too as well as brand and if they are special order. Anything for my buddy Dummer, er uh, Summer, umm ah, Chummer, umm well whatever your name is. DanT
Congrats on the buy.
Not an exponent of the DILLIGAF system.
Nothing special. Just a comfortable chair and some kind of desk. I'll mostly just kick back with my feet up on the desk and nap.
Doo Dah, Doo Dah.
<<<<Just a comfortable chair and some kind of desk. I'll mostly just kick back with my feet up on the desk and nap.>>>>
hey, you been spying on me ?
Mike Smith Rhode Island : Design / Build / Repair / Restore
dan.. congrats....
what have you been working out of to this point ?
i hear opportunity knocking ... hell.. he's gonna kick down the door !Mike Smith Rhode Island : Design / Build / Repair / Restore
I have a 2 story 25' X 30' block building in the back of my house. It was built in 1950 as a roofing shop. Nice building. We have simply out grown it. As time has gone on we have graveled the yard, took over the garage for the house and a year ago I started keeping my eye open for a storage building of sorts.
I like the building I am in as it is convenient for we insomnicacs to walk out at 3AM and get something done. I just finished a new office a few weeks ago. But we have no place for our wood working tools to be used and we do some airless spray painting and have to do it in front of the shop our doors. All my trucks now have a gritty feel to the finish lol.
This building is too big. But it is sectioned off so we don't have to heat and use all of it. And my wife will be able to park in the garage, I can park my bike in the existing shop and she can take the new office for her business and bookwork stuff. DanT
LOL.
Doo Dah, Doo Dah.
sincere congratulations - whadda score - what a nice shop it will be for you - all in one fell swoop -
big thumbs up -