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  1. #21
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    Quote Originally Posted by Fal Grunt View Post
    Tillable farm land is $12k-$15k an acre. Land with access to utilities is typically $20k-$30k an acre. Undeveloped land with no utilities is typically $8k-$10k an acre.

    The 18 acres of farm land surrounding my house is currently listed for $400k. Though it is zoned C-1 if I remember right.

    Just for reference
    I've got a 100 acre farm I'll sell you for $240,000 Building Purchase Questions even has two very large spring fed ponds, Tons of deer and turkey.

    Sent from my Pixel 3 using Tapatalk

  2. #22
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    Here in SW Kansas you can buy undeveloped land on blacktop road 3 phase power available for around 1,000$ an acre. No zoning, I have over 100 acres property taxes are less than 100$ a year.

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    First call should be to your realtor. It doesn't affect pricing since he splits the commission with the listing broker, and the benefit is HE WORKS FOR YOU.

    I would never take another guy's lawyer at his word, and I'd never take another guy's realtor at his word.

    If you don't have a realtor ask family and friends for recommendations and find someone who has done at least some commercial (multi-family or similar at least).

    I'm in a situation where I need a shop space (close on the business next week!) and have nowhere to move the equipment. The listing brokers have been sitting on their hands for WEEKS and if my guy wasn't pestering them on the regular I would have to look elsewhere. Finally got some followup and we're looking at the building and floorplan, including existing lease documents, sometime this week, finally.

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  6. #24
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    Quote Originally Posted by true temper View Post
    Here in SW Kansas you can buy undeveloped land on blacktop road 3 phase power available for around 1,000$ an acre. No zoning, I have over 100 acres property taxes are less than 100$ a year.
    I never realized I wanted to move to Kansas!

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  8. #25
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    Quote Originally Posted by wheelieking71 View Post
    I never realized I wanted to move to Kansas!
    Same here in Arkansas.

    You can buy property like mine for $1400 an acre with spring fed ponds. Son caught a 16lb bass the other week.

    Sent from my Pixel 3 using Tapatalk

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  10. #26
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    Quote Originally Posted by wheelieking71 View Post
    I never realized I wanted to move to Kansas!
    Come on I will hook you up you would make a great neighbor.

  11. #27
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    Ain't Ohio great?

    A building I looked at in Akron a couple years ago was 50,000 square feet, masonry, heated and air conditioned, 800A three phase 480, docks, machine shop greasy but not run down and not in a terrible neighborhood. Under a million. I bought something else a little better suited to what I needed, but it was a serious consideration.

    I'm assuming that your 10k building is steel or maybe a large pole barn. Doesn't seem that out of line. The shell of a 100x100 steel building's about 80k, double that for a pad and some grading and basic utilities. 50k in land. It seems like a good deal so there's probably a downside, but that could be as stupid as "too far from anything to find any employees." It doesn't sound too good to be impossible.

    Owning our building is MUCH nicer. When the roof leaks I don't have to fight with the landlord.

  12. #28
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    +1 on the environmental assessment

    Banks may even require it on a commercial property

    No matter what you feel about such things, some day, you or your heirs will need to sell it, and it would be good to know if the previous owner was the kind of guy who rolled a drum of trichlor out the back door and dumped it out.

    The first level assessments are usually paperwork checks, and it is unlikely in the country that there would be any paper trail.
    '
    They also check ownership and if they see anything like 'Bubbas Chrome Plating and Mercury Disposal Service' they will want soil testing

    The 80's is somewhat promising, but anything chlorinated is going to look ugly on a soil test, regardless of actual danger.

    I looked at a building with a friend some years ago, used to be a printing company. Big, clean enough, on sewer.

    Turns out they were dumping ink and paint down a floor drain they assumed went to city sewer

    It wasn't, went to a drywell in the parking lot. 500 yards from the town wells.

    They are, to this day, 20 years later, pumping to keep negative pressure to avoid that plume reaching the wells

    Point being, it isn't about your property, it is about if the owner was a bozo, and polluted his neighbors property, the costs to you are unlimited, google 'joint and several liability'

    It seems unlikely, but a little paranoia doesn't hurt

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  14. #29
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    Quote Originally Posted by Rick Finsta View Post
    First call should be to your realtor. It doesn't affect pricing since he splits the commission with the listing broker, and the benefit is HE WORKS FOR YOU.

    NO HE DOESN'T!

    Unless you have specifically signed a document designating the agent as a "buyers agent", and agreed to pay a commission as such, if the seller is paying the fees the agent is a sellers agent.

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  16. #30
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    So yesterday I spoke to the realtor, the bank, and went and walked around the property (without the realtor).

    I've learned a lot, and I appreciate everyone's input.

    This is the property listing:
    8755 Township Road 513 , Shreve, OH 44676

    The property has been vacant for a year and a half. A real estate company, or something like that bought it a year and a half ago as part of a bigger property with plans to flip it. It did not sell, so at the end of last year, they parceled off the building.

    Building is half brick, half steel, steel i-beam construction. It is part gas, part water boiler. Offices are air conditioned. It has well/septic which is normal.

    Realtor said it has 3phase, which I confirmed when I walked around. Guessing from the transformers and the wiring running to the building, it is a decent amperage, maybe 400A.

    Building is "zoned" commercial. I asked the realtor what, C1? or?, he chuckled, "There is no zoning, it is free range, do whatever you want". This is probably true from what I know of the area. Nothing on the auditor's website had anything about zoning other than "commercial".

    Has good truck access with no limitations for a normal semi.

    After looking at the property, the buildings definitely needs some work. I might be pickier than some, but there would be a fair amount of time and cost fixing up the place. From what I could see from the outside, the steel construction of the building, would tell me it has good bones, most of the work is external, needs gutters and downspouts, needs some siding replaced, a couple new windows and doors. I am guessing the roof will need some work, though the realtor said there were no leaks.

    Neighbors are closer than I would like. I can see their houses from the building with the leaves off the trees. Don't know that I could see them during the spring/summer. Also learned that there are two properties behind this one that have easements for the drive way.

    So ultimately...

    From what I see, regardless of "value" I wouldn't pay the $229k they are asking. It really is a moot point, however, after talking to the bank, they would require 25% down, minimum. Rates are great, 4.125, on a 20 year loan, I wouldn't hesitate to make them an offer, I don't know why but $150k-$175k seems reasonable to me. Unfortunately, I don't have the required $50k down payment.

    Now I know, good overall lesson and experience, it helps shape how we will move forward.

    Thank you all for your input!

    *Curious* I just posted this and clicked on the link to make sure it worked, the building was just taken off the market?

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  18. #31
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    Quote Originally Posted by true temper View Post
    Here in SW Kansas you can buy undeveloped land on blacktop road 3 phase power available for around 1,000$ an acre. No zoning, I have over 100 acres property taxes are less than 100$ a year.
    Well, some places in SW Ks you are only sharing the whole county with 4 other people.

    My Mom grew up in Liberal, now I am on the opposite end of the state, few more trees over here.


    FG, you don't know until you ask. I knew nothing about commercial property until I jumped in with both feet. Most people know at least something about residential, but not too many know that commercial is any different, especially concerning loans from banks.

    You might consider a new home where you can put the shop on the property as then the loan would be different. Assuming you both would be OK with that. My shop is 11 miles from home and it is an easy trip, but if things were a bit different, I think I'd be living there.

  19. #32
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    Quote Originally Posted by Fal Grunt View Post
    So yesterday I spoke to the realtor, the bank, and went and walked around the property (without the realtor).

    I've learned a lot, and I appreciate everyone's input.

    This is the property listing:
    8755 Township Road 513 , Shreve, OH 44676

    The property has been vacant for a year and a half. A real estate company, or something like that bought it a year and a half ago as part of a bigger property with plans to flip it. It did not sell, so at the end of last year, they parceled off the building.

    Building is half brick, half steel, steel i-beam construction. It is part gas, part water boiler. Offices are air conditioned. It has well/septic which is normal.

    Realtor said it has 3phase, which I confirmed when I walked around. Guessing from the transformers and the wiring running to the building, it is a decent amperage, maybe 400A.

    Building is "zoned" commercial. I asked the realtor what, C1? or?, he chuckled, "There is no zoning, it is free range, do whatever you want". This is probably true from what I know of the area. Nothing on the auditor's website had anything about zoning other than "commercial".

    Has good truck access with no limitations for a normal semi.

    After looking at the property, the buildings definitely needs some work. I might be pickier than some, but there would be a fair amount of time and cost fixing up the place. From what I could see from the outside, the steel construction of the building, would tell me it has good bones, most of the work is external, needs gutters and downspouts, needs some siding replaced, a couple new windows and doors. I am guessing the roof will need some work, though the realtor said there were no leaks.

    Neighbors are closer than I would like. I can see their houses from the building with the leaves off the trees. Don't know that I could see them during the spring/summer. Also learned that there are two properties behind this one that have easements for the drive way.

    So ultimately...

    From what I see, regardless of "value" I wouldn't pay the $229k they are asking. It really is a moot point, however, after talking to the bank, they would require 25% down, minimum. Rates are great, 4.125, on a 20 year loan, I wouldn't hesitate to make them an offer, I don't know why but $150k-$175k seems reasonable to me. Unfortunately, I don't have the required $50k down payment.

    Now I know, good overall lesson and experience, it helps shape how we will move forward.

    Thank you all for your input!

    *Curious* I just posted this and clicked on the link to make sure it worked, the building was just taken off the market?
    It says off the market when I clicked too. Just a thought on the gutters, we don't have them on my house in Tampa area FL, where it literally rains 3/4 of the year almost daily. Not sure why, but most houses around me don't have them either, and I don't get any damage to the yard from rain pouring off... maybe soil conditions, I dunno?

  20. #33
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    Well, as for the tri-chlor dumping - I doo know where that happened.... in the 80's.
    (It;s been cleaned up)


    As for the 25% down - I get the distinct feeling that you have equity in your business.
    They don't need ca$h.

    I would see what it would take to get those 2 adjacent parcels that have the right of way through.
    That would be a big deal to me!

    A) I wouldn't want to have to have the drive clear at all times for others.
    B) I wouldn't want someone routinely driving that close to my building/business.
    C) Or maybe worse - someone else's friends driving past routinely...

    I guess it depends on how close this other driveway would be to your building(s).


    Maybe you can sell your place and buy one of the neighbors houses?
    Trade?

    Actually 25% seems awfully high.
    ???



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  21. #34
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    Quote Originally Posted by Rick Finsta View Post
    First call should be to your realtor. It doesn't affect pricing since he splits the commission with the listing broker, and the benefit is HE WORKS FOR YOU.
    A "professional negotiator" who gets paid more the worse a job that they do... Not to mention that the buyer pays both agents fees, because the buyer is the only party paying any monies in the transaction. That's like saying sales tax doesn't cost me a penny, since the store writes the check to the government.

    Too many people drink the Realtor cool-aid in my opinion, and next time you buy a property with that "complicated contract" that they want you to believe you need them for..try to pay attention to just how much of that contract is designed solely for the purpose of releasing them from any liability. The jist of which is "We may or may not be totally ignorant to everything about this deal, we have no liability for that, and it is 100% your job to research and verify everything we are telling you on your own time anyway, and remember that you have agreed to pay me $10k plus for this service"


    This is obviously a broad generalization of the services you get with a realtor, who just like any profession is on a scale from valuable to worthless. Though I lean more to the mostly just making real estate more expensive for people side of things.

    Rant over sorry. I wonder why the ad is down now? It seems that they usually leave those up the whole time a place is under contract, and even after it has actually sold for a while.

    Good luck finding a place still. And for what it's worth I see a lot of commercial and industrial for sale with Owners who will carry the loan, and they are typically more willing to work with you on down payment, terms, etc. Probably just better to deal with too since they are a human being, and not a bank who will ship your loan down the road the next day.

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  23. #35
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    When I found the property I had hoped that the original owners, the ones with the shop in it, still owned it. I thought they would be approachable if I asked to do a land contract. Once I found out a reality type organization bought it to flip it, I knew that was out of the question.

    Realtor didn't answer their phone and didn't call me back, so I am guessing it is going to auction. Will keep an eye out. Really curious what it will go for.

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    Well, too bad the Wayne County Auditor's site doesn't have a searchable map online. (most doo)
    You could look up the old owners and ask questions, as well as the last selling price.
    You still can, but you would need to go to the office, or find out the parcel number, and then look it up.

    However - it doesn't look too truck friendly to me.
    Unless maybe you could circle drive it around what appears to be a second opening in the trees, but that's likely a power line?
    But you could maybe clear it enough beside it to make room for a drive beside it.

    Also looks like THIS property is the last on the line, not the first, so others wouldn't be going past you - but the opposite.


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  25. #37
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    Holmes county does have a searchable, I’ll put the parcel number up. Problem is, the parcel was split off, and purchased as a private cash sale. So no numbers were reported, and since it’s new parcels there is no history.

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    Quote Originally Posted by Ox View Post

    I would see what it would take to get those 2 adjacent parcels that have the right of way through.
    That would be a big deal to me!

    A) I wouldn't want to have to have the drive clear at all times for others.
    B) I wouldn't want someone routinely driving that close to my building/business.
    C) Or maybe worse - someone else's friends driving past routinely...


    ----------------------

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    Nope, you wouldn't like any of that!
    It is the only thing about my place I don't like.
    I knew I wouldn't going in. But, it is so much worse than I feared.
    Mostly because one of the rear neighbors is a POS!

  27. #39
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    Well, not to worry, maybe it is a good place, maybe not. It is good to get curious and look at things like this

    Makes you ask questions and get ready for the property that is the right place.


    One thing I found: Every single person who owns commercial property is nuts, so, get ready for that.

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    Quote Originally Posted by Fal Grunt View Post
    Holmes county does have a searchable, I’ll put the parcel number up. Problem is, the parcel was split off, and purchased as a private cash sale. So no numbers were reported, and since it’s new parcels there is no history.

    The original parcel # should still be one of the parcels. The info you want might be attached to the original parcel #. The way it works here is there is an online map at the county, you can click on any parcel or search by address or APN. Click on the parcel and the info will come up. So with that map I can search for any property and once there click on surrounding properties. Not all the maps on there are clickable though.
    I say all this because it is not easy or really intuitive to get to that map on our county website. Your county may have something similar "hidden" in the depths of their site.

    If it goes to auction are you able to lowball it?


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