Heafcliffe
Hope there's puddin' in the clink...
We's good and comfy.
How much money do u make?
- Thread starter DrX
- Start date
Damn fam you gotta learn how to moderate your bread .... but it be like that sometimes so I understand .I made about 1,000 dollars working at CVS for about a month this summer and it's all gone.
damn how did you get so many units breh? Im about to cop one in north florida.
That's what's up. That's what I'm trying to do but commercially. I would like to own a commercial space with a few offices to rent out. That's the goal anyway.
I feel it would be easier to evict someone from a business than a house. I probably fukk around and feel bad putting someone out their house for non payment.
prince_peoples
Superstar
Bought pretty much all of them on low at city auctions, and threw hook ups.
prince_peoples
Superstar
All my units are section 8. really the only downside for me is I can't hide my rental income when its tax time.
taxes are fukking evil man.
Perpetual Beast
Beast Mode Always On
Hopefully you'd have enough saved up for 3+ years of no income... Commercial is one tough b*stard...Most commercial properties you'll find for sale are on sale for a reason--because there's high vacancy.
Then, the good properties with high-traffic that people do end up selling often go to their contacts in the rolodex and it's just one big "good ol' boys club" circle jerk.
Better off trying to find your own lot to develop in all honesty...where again you'd need a sizable nest egg to live off of and city approval.
You'd probably feel a lot worse dealing with legal and a bunch of paperwork if you had to evict a business; filling that back up is way harder than getting a new residential tenant too.
Larry Lambo
Superstar
$87K, only $13K left and I shi****ng on everybody after that.
Thanks!! This is good info I need to consider.
I want to start with a small building, 800-1200sq ft and use it for maybe after school programs or small conference room/office that I could target to independent contractors, virtual assistants and stuff like that. Like my job leased a space for two days so we could conduct group training. I don't think I would want long term tenants. deal with them for a couple of months and if they suck I don't renew the lease lol
Last year I made 38k. Hope to break 40 this year
I Make Only 36K
Illuminatos
#OVOXO
It was my first paycheck and there was so much shyt I wanted to buy.
Won't happen again. I'm saving up from now on.
Perpetual Beast
Beast Mode Always On
For sure! Just wanted to prepare you for the shyt storm that is commercial real estate.
Not talking down or anything just an honest question out of curiosity: Why is that you gravitate towards commercial property for businesses?
I'm an old man and maybe it's just because I've had some trying times with commercial in general, but I feel like low-income triplexs/quadplexs are the most time efficient, rewarding, and scalable types of properties to get started with. When I say rewarding, obviously if you owned an apartment complex with 130 units you're going to make a lot more money, but with multi-units it's easier to access the equity and surplus of income which gives you a more lean and mean strategy to add more units ie. getting to the next deal quicker.
Then when you have a few of these going---and let's say you own 10-15 units with full vacancy--it'll make more sense to get a commercial building since you won't be worried about having funds tied up, waiting for ink on lease agreements (which is like pulling teeth), or the often long periods of vacancy.
I'm just a coli poster though so I wouldn't take my word for it, but I wish someone would've told me these things 7-8 years ago. Every situation is different though so take it with a grain of salt. Just some added perspective.
Perpetual Beast
Beast Mode Always On
Doing better than 97% of the world (literally)
.... you're pretty rich man