Commercial/Restaurant Property

Discussion in 'Real Estate Investing' started by rob, Aug 23, 2014.

  1. rob

    rob Administrator Staff Member

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    I've been considering buying an investment property in Baltimore over the past 6 months and a very interesting opportunity just popped up. An 11,000 square foot building, currently home to a club that's constantly criticized by the neighborhood, has gone on sale for $1.1 Million. Considering the size and the location of the building, it could be a steal.

    It's zoned for a business, but I'm not prepared to open a restaurant/club/bar- I know nothing about that and it sounds like way too much work. I could find tenants, but it's not the best area, kind of JUST on the border of where yuppy meets seedy. Is it an opportunity still worth pursuing?

    I'm mostly interested in knowing if I'd be penalized if I purchased the building and just let it sit there? I suppose that could be a stupid move: depending on property taxes it could mean losing thousands of dollars each month.

    Side note: I wouldn't be investing in this alone, I'd likely find 2 or 3 other people to go in on the property with a specific plan in mind.

    Side note 2: this would also mean moving money out of the stock market and into the house, which I'm reluctant to do until February 2015... I think this bull market is going to run wild in Q4 and earnings season.

    What do you think?

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