Residential/ Commercial property

[mlwilliamson]

Hello fellow members,

As anyone have any experience in aquiring a residential property to be used for commercial renting purpose. I would love to get some information in this area.

Thanks,

 

[Thomas Beyer]

QUOTE (mlwilliamson @ Oct 31 2008, 09:08 AM) Hello fellow members,

As anyone have any experience in aquiring a residential property to be used for commercial renting purpose. I would love to get some information in this area.

Thanks,
check the zoning .. usually this is NOT allowed .. but you can always ask the city for re-zoning .. which will likely positively impact the future value of the property ! Ensure you do not overpay as this possibility is not a given .. and it sometimes requires add`l investment !

 

[DonCampbell]

Hi Michael,

A change of use MAY be available, but the keys are going to be:

1. The Current Zoning
2. The proposed zoning in the town/city`s master plan.
3. The need for commercial property in the town
4. The pain that you wish to put yourself through to get the approvals and the conversions.

Another consideration will be the financing on the property as your `commercial` rents will be considered `projected` income and during these interesting banking/financing times you may find that most banks aren`t too keen on change of use projects of this kind with out a SUBSTANTIAL investment made by the purchaser.