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re: question about commercial property I inherited and what to do with it
Posted on 12/7/23 at 10:37 am to baldona
Posted on 12/7/23 at 10:37 am to baldona
I thought about that and a friend said just keep it Houston is growing so fast you probably won't regret it in 10 years. As long as its rented id love to keep it, I just dont want it to end up needing lots of repairs, it is 34 years old I think? I don't know much about that part and/or it sitting empty and needing to come out of pocket for the taxes/electricity part while waiting for a tenant. I did the math it needs probably $3k/mo of taxes, electricity if vacant, wife and I are both teachers, we do ok, but that would be a sting to us if it was empty for a few months.
You guys have steered me in the right direction need to talk to some banks about loan options over Christmas break, talk to a few realtors about listing for rent possibly, and likely just listing the smaller lot as having some cash as a cushion would be nicer
You guys have steered me in the right direction need to talk to some banks about loan options over Christmas break, talk to a few realtors about listing for rent possibly, and likely just listing the smaller lot as having some cash as a cushion would be nicer
Posted on 12/7/23 at 2:41 pm to thesabanizer
Call Bo Pettit . He's an LSU guy that's a commercial realtor in the Houston area.
Posted on 12/8/23 at 7:15 am to thesabanizer
quote:
needing to come out of pocket for the taxes/electricity part while waiting for a tenant. I did the math it needs probably $3k/mo of taxes, electricity if vacant, wife and I are both teachers, we do ok, but that would be a sting to us if it was empty for a few months.
Don't forget maintenance and repairs. Imagine the roof needs replacing, the HVAC goes out, or there is a major plumbing problem. Those kinds of expenses can break a regular working guy.
You may be like I say about some big houses. If you gave it to me, I couldn't afford to keep it.
I've always heard Houston is the wild west as far as zoning/land use, but it is worth checking into to see what uses of the land are permitted. Some of your business ideas or potential tenants might now be allowed.
Posted on 12/8/23 at 7:32 pm to thesabanizer
If your current tenant is looking to retire, have you considered looking into buying his business? Maybe worth looking into, maybe not. I’d consider it at least.
Posted on 12/9/23 at 8:10 am to thesabanizer
quote:
thesabanizer
I’ve got a buddy who just spun off his own commercial firm in Houston, give him a shout. Doc Perrier - 832-752-1608
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