Home Buying in 11215>Question Details

JTANGHOW, Home Buyer in Brooklyn, NY

What type of Questions, I should ask before purchasing a mixed-use Bldg?

Asked by JTANGHOW, Brooklyn, NY Thu Jul 11, 2013

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4
Elliott Arkin’s answer
Hi....I live and own a mixed-use building myself.....If a tenant is in place, the more information you can know about them the better. Also, check out how the utilities are seperated. Other than the slightly higher interest rates charged on mortgages for mixed use properties, everything else is really very similar to any multi family and has many advantages and upside potential. I hope this is helpful
0 votes Thank Flag Link Sat Aug 31, 2013
Dear JTANGHOW:

How much are the annual expenses including real estate taxes, insurance, water and maintenance. If there are tenants you will want copies of all their leases and to know how much they are paying, when the lease comes up and if there are security deposits. You will also want to see if there is a certificate of occupancy for the property and if there are any violations.

You will also want to know the lot and building sizes and of course the asking price of the property! If I can be of further assistance or if you need help finding a property to purchase, please contact me direct. Either way, good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Jul 11, 2013
First and foremost I would inquire if any insurance claims have been filed.
Second I would go to the court house and get all documentation of blue prints of that building to determine what's what and if anything has been removed, added, etc as well as tax records. I realize this is not a question, but I think it would answer a variety of questions for you, some that you may not even have thought of at the time.
Third I would inquire about previous business's that were in the building if the information is available and undisclosed. Lastly I would ask about the rental comparisons of other similar buildings in the vicinity.
0 votes Thank Flag Link Thu Jul 11, 2013
I would recommend going to Library and looking for a book on "making a business plan".
That is exactly what you will be doing, creating and running a business; and you'd better have a PLAN.
0 votes Thank Flag Link Thu Jul 11, 2013
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