Quote:
Originally Posted by RANDY P
you gotta know what's going on with the property, if anything funny is coming down the pipe. What if the city is trying to get rid of the business and put something there? Knowing the street is important.
I'd feel better about an attorney to look over the paperwork, (if you are buying a business) a RE agent likely isn't going to have that ability to evaluate everything- at least a residential agent, also there's bias.
rjp
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I agree- there are all sorts of pitfalls but the biggest seems to be future zoning, zoning in the works etc. As cities are ever changing especially now with the continuing decline of manufacturing in the Us etc. Heavy industrial zoned properties are being turned into light industrial or retail zoned space. At least out here in the West in the bigger cities. This and PRIOR USE issues such as chemicals, oil, other contaminates. Don't wind up with a super fund site. I worked with a guy who bought up old warehouse space near the new ballpark in SF only to wind up getting slapped with a super fund debacle that froze his loft project for 7 years while the lawyers sorted things out. Eventually it was decided by the city to remove 12 feet of soil from 1/3 of the entire build site and bring in uncontaminated soil. Owner to pay cost, seller sued for cost, lawyers win win win.
its much safer to stick with retail space but more money can be made with industrial if you want to play the chips right and count cards. At least as far as I can surmise from the experience of friends who play the game.