Need Help Buying Commercial Using Lease Option
I was looking to temporarily rent or buy a facility for my business for one year. After that year we would be making a big expansion and would then purchase a large facility and have tenants we created prior to purchasing. At the moment we have negligible assets or collateral.
We just stumbled on the perfect facility and location for our large facility. Not sure how long it will last but it has been vacant for a while. I was thinking about talking to the owner about a graduated lease option to buy to get into the facility right away. That way he is earning some residual income right away and we are able to develop the facility slowly over the year creating tenants as we go. Using the money we would spend in rent toward our goal.
I am totally new at this and don't have a clue how this works. I want to learn as fast as possible so I can capitalize on this opportunity and increase knowledge. Any suggestions on how to go about doing this?
God Bless,
Eric @ Airborne Motorsports
Suggestion on how to do it: Do it exactly like you said.
Find a lease option contract somewhere, or have a real estate attorney make one. Then write in that clause you just mentioned about graduated payments,etc.
That is the easy part. The hard part is convincing the seller to do it. OF course if they really want to sell, it shouldn't be that hard.
-AE