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RE: Learning the History on the 68,000 Sqft Building I Bought
Interesting departure from residential, and a big leap.
May I ask, other than the availability of a partner, why you decided a strip center would be your next move? As opposed to say an apartment building, as obviously your residential background would make that a more logical next move.
Or was this such a good deal that you had to take it, and a good deal is a good deal, why not?
I wanted commercial because the returns are much better here than on residential. You have to be careful with what you buy and this was a pocket listing. We got a smoking deal on it. This will have space for my new office as well. I think managing 4 or 5 commercial tenants on long leases is much easier than managing 50 residential tenants that are constantly moving.
I agree with that. My favorite type of commercial is medical office, even small ones. The tenants do a lot of capital improvements (dentists in particular) which make them stay longer, and generally make good money and can pay the rent. They also become very likely buyers for the property.