DETAILS: Bought a large 3800 sq. ft commercial building in 2000 and have run a gift,stationary,craft & office supplies business inside it. The business was gang busters in sales...until two years ago. Now sales & the market are soft. I barely make enough to pay my mortgage. I virtually work for free. Have tried to sell it--lowering my price again and again and realtor for sale sign in side window by busy highway. No bites. I've used Craigslist--no avail.
So now I am stuck with a nice condition but large building, a business that is boring and barely breaks even. Can't find renters for a building this large. Can't afford to divide it in half. Savings going down the drain to pay building taxes. Sale of my inventory would not allow me to buy enough for new inventory--building is too large.
ARE YOU CREATIVE?? WHAT can I do??
2007-09-21 15:26:56 · 7 answers · asked by followingmybliss 3 in Business & Finance ➔ Small Business
I'm not headed for bankruptcy or foreclosure. I pay my mortgage every month. I just work for free--make no profit. And it's boring, and I'm totally tied down, and make no extra money. Can't afford to close the business down, as I'd still have a large mortgage to pay. Not fun.
2007-09-21 15:40:02 · update #1
Hello, nice size building you have described there. Storing classic cars is the norm and believe me being a collector of them its hard to find a warehouse. Another thing you should look at is storing furniture in the other half basically store anything of value for someone.
Those self storages are a hassle
2007-09-21 17:19:55 · answer #1 · answered by wrichard1 3 · 0⤊ 0⤋
Maybe you left out a zero , because 3800 is small for a commercial building .
Many houses are bigger than that .
And you did Not give us any clue about location so our guesses are Not likely to be relevant .
If you can't find other businesses that want space in your area , see if the lender will do a short sale in lieu of foreclosure .
At least you would be out from under it .
>
2007-09-21 15:33:42 · answer #2 · answered by kate 7 · 0⤊ 0⤋
This is a tough one. You could consider to rent it to a corp on a leasing contract that can cover your mortgage payments for the building. Otherwise, you are headed for foreclosure and bankruptcy as well. Also, talk to a business financial planner and a lawyer to see what other options you could have with this piece of property.
2007-09-21 15:33:02 · answer #3 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
The following are your options. 1. sell the property 2. take in a roommate to help pay for the mortgage. 3. rent the property out, so long you have a positive cash flow. if you owe more than the house would sell for, you may qualify to do what is known as a short sale. in any event suggest that you talk with your lenders and advise them of your hardship situation. they really do want to work with you. they are not in the business to foreclose. foreclosure is very expensive for lenders. Lenders do prefer to work matters out with you. contact a reliable Realtor that has experience with short sales that can represent you in negotiating for you.do not wait until you receive your notice of default sell your house. the longer you wait the more problems you may encounter. suggest you also talk with a tax advisor cpa and a real estate attorney. good luck .
2016-05-20 06:54:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Hi,
Checkout http://realestateguide.financialdealsonline.info for some valuable tips on the matter. Good luck.
2007-09-21 15:43:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋
BURN IT AND COLLECT THE INSURANCE.......JK
2007-09-21 15:34:24 · answer #6 · answered by Anonymous · 0⤊ 3⤋
fire sale
2007-09-21 15:30:22 · answer #7 · answered by Anonymous · 0⤊ 2⤋