Fax Renter Mark with airSlate SignNow

Fax renter mark

hey it's mark ferguson with investor moore and i am standing outside a commercial property i bought a few years ago this is the back of the property and some of you might remember it is one of my first commercial properties i bought we paid 292 000 for it rehab the inside i've got a video of it that i'll link to below so you guys can see that but we've always had this basement to it that was unfinished so we're kind of thinking maybe it's time to finish that basement and i'm gonna try not to fall down the stairs because this last stair is slightly broken so that's something we had asked a few of our guys to fix a while ago but that obviously never got done oh look that one's broken too yep that's always safe and good but this property um we end up renting to an oil company upstairs for i think it's 4 500 a month and we did spend quite a bit of money remodeling it redoing the whole space but we never really did much down here and this property was originally this thing's cleaned up down here too this is why we visit our rental properties i just did a video about going by all my rental properties and seeing how the property managers do but this one i managed so i can only be mad at myself but when this building was first built i think it was in the 60s it was a doctor who built the upstairs for his office and then he had this space down here because his plan was to live down here and work upstairs but as you can see he never did finish it he never got the actual you know space done but it zoned for residential down here or commercial so we could do either one but it still has you know a dirt floor so it has a lot of work and then this stuff if you are seeing this stuff right here we also use this for random storage once in a while so these are some of the things from the bar that we're currently remodeling we got some bar stools off of an auction site and some different things there and then some of this stuff i think might be from the restaurant that we bought as well so it does work for storage too but as you can see there's quite a bit of space here i think oh what did we say it was i should have looked that up before we got here i'll maybe add it below this in the description too to let you know how big this is but i think it's about 1400 square feet maybe it's 1200 if i remember right so it's got a lot of space the ceiling is pretty high and then as you can see it's got this kind of walk out area over there with the nice big windows this area over here with windows but then our dilemma is right if we made it commercial then hey that's pretty simple you'd probably have a reception area over here some offices back here but if we made it residential which is probably the highest and best use for it probably easiest to rent i don't know if there's a lot of commercial places that want to be down here we'd have to put some bedrooms back here and we don't have windows so our question would be hey do we put a couple bedrooms back here do we put some egress windows in back here over here i don't think those would meet code anyway i'd think they're too high to be egress window so we'd have to change those anyway but you could have kind of a cool living room up here with the big windows maybe you've got one bedroom on this side it has the windows right there your living room right here maybe kind of a kitchen over here and then you add some bedrooms some windows back here who knows there's a lot of different layouts we could do so i always do like doing the ask my viewers sessions what do you think we should do down here we could do commercial like i said but again i don't know how much demand there would be for it being in a basement like this i think there'd be some demand but i don't think we could get as much rent as if it was straight residential and there's definitely a ton of demand for residential rentals right now this is kind of a small town about five to seven thousand people but still high demand for residential rentals uh would not be a bad location at all for residential i think it'd be pretty cool so what do you guys think we should do what do you think the best use is is it worth fixing up and renting i think if we did rent it as residential and you know it was a three bedroom one or two bath we could probably get 1400 maybe 1500 for it and it's probably worth it because that would really because it's a mixed use commercial property you'd value it on the income it brings in and if it brought in you know another what twenty thousand dollars a year an income wouldn't be quite that much be close to it then you'd actually increase the value of the property like 200 300 000 so maybe more than that so i guess looking at those numbers would definitely be worth it to do it it's just a matter of what we do when we do it um and you know if we have the people to do it which we actually do right now because our flips are going great they're going pretty smooth so we do have some extra resources to do some fun projects like this now all right thanks for watching really appreciate all your support all the comments all the likes all the thumbs up keep those coming if you have new video ideas for us we always love to see those i try and implement some of those once in a while and we'll try and show you some of our other spaces we've had like this too that maybe we've owned for a while and haven't updated or shown i'd show you the space upstairs except it's occupied by tenants so i don't think they want me going through and showing all of that all right we'll be back with much more coming up here soon