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ChiChat16:Race For 10K Posts - Will Achieve Oct 2019
- Thread starter jay745
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DASVDUB
Drag Racing Champion
I'll be in Chi town this weekend lol. I'll think about it
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OmniGLH
Autocross Newbie
I’m gonna guess you can’t afford me then for those roles.
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flying_solo
Go Kart Champion
ChiChat16: Roy Declares Jay A DBag; Street Races For Money To Ensue
Dang Cadubya she’s not a piece of shit, she’s just my problem child I break every time I fix something else.
As for drag racing, now that I own some Americana with serious balls I may give it a shot. I prefer road courses and autox to drag, but I wouldn’t say there is no skill. Especially with a RWD manual car. There is a science to the launching, reaction time and shifting. Right now, I just make a lot of smoke out the back tires. Not complaining, but finding the finer points to launching will take some time.
Dang Cadubya she’s not a piece of shit, she’s just my problem child I break every time I fix something else.
As for drag racing, now that I own some Americana with serious balls I may give it a shot. I prefer road courses and autox to drag, but I wouldn’t say there is no skill. Especially with a RWD manual car. There is a science to the launching, reaction time and shifting. Right now, I just make a lot of smoke out the back tires. Not complaining, but finding the finer points to launching will take some time.
flying_solo
Go Kart Champion
So nobody here has any experience with commercial Realestate?
BoostedVW11
Drag Racing Champion
Commercials take up a lot of real estate on my DVR, does that count?
flying_solo
Go Kart Champion
No they don’t. I’be been toying with the idea of eventually trying to get a commercial building with a few suites to rent out. I found something that looks perfect and the price is good. Now I need to look into all the gotchas. I’m looking for a lawyer experienced in commercial real estate and CPA as well. I have managed my space back in the day and am familiar with some of the tenant things, but not from an owner. Thinks like taxes, insurance, etc. looking for someone that may know more for advice.
jay745
What Would Glenn Danzig Do
bobloblaw is a real estate lawyer. Fax me $5 or jawnn00dz and I'll give you his info.
BoostedVW11
Drag Racing Champion
He specializes in HUD , but might know someone yeah
flying_solo
Go Kart Champion
I wasn’t misreading then when I saw 2015 taxes on one of the buildings being $22k for a 7500 sq/ft building worth only $400k? This is in Schaumburg so Crook County. I’ve read of this 6b filing that drops it to 1/10 for 10 years.
How much do you need to put down for a commercial mortgage?
I sent you a PM.
Our space is roughly the same. 2 office spaces totaling 2500 and warehouse about 5000.
We were paying 35K+ We got it reduced to about 25K after fighting for a couple years in a row. I believe our last fighting put our value @ 600K for our building.
Commercial loans generally require quite a bit down. I do believe a lot of it depends on your collateral/length in business, sales, financials, etc. If you are just looking for investment I wouldn't be surprised if they want 40-50%. If you run a business with good history, might be able to get away with 30%. Banks have changed a lot of requirements in the last 10 years though so I may be off base.
Our space is roughly the same. 2 office spaces totaling 2500 and warehouse about 5000.
We were paying 35K+ We got it reduced to about 25K after fighting for a couple years in a row. I believe our last fighting put our value @ 600K for our building.
Commercial loans generally require quite a bit down. I do believe a lot of it depends on your collateral/length in business, sales, financials, etc. If you are just looking for investment I wouldn't be surprised if they want 40-50%. If you run a business with good history, might be able to get away with 30%. Banks have changed a lot of requirements in the last 10 years though so I may be off base.
OmniGLH
Autocross Newbie
So some friends and I considered going in on a building in the West Loop a few years ago, primarily for storage and a sort of co-op working space.
The building was right around 800k and we had a guy willing to buy it. But he learned that the taxes were tied to an expected amount of sales tax revenue generation... or something to that effect? The annual tax bill on the space was estimated to be damn near $100k. That stopped that idea right quick.
Honestly don’t know the details, if that’s a Chicago specific thing, a Cook County thing, etc.
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Cadubya
Autocross Newbie
flying_solo
Go Kart Champion
Damn Crook county may be bursting my dreams. I found a 12000 sq/ft, 5 suite building for $400k. 3 out of 5 are already rented out. I would want to take or share the smallest space for storage/garage/hoonage and lease the rest. I have one other buddy that may invest with me so buying the building may not be the hard part. Those taxes though, at 8.50 sq/ft/year one unit doesn’t even cover taxes.
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