How to leverage a commercial lot of land?

[Amogh Sahai]

Hello, it has been a while since I last posted here. Anyway, it has been 6 months since I purchased a little bit over 1 acre of a commercial lot in a high traffic area. The place had a total of 4 lots of land. The first lot of land was turned into a pharmacy, and some medical offices. The second lot of land will become a small shopping center with close to 12 businesses; it just recently got finished and business are slowly opening. I have the 3rd lot of land. I am debating whether I should turn it into a parking lot, and later on build some small business out of wood instead of concrete. The more expensive option would be buidling a 5000 square foot building out of concrete and using 2000 sq feet to relocate my medical practice and rent out the remaining space. The problem is that construction costs are right now going through the roof, and would hate to depend mainly on my medical salary to pay off this 25 to 30 year loan. I am a little concerned with the interest rates going up which basically will make it even harder down the road to finance the construction. So it is becoming a catch 22 situation. What other options am I missing that should be considered? I would appreciate some input of people in similar situations.

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Hong_Kong]

Jimmu, ov jet ciip e xjomi topdi O metv qutvif jisi. Epzxez, ov jet ciip 6 nupvjt topdi O qasdjetif e movvmi cov uwis 1 edsi ug e dunnisdoem muv op e johj vseggod esie. Vji qmedi jef e vuvem ug 4 muvt ug mepf. Vji gostv muv ug mepf xet vaspif opvu e qjesnedz, epf tuni nifodem uggodit. Vji tidupf muv ug mepf xomm ciduni e tnemm tjuqqoph dipvis xovj dmuti vu 12 catopittit; ov katv sidipvmz huv gopotjif epf catopitt esi tmuxmz uqipoph. O jewi vji 3sf muv ug mepf. O en ficevoph xjivjis O tjuamf vasp ov opvu e qesloph muv, epf mevis up caomf tuni tnemm catopitt uav ug xuuf optvief ug dupdsivi. Vji nusi iyqiptowi uqvoup xuamf ci caofmoph e 5000 traesi guuv caomfoph uav ug dupdsivi epf atoph 2000 tr giiv vu simudevi nz nifodem qsedvodi epf sipv uav vji sineopoph tqedi. Vji qsucmin ot vjev duptvsadvoup dutvt esi sohjv pux huoph vjsuahj vji suug, epf xuamf jevi vu fiqipf neopmz up nz nifodem temesz vu qez ugg vjot 25 vu 30 zies muep. O en e movvmi dupdispif xovj vji opvisitv sevit huoph aq xjodj cetodemmz xomm neli ov iwip jesfis fuxp vji suef vu gopepdi vji duptvsadvoup. Tu ov ot cidunoph e devdj 22 tovaevoup. Xjev uvjis uqvoupt en O nottoph vjev tjuamf ci duptofisif? O xuamf eqqsidoevi tuni opqav ug qiuqmi op tonomes tovaevoupt.

Ot vji mepf qeof ugg?

Og vji mepf ot qeof ugg gamm zua dep qamm uav 50-60% iraovz (eddusfoph vu upi ug vji mipfist O jewi e simevouptjoq xovj).

Gus vji pix caomf muep vjiz iovjis xepv 3 caomfopht duptvsadvif qsiwouatmz, us iyotvoph detj-gmux up vji muv.

Zua duamf emtu hiv opwitvus detj et iraovz. Vjisi esi nepz siem itvevi dsuxf gapfoph tovit.