Buy a commercial building for my business?

Question:

I have an oppurtunity to buy a property that I currently run my business out of. It s a bit out of my range(budget) but hate to miss out on a deal. It is a bit larger than I really need. For the past 6 yrs I have basically been parking for free inside the building and my father in law has rented some of the outside space to generate some income to cover the taxes, utilities,, etc. Now the property is owned-inhereted, by himself and his two siblings, and they want to sell. I would like to buy, but want time. They want to sell now! How do I buy time, I told them, I am wiilling to move to the outside of the building and they could rent out the inside for a year or two until i get my finances in order. (or find some other people to park on the outside or share part of the inside with me) but that will take time> I cant decide with a bad economy and my business taking a hit, if this is a good choice. I look at it as an investment, as in the future when Michigan economy picks up, this place

Answer:
id suggest no. In uncertain times always best to have a war chest that is liquid. You will soon see commercial prices drop as the market tightens up. Save your money. Better deals are around the corner.

sounds like you should listen to your gut feeling. If you're unsure of your finances you shouldn't over extend yourself. Let this one go, get your finances in order over the next 2yrs.

Go to a lender now however, have them run your credit etc. There may be other issues (you may have some neg. credit items) you can work on now, so you'll be Golden when you are real serious about investing in some commercial property.

Buy a commercial building for my business?

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