Belt Auction

When buying commercial real estate, what should be my initial capital?

I am the owner of a small company, New York Swim School. Until a month ago I was renting pool space from prominent health club in NYC. Due to the new ownership of the club I was unable to renew the contract, and was forced to stop doing business. My goal now is to own a health club in NYC or New Jersey where I will not be at mercy of others for the continued success of the business. I am new to buying or renting commercial real estate so I need some advice as to where to start, what my initial capital should be, if I need to loan the money how should I present it to the bank, and so forth? I would appreciate any kind of help or suggestions. Thank you in advance.

Public Comments

1. When you borrow money from a bank for a business reason, you need to write out a business plan, with full budgets, projected income, projected sales, projected expenses, etc. The best thing to do is go to the library and look into "Starting a business" and go straight to the Bank Loan part. Good luck
2. First of all You should decide how big your real estate business should be. Capital ReQuired-- $100000-1000000 Should Buy in a fast developing place
3. To buy commercial property you will need at last 30% down. Additionally the interest rates for commercial are significantly higher than residental.
4. In my resource box it has two articles about commercial realestate in NY and in New Jersey. Hope it helps! Good luck!