Also, When I specifically asked about how the compensation is structured for purchase of land, I was told that buyer may have additional charges in addition to commission from the % of sale by seller (since price of land are not usually high) Is this common thing?Īlso, when I see an agent pressuring me to purchase an existing strip mall over purchase land, is that mainly because there is greater commission for agent? Or buying an land and building an strip mall is bad idea in people in real estate industry? ( I understand that building a strip mall is a lot more involved and time consuming than buy existing one)Ģ. How or where can I find good real estate agent who can help me with this? I spoke to an agent, but he was against my idea of construction of new strip mall due to its cost vs purchase existing. I am new to real estate and I would appreciate comments or input to accomplish this.Īssuming I found a land listing that I am interested already.ġ. My understanding is that I this is minimum requirement for SBA loan (7a or 504). We plan on getting dental practice loans in addition to SBA loan to afford interior & equipment of dental offices.įor real estate, my budget for land is $500K and construction is $2mil. I have liquid asset, which I can put 10-15% down for building, and collateral for 20-30 % of loan amount. It will be new businesses (dental offices) for both of us.
Me and my wife are both dentists (different specialties) and we like to occupy 60% of building with with two dental offices (one for me and another for wife) and lease out remaining spaces for side income.
I would like to purchase a land (around 1 acre) and build a small strip mall (around 10K sqft) using SBA loan. Hi, my name is David and I live in Atlanta area.
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