Purchasing Building for sale?

[danskines]

I recently approached someone who owns a building with a pre existing laundry in it. The mat has a few years left on the lease and onwer of the mat has no idea that I am discussing purchasing the building. My overall objective would be to kick him out. This way I'll already have all the hook ups and his customers would be attacted to the new store. It's like getting a laundromat for free and not having all the hassles! :)

[Andy]

What city are you in?

[Gary C]

I know it's survival of the tuffest. I am glad I own my building. That said I really think there should be some ethics in biz. You might want to give it more thought before you jump in what if the l'mat owner has deeper pockets than you think.

Gary

[mike]

I think that is a little beyond the pale, I wouldn't do it, however I wouldn't count on it not being done to me. It is better to own than rent. (it's my lifelong mission to make owners out of all mat owners !)

[Fred50]

Dan,

I think that you have me beat there!!

Some on this forum think I am the evil future of the business because I am bldg a new mat in a "saturated" area or just plain nuts.

I too have spoken to some landlords (they approached me) and have passed on similar deals - not for economic reasons. I know of some folks that do something similar to what you are suggesting. They look for mats that have little time left on their leases and they approach the landlords so that they can outbid the existing mat owner when it comes time to renegotiate.

Good luck to you, but remember this, "what goes around comes around"!

NJ may be one of the larger states, but this is a very small business in terms of relationships. What is to stop the current owner from opening up near you and crushing you just for spite? People who have been in this business long enough to have their lease expire probably have a lot more $$ than you and I.

Be careful and think long-term!

[mike]

to Danskines, also be aware that the owner of the building may just use your offer to pump up the price that he can get from the owner of the mat. You may want to leave your written offer for the building only open for an hour or two, to avoid this bidding. Also, when the owner of the mat finds out what you intend to do, don't count on the plumbing being completely free of holes ! Also, vandalism may continue after he leaves.

[Andy]

You are in the wrong forum, I think you are looking for the landlord forum.

[mike]

I would bet that "landlord" related expenses are most mat owners largest single expense. (or second at least)

[pete f]

danskines.. the owner of the building approached you. I would have no trouble buying the building, price resonable of course, and looking to take the space and redo the mat.

There are 2 sides to every story, we do not know all. Maybe the mat owner was offered a long term lease with and did not like the terms. Maybe something else. The Journal has done a couple stories on new done mats where somebody bt the building, kicked out the old mat and redid it.

Sorry, capitalizm is why we fight wars.

Also this gives reason why to be "buddys" with your landlord and try to have some sort of first refusal agreement.

Mike,, we can;t all own every building, I agree completely owning is much better, safer, cheaper, etc. But I have 2 mats that do well in buildings i will never own do to reasons beyond my control, ie, just ain't for sale