I’m stuck with a HUGE commercial building mortgage and can’t sell it. DO YOU HAVE CREATIVE IDEAS??
DETAILS: Bought a large 3800 sq. ft commercial building in 2000 and have run a gift,stationary,craft & office supplies business inside it. The business was gang busters in sales…until two years ago. Now sales & the market are soft. I barely make enough to pay my mortgage. I virtually work for free. Have tried to sell it–lowering my price again and again and realtor for sale sign in side window by busy highway. No bites. I’ve used Craigslist–no avail.
So now I am stuck with a nice condition but large building, a business that is dull and barely breaks even. Can’t find renters for a building this large. Can’t afford to divide it in half. Savings going down the drain to pay building taxes. Sale of my inventory would not allow me to buy enough for new inventory–building is too large.
ARE YOU CREATIVE?? WHAT can I do??
I’m not headed for bankruptcy or foreclosure. I pay my mortgage every month. I just work for free–make no profit. And it’s dull, and I’m really tied down, and make no extra money. Can’t afford to close the business down, as I’d still have a large mortgage to pay. Not fun.
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Tags: amp, avail, bankruptcy, commercial mortgages, extra money, foreclosure, gang busters, mortgage, office supplies, realtor, sq ftTags: amp, avail, bankruptcy, extra money, foreclosure, gang busters, mortgage, office supplies, realtor, sq ft
Hello, nice size building you have described there. Storing classic cars is the norm and believe me being a collector of them its hard to find a warehouse. Another thing you should look at is storing furniture in the other half basically store anything of value for someone.
Those self storages are a hassle