WHAT DO I NEED TO GET STARTED

jimmy81

I am very new to the whole idea of commercial building.  I have three brothers and we are very interested in building a strip mall.  We have worked very hard and finally have the financial stability for such a goal.  We have been sitting on a piece of property for a while now and are ready to get started.  The only problem is that we dont know where to start..??  If there is any suggestions please feel free to reply.  Thank You

Ltressel

Hi Jimmy,Find out what your area needs. Do they want a strip mall? What shops would they like to have around? Fast food joints, clothing, movie theater? I would also look into using a commercial broker who would advertise your property "pre-lease" therefore during construction you already have tenants lined up.If you need money to start construction, you will need to go to a lender to help you fund your construction loan. If you need contractors, make sure that you do your due diligence to get you an efficient and honest one. Make sure that your land is zoned properly from which they do allow you to build the strip mall and not just office buildings.  A broker would be able to tell you what to charge per sq. ft. based on the comparable of the area you are in. There`s so much to know regarding real estate that I cannot put on this posting.  I`m sure others will have plenty to add. Plan your actions very well, don`t rush into things.  Research is key in learning and understanding this new venture of yours.  Have your siblings learn everything with you. My brother and I are partners in everything we do in ventures. We both make sure that we are well versed. Two minds are better than one. Imagine there`s 4 of you to tackle this new venture, you should be able to do well during the course of this project.Good luck to you!LT

robertj

I am very new to the whole idea of commercial building.  I have three brothers and we are very interested in building a strip mall.  We have worked very hard and finally have the financial stability for such a goal.  We have been sitting on a piece of property for a while now and are ready to get started.  The only problem is that we don`t know where to start..??  If there is any suggestions please feel free to reply.  Thank You

jimmy81,
For openers, I`d determine the following:

Why a strip mall  - there?
Will /can it be profitable? (what are your assumptions)
Will present zoning allow it to be built?
Assuming it can be built - how will it be financed?
 

jimmy81

thanks for the great advise LT.  I will start looking into commerical brokers 

Ltressel

Jimmy-I`m interested to know your progress-please keep me posted! LT