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My wife and I are moving back to Charleston West Virginia after a 23 year absence for me and only since 2005 for my wife. We have to get back home and take care of the parents during there golden age.
We LOVE cities and both grew up near downtown and have always wanted to live in the city.
Well, we found a place and its perfect. 3000 SF "Raw" space right downtown, 360 degree views, an entire floor, with TWO elevators going right to your living room (with a key code to the floor), 2 covered reserved parking spaces and only $225,000. It is "raw" space, but the owner purchased it with an intent to create office space and lease but decided against with office space in Charleston not in demand. And the bonus is that the owner has it full of stacks of new dry wall, ducting and flooring and a brand new Train Heater/AC ready to be installed (there is one Train AC/Heater in place and running already.
Seeing the 11 story bldg has already been piped, plumbed, zoned, new windows gutted and installed and has 10 exsiting tentants "living" in the building and already has an assc. in place, I just need to check out the Dues, Taxes etc.
After all this, my question is what type of financing will I have to aquire? It is zoned and ready for living, separate meters in place etc., but that is it. Will I be able to get just a simple home mortgage through my bank or will wil be some sort of commercial financing?
Also, my wife has a family home worth about $250,000-$275,000 that we still owe about $78,000 at 5.5 percent.
We are VERY excited but this is a big move for us. Any and all suggestions would be wonderful!
What market are you moving from? Are you concerned about getting rid of your wife's house due to the housing collapse? anyway, I'd say check around with several banking and mortgage companies in the Charleston area, as I'm sure you know a minute change in your interest rate can mean the difference in thousands of dollars and years and months. I'm pretty sure a standard mortgage is all you need, unless you plan on conducting business out of your residence or something, but again I'm not 100% sure. I must say I envy you! I've always wanted to live downtown where the action is and everything. I hope your move goes well, and welcome back home to West Virginia!
I am in the process of moving back to Charleston, WV myself and would really like to find out the process behind uncovering some of the unfinished loft-type real estate deals and offerings in the downtown area. Previously I lived in South Charleston, and as I am a young professional, working and living in the downtown area appeals to me most. Any help?
3,000 sf with 2 elevators...In a hurry, buy the entire space, and create 2 1500 sf lofts...
Take the one with the view of the river for your own and rent out the other for $2000 per month.
These do not exist anywhere...ANYWHERE!
If your previous home has depreciated in equity, consider renting it for a while...do not lose this home as you may move back to that area when the present situation changes.
Remember capital gains taxes are only 15% now...that will change by January 2009.
Obama says 28%...Hillary 30% Its your money they will be taking and those new laws will be on the books for several years...It might be in your best interests to sell the other home and invest the proceeds in a foreign investment corporation...
good luck with this opportunity...I wish I had this one. I would not tell anyone where this was located until I had the deed in my hand.
good luck with this opportunity...I wish I had this one. I would not tell anyone where this was located until I had the deed in my hand.
You aint kidding! I've been skunked out of a deal after I fell in love with a property. Seems realtors know how to strategically duck out from buyers agents when they can keep a commission all to themselves. Lesson learned the hard way.
What its actually worth...minimun floor space rental at $4.00 per square foot.
3000 x $4.00 = $12,000 x 12 months = $144,000 per year
refurbish cost for 3000 sq ft of space = $60,000
total = $204,000 divide by 12 months
Bare Minimum rental value per month = $1700.00
My guesstimation of $2000 as a monthly rent seems light for a market that possibly doesn't even exist in Charleston. As such, the market is whatever price it will bear.
best of luck on this one...
Even after all the taxation and build-out costs in the world, this property has a breakeven factor of about 16 months. Making the sale price about 1/2 of what it would
really be worth...using the comparitive of 36 months cost to recovery ratio.
I can HIGHLY recommend Solution One Mortgage in South Charleston, WV.
They are absolutely wonderful and will lay out all your options. They have financed two properties for me + one property that I sold for the buyer after I recommended them.
If there's any obstacle, those guys can overcome it. We had title problems with the first seller, they got it worked out. We had some issues with the house I was selling, they got it all worked out. I had a job problem (self-employment for 6 months) when I bought my second house, they got it all worked out.
Plus they got me the most competitive interest rate in the area for the loans I took.
Good luck.
McG
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Loft options
