Profile picture for seethj

Need a workshop more than a house

Hello
I am a mechanical engineer (28 years old) and I have strong aspirations to start my own business.  I am interested in beginning a small manufacturing business that makes high end consumer goods. I know I can be successful, but I don't have the workspace to begin.   I currently do not own a home and I am renting from a family member.  The perfect situation for me would be a small house with a huge garage or workshop.  I don't see many properties like this because large workshops tend to come with large homes and the cost is too high.  I am not interested in renting a workshop at this time. 

So I have been thinking about buying a small older industrial property instead of a house.  I need a workshop more than I need a place to live.  Is an industrial property automatically more expensive than a residential home?  Can I buy an industrial property if I don't have an official business started?  Where is a good place to look for properties like this?  Any information or advice you can give me would be greatly appreciated. 

Thanks in advance. 

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January 08 - Providence
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Answers (4)

Seethj,
I have many clients in your situation.  I would suggest a conversation with my team when you get the chance to discuss the following options:
1. A live work Loft.  Deeeded to allow the owner to live legally and work from, a live work loft offers open space that can be divided as necessary by the owner.  I have sold many of these spaces to buyers that want to do just what you are looking to do.  It is important that you make sure that the property is legal live/work, as not all lofts are.
2. A multi-family with a legal shop as one of the spaces.  This way you can generate some income from the other rental and have a shop to start your business.
Thank you for this opportunity,
John Risica 
401-439-3634
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March 19
Buying gives you double investment opportunity. The market is not getting any lower. I am sure you can get a shack and turn it into something valuable while working on your projects. Feel free to email me soniagervazio@gmail.com
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January 31
Start small in your garage or basement. It worked for Apple and HP.
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January 08
Profile picture for wetdawgs
I'd strongly recommend renting as you get started.   This will allow you the flexibility to get your business off the ground and expand when you are successful.    loopnet.com has commercial properties, Zillow is only residential.

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January 08
 
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