Well we don’t have long to find out. If it passes there will be a lot of retail, commercial and industrial property thrown on the market. Could induce panic selling. Could be great for a buyer if you aren’t committed yet.
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Yes that’s true.
The only thing I know about the restaurant business is never buy a restaurant on a Monday or any other day. And that includes the building it’s in.
My Petaluma square shopping center property has had several restaurants come and go. I think one in ten survives the first 5 years. I never made a dime on that prop. I fact I dumped another $60k in that I will never see again.
I almost bought a Mexican restaurant in Tahoe. $1m.
Plus it had 5 units of apartments that needed rehab. Great potential but a cesspool of headaches.6000sf. 80 car parking. The restaurant operator bought in for less than $100k. Then covid19 hit. I bet I could buy the building for $750k now. I doubt the restaurant will survive the winter.
What if restaurant is more than 5 years old and highly rated?
That’s a great opportunity if you can ride the pandemic out.
Ever gotten a quote on how much it costs to redo tarmac or cheaply resurface a parking area. Yah, don’t. 
Sacramento county wanted to force us to redo our parking lots.
I finally got a good quote to pave 6600sf at my farm. About $3/sf. Very reasonable.
Wow. That’s cheap. Will hit you up next time i get a driveway repair. My prop manager quoted in thousands, had them requote and requote and finally they found someone that could do a simpler repair that cost me $400.
(yah forced on me by the county as well. they are freaking anal)
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Pave 6600 sf with asphalt or pavers? 3$ is super cheap. I am trying to get quotes for redoing my driveway(450 sq ft) and for concrete the quote is about 5500$.
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The Cantina was a great restaurant. My friends ran it.
35 employees, great prices, been in business 30 years. But they are my age. Old not hip. All the tourists go to Stateline. Only locals ate there.
Margaritas bought the business. Started out great then covid19. Plus they close on Sundays … really dumb in a tourist town. Good food and cheap prices… definitely worth a visit.
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Asphalt. You will pay probably 4-5k for that small job.
Worth a bid tough. The bigger the job the more cost savings with asphalt. That’s why all the roads are asphalt. Costs a lot to bring all the equipment for a small job.
I hate Sacramento county. I am using Folsom Lake Paving
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Prop 15 may pass. A friend texted me this screenshot yesterday (he is more focused on 21):
The source is here:
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If either passes it is bad news for all real estate investors.
There is a solid chance 15 will pass. 21 is borderline but I will assume with record unemployment record chaos and record wealth gap, it should also pass.
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If they Do, it may be time to bottom feed of the RE corpses next year. Maybe convert office and retail into multi family. If Trump wins the BLM can contribute by burning down local retail stores
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What is the red tape involved to convert retail to MF? What kinds of costs would be involved? I’ve looked at some RE where this is a possibility but dealing with the city sounds daunting and I’ve never done anything like this before.
The 2020 California Proposition 15 provides $6.5 billion to $11.5 billion in new funding for public schools, community colleges, and local government services by creating a “split roll” system that increases taxes on large commercial properties by assessing them at market value, without changing property taxes for small business owners or residential properties.[1]
Schools and Communities First is a citizen-initiated California ballot proposition, appearing on the ballot in the 2020 California elections on November 3, 2020, Proposition 15 would amend the Constitution of California to adjust the limitations on property taxes introduced by the 1978 California Proposition 13. It changes the property tax assessment on owners of commercial properties with a combined value of greater than $3 million to pay property tax based on the property’s current market value, not purchase price. The measure exempts all agricultural land and small businesses who own their own properties. It also includes a small business tax cut by increasing the small business personal property tax deduction. All residential properties for homeowners and renters are exempt.
Bold is mine. Should have time to sell, right? Not all will believe it will hit residential homeowners eventually.
First you put Trump stickers all over the building. Then have a cop shoot someone out front. Wait for riot and the fire, collect the insurance. Development 101 in the 21st century
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Hits every small business. They are already devastated. This will turn our cities into ghost towns. Amazon is the only winner. After the devastation in property values the schools will get less money. Becerra is promoting this and is a communist
Tons of threads on nextdoor about some CUSD schools closing. I think finally 2 or 3 schools will close due to low enrollment. And other schools will then become more crowded. We had all 3 schools at walking distance and are possibly looking at one one shutting down.
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Only Elementary schools and Middle schools are not affected, right?