My big mistake with the old warehouse on Grand River

For years, I only looked at the price per square foot and the tax rate when checking out a property. I was looking at a 50,000 sq ft spot near the old train station about 3 years ago, and the numbers looked great on paper. What tipped me off was talking to the last tenant, who just said, 'The roof leaks every spring, and the city takes 8 months to approve a simple permit.' I realized I was ignoring the real costs of time and repairs. Anyone else get burned by not asking tenants the right questions first?

2 comments

2 Comments

elliot_thomas822d ago

Yeah, that's a good point... but honestly, I'd argue the bigger mistake was even looking at the price per foot before checking the place out in person. The numbers always lie until you see the water stains.

abbyg602d ago

Oh man, "the numbers always lie" is so true! I once got all excited about a cheap apartment, @elliot_thomas82, and the listing photos looked fine. But the smell when I walked in... it was like wet dog and old cabbage. The whole place felt damp, and there was this weird spongy spot near the fridge. You just can't get that from a square footage price.