We are FI, but not yet RE. My husband will work another 1-2 years and I have a side hustle.
I am strongly considering starting a new business. I'm 36 yo and absolutely craving meaningful, purposeful, creative work.
My first idea was to purchase commercial real estate, start a business, and have the business (possibly nonprofit) lease the space from myself. So that I could be in it for the creative outlet/contribute to the world thing....but it would also be a real estate play in the way of cash flow and appreciation.
One of the properties I'm looking at is complicated. I could probably get a crazy deal on it. But I will have to jump through re-zoning hoops and also renovate it. It's a historical building - a 100 yo church. My exit strategy with selling a building like that sometime in the future concerns me.
But it feels too risky. If the business doesn't end up working and can't pay me so I can pay the mortgage....it could compromise our financial independence.
I'm looking for thoughts, comments, opinions, articles, book titles, feedback on this concept...
Could/should the business I want to start purchase the property?
Since it's a landmark type building for our area - could the neighborhood association buy it (if I fundraised)?
How can I buy a property and/or start my business without using my money?
The other option is to lease a space....