Where to find closed restaurants to lease
Posted 04 January 2011 - 10:07 PM
Does anyone know of a source online or otherwise where I can find 4-5000 sq. ft. restaurants that I could walk into and start renting? Thanks.
Posted 05 January 2011 - 06:15 AM
Posted 05 January 2011 - 07:03 AM
Posted 05 January 2011 - 08:44 AM
Posted 10 January 2011 - 09:23 PM
Posted 10 January 2011 - 11:49 PM
Be carefull what you ask for, or you just might get what you want....
Now, if you wanted a crapped out restaurant for a catering or production kitchen, that's another story. And like all the others said, check with realators. Yes, they charge a commission, but they also give you a layer of security. Not every landlord is a saint....
The question you always have to ask yourself is: Why did the restaurant fail?
10 years ago I was in a similiar situation and must have checked out 25 clapped out places over a 6 mth period before getting the one that made the most sense. But I never wanted a'la carte, I wanted a place only for catering, and this is why it only took me 6 mths.
About 50% of the time, the places fail becasue of infrastructure or permit issues. If you have diddly-squat for parking, walk away. If you can't get a liquor license, walk away. If the place needs serious infrastructure upgrades, either cut a deal with the owner or walk away. If you pay for infrastructure upgrades on a leased place, you deserve to be taken. I guess this sounds harsh, and it is.
The other 50% of the time, you can fix up what was lousy: Bad food or service, chronic staffing problems, complete and utter ignorence of building and health codes, no financial backup to hold you over the critical first few years, no marketing stratedgy, and, of course, operator fatigue.
Beware the used food eqpt dealer. By the time one of those boys tells you about a place, he's picked the carcass clean--I mean removed the hood and Ansul system and walk-in. And these guys don't like to make a deal on any piece of equipment unless they can make a minimum of 150% mark up. Yes, 150, not 15.
Beware the indoor shopping mall, the leases are "performace driven". If you make under what they want you to make, they kick you out, over the minimum, they want a bigger slice. Why do you think every store in the mall has the same cash register?
Posted 11 January 2011 - 07:42 AM
Posted 11 January 2011 - 12:53 PM
Things may be different where you are, but in many of the US states, the realtor works for the seller, even though their demeanor towards you may suggest otherwise -- that's the art of selling. That's not to say that any of them are unscrupulous, only that you should remember who's signing the paycheck.
. . .
And like all the others said, check with realators. Yes, they charge a commission, but they also give you a layer of security. Not every landlord is a saint....
. . .
Posted 11 January 2011 - 11:44 PM
Money, however, comes from the buyer, not the seller..........
Posted 14 January 2011 - 09:53 AM
Posted 14 January 2011 - 11:28 AM
Posted 14 January 2011 - 01:07 PM
Many landlords claim they can "kick the existing tennant out". But then, if you think about it, that could be you in two years time as well.