So I am absolutely brand new and dripping wet behind the ears regarding Billboards.
I’m looking at a smaller market I found what my gut is telling me is a hole in one/home run/gold nugget the size of a basketball.
I found a 15’ wide X 40’ long strip of land between a at the corner of a intersection consisting of two 4 land non divided roads. The high traffic count is 17,100, low is 10,600. I cant do a lease with the owner, I can only purchase.
I dont want to approach the local BB company who I would lease from to and risk tipping my hand to have it stolen out from under me, but I want to get an Idea of what to expect for income so I can underwrite the deal correctly. I will be using family cash 2500.00 and want mitigate risk.
I should add there is a rite-aid on one corner, Walgreen’s on the other, McDonald’s on the third and I cant make out what is on the fourth. Also very close is, Hardees, KFC, Big lots, verizon store, wafflehouse and more, with google earth showing major earth moving project very close at the time the pic was taken. The a fore mentioned cooperate stores and development are all with in .10-.25 miles of the site.
As I write this I almost know that I should pull the trigger and do it BUT what am I not seeing?
and that’s a big but…
Assuming once I have title in hand I go straight to a leasing Company which would do all the permits/constriction etc. what other out of pocket expenses am I not seeing?
OK, before you do anything you need to know that the location is legal for a billboard. You’ll need either a state permit, or a city permit, or both. You’ll probably need a state billboard license before you can pull a state permit, and that’s not an overnight kind of deal. And you’ll have to get the state and city sign handbooks to see if the location will be allowed for a sign. Then, on top of that, you would never want to buy the land without a billboards permit already in hand. You can file for the permit in front of other sign companies, so once you have it they can’t steal that location – that’s your protection.
Contact your state’s Department of Motor Vehicles (that’s who issues sign permits in most states) and find out the situation on the state licence – or simply Google it up.
But don’t buy any land until you have the sign permit in hand – it’s way too risky.
Super information! Thank you very much.I did not realize you were on vacation. Thank you very much for your reply. I look forward to taking your seminar.
We are taking offers for purchase of our property.
It has two boards on it. A 10x22 and a junior board.
It has permits held by Fairway outdoor HOWEVER there are no current lessees in effect and can be negotiated by a new owner! In March we issued them a letter stating the leases will not be renewed.
The address is:
11304 US-221
Woodruff, SC 29388
Tax map #4-32-00-050.01