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Updated about 7 years ago,

User Stats

6
Posts
2
Votes
Gary Weg
  • Investor
  • Everson, WA
2
Votes |
6
Posts

Commercial Real Estate

Gary Weg
  • Investor
  • Everson, WA
Posted

Hello All

I am a newbie to Bigger pockets but not real estate investing, i have come to this site for advice and motivation. I currently own a 12000 sq ft commercial multi use office and residential  building, 8000 sq ft  office and 4000 sq ft residential which I live in 3000 sq ft. I bought this investment in 2005 fully rented to single commercial tenant. He baled on me during the downturn and it sat empty for 2 years, after 2 major office remodels it is grossing about $10000 a month.The property also has a vacant lot that has all the infrastucture to build the same footprint as I have now. This investment has drained me of all cash reserves but I see some light at the end of the tunnel. It is currently for sale on the market for $1.75 million with not much action yet.I also own a 725 sq ft waterfront condo in the area that I lease out for $1000 a month.  I would like to start flipping houses which I did before I bought the building, but it is a tough market or maybe I am somewhat reluctant because of my cash flow and fear factor. I currently live north of Seattle near the town of Bellingham,Wa. We are seeing double digit appreciation on residential not so much on commercial like Seattle is. So if there are any words of wisdom I would appreciate it dearly

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