Commercial Deal Number 3

[Scott Lakas]

Investment Info:

Office Space commercial investment investment.

Purchase price: $455,000
Cash invested: $83,000

Purchased another office condominium in Downtown Auburn. This is a speculation deal. However, as a result of purchasing, a friend that is starting a new company and wanted the office space. So, we are doing a partnership agreement and the new company will renovate the space, give me a guaranteed return, in exchange for equity for renovation of the property. The 2,350 SF space has since been gutted.

What made you interested in investing in this type of deal?

Own two office condos in this development.

How did you find this deal and how did you negotiate it?

I was able to get better price due to representing myself versus having a broker. I don't recommend this unless you know what you are doing and have confidence and experience.

How did you finance this deal?

Conventional commercial financing.

How did you add value to the deal?

Currently renovating.