Office / Warehouses Richmond, TX 77406

[James Siller]

Investment Info:

Industrial commercial investment investment.

Office / Warehouse space development from the ground up. 1,500 sq ft spaces to be used for small business / entrepreneurs in the rapidly growing Fort Bend County.

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

Creating passive income

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

We built it

How did you finance this deal?

Savings, accompanied with Roth 401k loan to myself, and a business loan thru Prosperity.

How did you add value to the deal?

Built it from the dirt up

What was the outcome?

70% rented in the 1st two months of operation. Currently 100% full.

Lessons learned? Challenges?

Development is a long game. Be prepared for frustration on the permitting side and meet face to face with difficult officials.
Always add 10-20% over budget. Always.
Think long ahead on your financing. I got hit with pretty hefty re-financing fees because of improper planning / agreements about refinancing after the building was up and running.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Prosperity bank is one of the best options available for us at the time. However, I'm always looking to network and find new ways of financing!