Historic Vacant 5 Story Downtown Project

[Ian Brown]

Investment Info:

Other commercial investment investment.

Purchase price: $200,000
Cash invested: $10,000
Sale price: $675,000

Vacant 5 Story Historic Blg in Downtown Jacksonville FL. Property was purchased with title issues that had to be resolved via quiet title litigation after closing. Property was purchased, boarded up, title matters resolved, then sold to local developer for apartment and retail/restaurant use.

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

Price and title challenge that I knew could be resolved post-closing

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

Wholesaler

How did you finance this deal?

Cash w/ partner

How did you add value to the deal?

Quiet title litigation (took approx 18 mos)

What was the outcome?

Sale to local developer for adaptive reuse - office to apartment w/ restaurant/retail

Lessons learned? Challenges?

Hold was longer than anticipated and I lessons were learned working with a new partner

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

Represented myself as buyer's broker