First Commerical Building Investment

[James J Williams]

Investment Info:

Office Space commercial investment investment.

Purchase price: $100,000
Cash invested: $20,000

2000 sq ft, 2 unit office space building zoned mixed use.

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

I wanted a more permanent location for my financial planning business.

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

On the MLS and negotiate through a real estate agent.

How did you finance this deal?

Traditional commerical financing through a local credit union.

How did you add value to the deal?

Did a $50,000 rehab on the property before moving in.

What was the outcome?

Property was appraised for $190,000 after the rehab. I refinanced an pulled cash out.

Lessons learned? Challenges?

Basically, I did a BRRR before I knew what it was. My biggest lesson learned is: if you do not have time to push the rehab project along, hire a GC that will. It took MONTHS to get the rehab done and I was paying contractors by the hour.

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

Yes, will share upon request.