501 W Garland St. Future Income

[Matthew Motley]

Investment Info:

Retail buy & hold investment.

Purchase price: $60,000
Cash invested: $12,000
Sale price: $60,000

Former Chocolatier's facility.

Plan to renovate & turn into multi space lease during the fall of 2022

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

This is our first seller financed property

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

The building belonged to my chiropractor and I negotiated directly with them for this property and asked them to seller finance. It took a little work to show them the benefits of "being the bank" in this case and extending me credit.

How did you finance this deal?

Seller Finance

How did you add value to the deal?

I will be dividing the building into 2 and possibly 3 spaces. My intent is to lease to an energy drink company for one space and then potentially open a business of my own in the other side. The 1st tenant will cover the costs and then my business will have little overhead along with storage for my renovation work in the back, an office for myself and storage under the building for materials. I'll use the back of the building for parking.

Lessons learned? Challenges?

I learned to make sure that I am paying the least possible for a property.

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

Not on this project.