Meat Company 3/2 Industrial single family

[Matthew Motley]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $11,000
Cash invested: $110,000

Abandoned meat packing building. Total Disaster. Purchased for $11,000 and added value by renovating to a very unique 3bed / 2bath industrial single family residential rental

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

I saw this building multiple times per day as I drove by it. Tired of looking at it.

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

Driving for dollars. Contacted the current owner. He asked $27,000 but hadn't been inside the building in many years. Once back inside, the ceiling had totally collapsed.

How did you finance this deal?

Paid Cash

How did you add value to the deal?

Complete renovation from plumbing to new roof.

What was the outcome?

Renting this property for $2,200.00 per month and the ARV is currently $325,000.00

Lessons learned? Challenges?

I found that seeing an abandoned property, whether residential, commercial or industrial... look at it and be creative. Check with the city and see what is possible for that specific property investment.

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

Not to purchase, but yes.. for rentals I have a property manager that has become an invaluable partner in what I'm doing.