Meat Company Building with detached barn

[Matthew Motley]

Investment Info:

Other commercial investment investment.

Purchase price: $105,000
Cash invested: $105,000

Commercial Building (former meat processing company) that came with an adddtional barn, tons of parking, and a large lot.

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

It was off market, but I have wanted to purchase it. We own 3 former meat processing buildings in our town. The walls tend to be very well insulated which makes for a bonus when renovating.

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

I saw the owner at the building and stopped in to meet him. He is a former US Veteran and a nice guy. He was in a bind due to his wife's illness and needed to sell. I negotiated with Bill and we came to an agreement.

How did you finance this deal?

The payment for this investment property came from a 1031 Exchange from a 4 Acre property that I had recently sold.

How did you add value to the deal?

I took the large barn, cleaned it up and had the power turned on. I am currently renting the barn for $700 with the tenant paying the utilities. This will pay the taxes plus on the entire property. The Main building is going to take a little longer to do something with, while I have other projects that I'm working on currently.

What was the outcome?

I own, outright, a large property that has great daily traffic and will increase in value.

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

Not on this property.