First Commercial Building Investment Suwanee Georgia

[Rich Hanlin]

Investment Info:

Office Space commercial investment investment.

Purchase price: $2,200,000
Cash invested: $500,000

5 acre 6500 square foot single story that came with a 3 acre lake. Recently remodeled in 2020 but never reopened due to covid.

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

Relocated from California to Georgia in order to offer our platform on a national scale. Made the decision to purchase a 6500 square foot commercial building to house our National Head Quarters ins. It came with a 3 acre lake and an additional pre permitted plans to expand the building. Got into the building with a Investors short term loan and then flipped financing to a long term SBA loan.

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

In July of 2021 my partners and I flew into Georgia to look for a commercial building for our national Office. We had seen the subject property but with only one picture on LoopNet and a poor picture at that, we paid zero attention. On the morning of making an offer on a different property one of my partners told me he had driven by and looked in the windows and that we had to come by before we made a final decision. What we found was a diamond in the ruff. We made an offer.

How did you finance this deal?

We took out a hard money loan that closed in 1 week. We then, after 5 payments refinanced to a long term SBA loan.

How did you add value to the deal?

We purchased the building full renovated and with all desks, chairs, electronics, printers, TV's and equipment. It was turn key.

What was the outcome?

We got the deal and it has been a blessing to say the least

Lessons learned? Challenges?

Hard money can be easy and it can be hard. We spoke to no less than 12 hard money investors and in the end the last one was the best and we closed in one week.

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

Harrison Elliot of Xpert Home Realty. He knew the Hard money lender we used