Commercial Condo Renovation

[Justin Borvansky]

Investment Info:

Retail commercial investment investment.

Purchase price: $200,000
Cash invested: $80,000

Commercial Condo renovation. Purchased for $200,000 and added $80,000
Lower level rented to an airbnb laundry service on a long term lease. Working on converting the upper level to a co-work space.

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

Cash-flow potential and better use of the space

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

Commercial Realtor and friend. Transitioned a contract into my LLC

How did you finance this deal?

Commercial renovation mortgage

How did you add value to the deal?

Framed and remodeled the second floor, new bathroom, kitchen, moved stairs, painted, insulation, HVAC and electrical improvement Value went from $200K and is now worth $450K-$475K

What was the outcome?

Still own

Lessons learned? Challenges?

Many- Permitting, inspections, water tap fees, contractors, construction, framing. Challenges- Working with and finding good contractors

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

Yes. commercial real estate agent in Winter Park.