First Investment property

[Eric Sessoms]

Investment Info:

Office Space buy & hold investment.

Purchase price: $110,000
Cash invested: $30,000

2 unit office space (1500 sq. ft. each) both with 5-year leases attached to them.

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

Was able to get seller financing and one of my other companies rents one unit from my personal company so it was a win win.

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

Found it through a friend. Negotiated my down payment with product inventory I owned from a previous company.

How did you finance this deal?

Seller financing.

How did you add value to the deal?

Completely remolded one unit, added new commercial carpet to my unit, painted the outside of the building, repaired the parking lot, and landscaped it.

What was the outcome?

Great positive cash flow, the mortgage is being paid down, and I Increased the value of the building.

Lessons learned? Challenges?

Being a first-time landlord was challenging.

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

No.