Pole barn as rental income

[Jeffrey Benson]

Investment Info:

Industrial buy & hold investment.

Purchase price: $45,000
Cash invested: $45,000

Purchased a pole barn for cash and collecting $550/month as residual income

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

Value of pole barn is $75,000, therefore $30,000 equity.

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

Seller was a friend and we negotiated the deal.

How did you finance this deal?

Cash out of pocket

How did you add value to the deal?

Insulated unit for about $2,000

What was the outcome?

$550/monthly cash flow

Lessons learned? Challenges?

Closing the deal was a bit challenging because the unit is part of a 5 unit LLC.

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

No