Real Estate deal on my office and wear house property - Erie PA - Sean Maloney

[Sean Maloney]

Investment Info:

Other buy & hold investment.

Purchase price: $86,000

Commercial / Residential - Multiple use property. 4 acers with 2 building. Used as my offices and warehouse.

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

I needed a location to run my wholesale distribution company and this spot was perfect.

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

Lots to this story more than can be explained in this post so If you have any questions reach out. Long story short the current owner was in lots of trouble someone that was trying to help them took over the property to keep it from defaulting. I worked an extremely creative deal with this person and the rest is history.

How did you finance this deal?

Banks have now put guide lines in place to keep deals like this from happening. But I worked out an agreement that made be owner of the property for a few days so that I could then refinance the property as the owner. I then executed the deal after the financing was secure and even walked with10K in cash. No money down all closing costs covered.

How did you add value to the deal?

Lots of improvements and running my offices and businesses out of the property.

What was the outcome?

Still own it. Love this property. Plan on holding it for ever as my offices or some part of my future operations in some way.

Lessons learned? Challenges?

When you have no money and things are down to the wire that's when the most creative deals can happen. Don't give up on a good property because of financing there is a way.

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

My attorney