1st Commercial Property in Wharton Texas

[Huy N.]

Investment Info:

Office Space commercial investment investment.

Purchase price: $140,000
Cash invested: $24,000

My 1st commercial property. I know everyone is running away from office space but i was able to get this building for cheaper than a home that need no repair. I took the risk and bought it. The seller is offering refinance so i took it

The goal is to lease it out for 90 cents a square feet and cashflow it and refinance.

Let see how it will go

Youtube link of me walkthrough the building
https://youtu.be/BfIK2WV1jh8?si=fTyHkFLzKw7w-BIs

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

Cheap and need no major repair

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

crexi.com just reach out and talk with the listing agent

How did you finance this deal?

the seller does not need the one whole payment so we agree to seller finance. my note is 1k.

How did you add value to the deal?

I will probably paint the outside, make it look a bit more modern and lease it out. right now it is 70% vacant

What was the outcome?

hopefully 90 cents per sqft for the entire building and incase the value to 300k

Lessons learned? Challenges?

It is a small town so volume is slow

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

I have my license so i negoiate my own deal