First Industrial Investment

[Pragnesh Patel]

Investment Info:

Industrial industrial investment investment in Hendricks.

Purchase price: $168,000
Cash invested: $25,000

2500 sq ft industrial condo with dock in the back.

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

Was paying rent for my manufacturing company. So after COVID when government was giving away 6 months of Principal and Interest as rebate, I started looking for a property but couldn't find fast enough. However I was still able to get 3 months of P+I as government rebate.

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

Commercial - industrial property broker

How did you finance this deal?

SBA via local bank. Broker help me connect to the local bank.

How did you add value to the deal?

Immediately filed tax appeal based on the closing price, won and reduced the property tax.

What was the outcome?

Property is rented to my own manufacturing company and hence I know that I am not missing any rent.

Lessons learned? Challenges?

Should have done some changes before moving the manufacturing company in the facility.

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

Broker.