In the Camden waterfront community

[Shanita Bowen]

Investment Info:

Small multi-family (2-4 units) commercial investment investment.

Purchase price: $160,000
Cash invested: $480,000

Mixed use building. 1 storefront plus 2 2-BRM apartments.

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

The area is coming up and re-development is happening there. I knew the value of the property would increase.

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

I saw it advertise on a major realtor website. It was an attractive building but there were not any photos of the inside. Later I learned that it was in auction in bankruptcy court. I had NEVER participated in an auction and just submitted an offer $15k less than the original ask. I now know that I could’ve gone lower.

How did you finance this deal?

This was our first investment deal. My husband used retirement funds.

How did you add value to the deal?

This is a current ongoing project. I took out a construction loan 2 yrs after the purchase to rehab it.

What was the outcome?

We are rehabbing now.

Lessons learned? Challenges?

1. Go as low as you can go when making an offer to the Bankruptcy court. 2. As an owner, I should learn all I can about the construction phase. We have to make sure the contractors are not taking their time with our project.

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

The Bank Nextres stepped up to the plate and gave me a fair construction loan.