12 bedroom, 12 1/2 bath, home built in 1905 that was previously a rooming/boarding home.
We remodeled and remarketed it under our brand HomWork.com, as a coworking/coliving property for entrepreneurs and business professionals. We converted the attic to a coworking space with a community kitchen, front and back outdoor patio and gathering spaces.
This is where you can... Live where you work. Work where you live. Anywhere in the world.

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

We launched HomWork, in 2018, with the intent of acquiring SRO properties that we can remodel and remarket to digital nomads and remote workers.
Perfect for business professionals and entrepreneurs who want to...
Live where they work. Work where they live. Anywhere i the world.

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

I found it listed on Crexi, it was a dissolution of partnerships and we able to raise the funds and negotiate a quick closing.

How did you finance this deal?

We syndicated 75%, plus costs of the purchase price and financed the balance with a traditional loan.
We shopped around for weeks to find the perfect loan with the best rates and terms.

How did you add value to the deal?

It was previously a rooming/boarding home for men on fixed incomes.
We remodeled and remarketed the property to entrepreneurs and business professionals who want a coliving/coworking community.
It was perfect because each of the 12 bedrooms had its own private bath and we created community areas.

What was the outcome?

Great! We have experienced 99.6 % occupancy. The market does slow down from November to January and we are looking for ways to attract more guests over the holidays. We have recently partnered with Outsite.co, one of the largest coworking/coliving communities in the world to handle booking and management.
The property itself has appreciated and we are watching the market to determine the best time to hold a capital event.

Lessons learned? Challenges?

Double check on permits if the previous owners has done a remodel.
Do not rely on agents representation.
Do not work with a dual agency as a buyer, the agents first commitment is to the sellers.
Allow at least a year of seasoning before determining the profits of an investment.
Happy to share.

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

Yes we did, and no I would not reccommend.