Looking past the skin and finding something of interest

[Account Closed]

Do you buy ugly houses? I have succeeded in negotiating a price for my first commercial property that made me quite comfortable. It is a mixed use building in a high traffic area. Currently it is vacant but one tenant is ensured that would be my practice will be moving here.

You can see pictures here

http://www.biggerpockets.com/blogs/1084/blog_posts/12963-first-commercial-property-a-new-adventure#comments

I wonder how many starting out see past the first layer of crud or can envision what a few relatively simple changes can do to a place?

Enjoy the pictures and share your thoughts.

I have short term and long term goals for this property. Over the course of the year I will share other pictures.

[Account Closed]

This is an REO which was foreclosed on about 12 months ago. They have slowly dropped the price from 385K to 299K. I originally offered 160K and was told that it was doable if all cash.

I waited, put the cash together and offered the 160K with my terms. Bank came bank came back wanting 175K and there terms. Emphasis on purchasing AS IS . I took a much closer look at what would need to be done wrote up my list and came back with a 155K offer AS IS with there terms. After more hmming and huhhing we are under contract.