I Live Above a Post Office Now

[Gus McGiver]

Investment Info:

Other buy & hold investment in Schoharie.

Purchase price: $110,000
Cash invested: $35,000

This is a Mixed-Use, triplex with a long-term commercial tenant (The USPS). The property also features two residential units that are in need of renovation. All purchased with a 30-year fixed loan at 4%
The first residential unit will be owner-occupied. The second residential unit will be renovated and rented.

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

Long-term, relatively high-paying commercial tenant.

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

This property was on the MLS for over 300 days. Many of the potential buyers before me were unable to secure financing

How did you finance this deal?

A small Credit union was able to finance this deal with 30 year fixed mortgage rates. I've been told this is rare for a property of this type, as many underwriters would deem it as a commercial property. The caveat is this must be owner-occupied.

How did you add value to the deal?

In progress, but bringing the community back to this small USPS location will be my primary motivation.
All in an effort to increase traffic and keep this commercial tenant in business