Office Space purchase

[Luis Saldarriaga]

Investment Info:

Office Space buy & hold investment in Coral Gables.

Purchase price: $470,000
Cash invested: $470,000

Office space to lease

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

Wanted an office to own to use and ended up leasing it after two years of owning it.

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

LoopNet and and walking around Coral Gables and Coconut Grove, Boots On the Ground work.

How did you finance this deal?

No paid cash

How did you add value to the deal?

Updated floors added movable walls and painted.

What was the outcome?

Good investment

Lessons learned? Challenges?

Management commitments to update building, Possible forced sale when notes of buildings are purchased, It is getting harder in this area to buy office space in buildings

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

No