Camera Ready Studios Dallas

[Mary Erickson]

Investment Info:

Industrial commercial investment investment in Dallas.

Purchase price: $1,100,000
Cash invested: $350,000.00

This is a building I purchased for a company I owned. The cash flow is low because I still work out of the building and run a company out of the building. Potential cash flow is $8,066.00 a month with the current tenant agreement that will go into effect 6/15/2020

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

I loved the production studios and the building was perfect for my business.

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

Believe it or not a friend found it on Craigslist the day it went on the market. I bought it after she took me through it on her phone :)

How did you finance this deal?

I put $350,000.00 Down and financed the rest through Chase bank.

How did you add value to the deal?

I kicked out the bad tenants, did some cosmetic upgrades and then marketed the building to the right demographic

What was the outcome?

It's now one of the busiest studios in Dallas Texas. The value of the building alone is now about $1,600,000.00, I put about $100,000.00 into it over the last 4 years. I may put it on the market in a month as I want to move.... I am not sure, I love this building and the production industry. .

Lessons learned? Challenges?

Lesson... Never buy a building with tenants in place, I got sued for kicking a guy out that I didn't know was a tenant. Long story but thank GOD I had business insurance. Second lesson... always have good business insurance. Third Lesson... Never have an agent in the same office as the sellers agent, the agents were both looking out for the seller. In the end I won but it was hell for awhile.

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

See above. I can tell you who NOT to work with in Dallas, message me for this info. I won the lawsuit but this selling agent was kept out of it because my insurance company didn't want to spend more going after him even though they could have.