First Commercial Deal

[Walker R Hoye]

Investment Info:

Retail buy & hold investment.

Purchase price: $335,000
Cash invested: $40,000

Closed on a Two tenant building on .85 acre corner lot with a partner.

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

Residential deals in my area are tough to find. When I started looking for commercial deals, the analysis started making sense.

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

Was "under contract" at one building and my friend who owns a roofing company, came by to do the inspection and we started to talk about deals when he turned me on to this one and I am his partner on it.

How did you add value to the deal?

Capitol and book keeping

What was the outcome?

We closed and could potentially sell this and my partners lot next door which would be a corner to corner prime piece of RE for a hotel or something of the sort.

Lessons learned? Challenges?

If I never switched into the thought of a commercial/ retail deal I would not have this asset. Not being afraid to look at other options, staying persistent and positive.

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

Ryan Carey at First Farmers was able to help us with killer service, rates, etc.