1385 West New Haven Melbourne Florida, Commercial Investment

[Michael McWaters]

Investment Info:

Retail commercial investment investment.

Purchased a 3 commercial properties at an Auction in July 2020. Cleaned up and renovated the property with plans to rent out the property for positive cashflow. Opened a retails store in the main property where we sell cabinets, flooring, and ACs.

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

Always wanted to get into commercial real estate. Was finally time to quit talking about it and finally do it. The cashflow seemed to work out from an investing standpoint. There was a Starbucks being built next door so took a gamble.

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

It was at an auction, I have never bought anything of this value at an auction so the whole process was brand new to me.

How did you finance this deal?

20% down payment then commercial loan for the rest.

How did you add value to the deal?

Cleaned up the property and painted.

What was the outcome?

Still in process

Lessons learned? Challenges?

Permitting rehabs, inspections before you buy, financing, planning for the unexpected

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

Tom Donnelly, he's great!