First Commercial Real Estate Investment

[Michael McWaters]

Investment Info:

Other commercial investment investment.

Purchased a commercial lot to use for storage. Rent out storage spots to cover the mortgage.

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

I needed a lot to store my reselling inventory and stumbled across this one. I had no idea what i was doing.

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

Friend. Negotiated a little but seller wouldn't budget much.

How did you finance this deal?

Home equity loan

How did you add value to the deal?

I completely cleared all the vegetation and removed trash and garbage. Then went and found renters.

What was the outcome?

Ended up finding renters to cover the mortgage on the lot.

Lessons learned? Challenges?

Didn't get the best deal on this lot, but i get the location i wanted. I'd go location over finding the lowest price when reviewing deals.

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

Tom Donnelly. He is amazing.