Investment Info:
Other commercial investment investment in La Porte.
Purchase price: $78,000
Cash invested: $25,000
Property offered at $95,000 and purchased at $78,000. When bought the use was a single-family rental and will be converted to a commercial use, a coffeehouse. Purchased understanding the flexibility in uses due to existing zoning, and other local details and understanding.
What made you interested in investing in this type of deal?
Being born and raised, moved away for 13 years and now back in this area, I understand the local landscape like few in this current time. I'd been looking for the right property and it presented itself being in a historic district with flexible commercial/residential zoning, and walking distance to an undervalued downtown. Hoping others can succeed investing here too and I wanted to put some equity into my goal of helping others.
How did you find this deal and how did you negotiate it?
MLS, as a real estate broker I negotiated on my behalf.
How did you finance this deal?
Repeat lending partner, 20% down.
How did you add value to the deal?
Improved cosmetics inside, gut rehabbed bathroom, installed new steps/wheelchair ramp, other work performed.
What was the outcome?
Opening a new business in the space to improve the community while being able to return it to a single-family rental if needed or desired.
Lessons learned? Challenges?
Have met wonderful people in the city government and the process to work more in commercial and residential uses.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andrew Harrell, real estate broker. ;)
