All Forum Posts by: Tina Jenkins

300,000

5,000 SQFT 2 Story Historic Brick Building. 2 Apartment newly renovated. 1 Gift Shop, 1 Restaurant w/ Bar, 1 Office area, All Restaurant and Equipment included plus tables and POS system. This is honestly a steal. I have another career and do not have the time to run it.

5,000 SQFT 2 Story Historic Brick Building. 2 Apartment newly renovated. 1 Gift Shop, 1 Restaurant w/ Bar, 1 Office area, All Restaurant and Equipment included plus tables and POS system. This is honestly a steal. I have another career and do not have the time to run it.

Investment Info:

Small multi-family (2-4 units) commercial investment investment in Grand Rapids.

Purchase price: $120,000
Cash invested: $400,000
Sale price: $300,000

5,000 SQFT 2 Story Historic Brick Building. 2 Apartment newly renovated. 1 Gift Shop, 1 Restaurant w/ Bar, 1 Office area, All Restaurant and Equipment included plus tables and POS system. This is honestly a steal. I have another career and do not have the time to run it.

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

My children I wanted to be close to them then they moved.

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

Popes Realty I bout 4 properties this was one of them.

How did you finance this deal?

1031 exchange and loans.

How did you add value to the deal?

I put my personal money and loans into it for the renovations and equipment.

What was the outcome?

It was a family venture and the family fell apart. My loss your gain.

Lessons learned? Challenges?

Don't go into business with family.

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

Popes Realty Thomasville Alabama

@Sharon Williams

I Sharon I never said thank you for sending Michelle Cummings my way she has been a life savor!

@Dave Foster

Hi Dave I am so thankful for all of your info. I have a 1031 agent but he will not answer any of my questions I told him I understand its not advice and I just want to know the rules but he keep emailing me back that he cannot give advice ugh. I think I got in over my head on this one I have been researching and trying to understand everything but its all just happening so fast. I have put in requests to several lending institutions I did not apply yet just requests info on the types of loans that would best fit my needs.

If you would be willing to speak with me inbox me and I will give my number.

Again thanks for your welcomed advice.

@Dave Foster

Ok Dave thanks for the reply I guess I shouldn't call it a flip then since my intentions where to hold for retirement. I have contracted already with a QI. The title company already knew about it and I am just trying to figure the loan part out. My 45 days to name the properties start next week.

I sold my 1st property a 4 plex. I am doing my 1st 1031 exchange. I bought it for 172.000 two years ago and slowly fixed it up. I sold it for 255,000 and close on Wednesday September 23rd of this month. My plan is to borrow 155,000 -165,000 due to a mortgage of 155,000 still owed to the bank. I need to do this to be equal or greater then 255,000 to satisfy the 1031 agreement. I want to purchase several properties at once mixed comercial. Mine and my husband credit score is great and we both work. Im not too worried there. My concern is I have never applied for a blanket loan and really don't know where to start. I am looking at 4 properties 1 house 1 duplex with a commercial office space could be a store front and 1 restaurant. I have reasons for each of these purchases. Does anyone know of a good lender that will not rip my off on the interest rate for something like this or is it better to do separate loans?

Thanks the first year has been a little tough with two evictions rite off the bat but it was for the better. Things are finally rolling now.

OH know the photos don't do them justice believe me when I say they were not livable. They fumigated, ripped up & replaced flooring, repainted walls, ceilings trim and doors and replaced doors, Got the bad tenants out and much more. We are starting in the hallway and yard then the outside next. I will keep ya posted.