sounds like you did great on all fronts!!
Was curious of your type of tenants here and length of their leases??
I am a residential multi in single-family investor I would love to explore this space here in New Jersey.
One question, in the end how much money out of your pocket do you have in this deal?
Awesome news about your new acquisition. Are there any resources that you can recommend that helped you with this endeavor????
Henri, great story and truly an inspiration to a newbie like me. Thank you so much for sharing I wish you much success and many blessings. Please keep us posted on how the next stage of the process works.
Fantastic write up on this project. Amazing turnaround on this property. Very inspirational.
Way to go @Henri Meli . Congrats!
@Chris Masons . Thanks and great question. My property is located about 1 mile from a major local hospital. The building has 9 tenants. The majority of my spaces are occupied by tenants in the Healthcare business. Some of the tenants customers commute back and forth to the hospital. Physical therapist, Medical products supplier, health education for people with disabilities.
A local bank's mortgage branch is also a tenant. An Engineering firm is a tenant and I have a barber/beauty shop.
Really nicely done @Henri Meli !
That switch from SFRs to commercial is something I have considered but haven't really put the time into researching.
Can you explain a little bit about how you market for tenants in this niche and by how much you've been adjusting leased space?
@Ryan Rea . Thanks and great question.
Your best resource is bigger pockets forums, blogs, meetups, people, ... etc.
In addition, I bought a couple of books, just to get another perspective.
And lastly, I worked with a commercial real estate agent and a leasing agent.
If you are new in the field, make sure to really dedicate lots of your time just analyzing properties and get comfortable with the numbers.
@David Hagen . Thanks and make sure to take action. What's really attractive about value-add investing is that for every $1,000 you produce (NOI), you effectively add $1,000 / .o8 = $12,500 of value to the asset (assuming an 8 CAP here). You need to learn to become very good at seeing value, where others can't. It becomes your competitive advantage.
Good Luck !!!
@Jerome Johnson . Thanks. I hope this blog inspires others to take actions.
@Rob Barry . Thanks and great question.
In regards to marketing to find tenants. I have a leasing agent. I pay him a commission to find me tenants. He is very knowledgeable, experienced and knows the area very well. He uses various means to find solid tenants. He works for a big local firm. He leverages Social media, his network, his connections, ... etc. I meet with him regularly and he provides me great insights into the local market. You need a great team to succeed. There is no doubt about it.
Hi Henri, as a new member to BP forums this is incredibly motivating to read. Thanks for sharing.
Great job @Henri Meli love it!
Loved reading this - very descriptive, and informative. Thank you for sharing. You are crushing it!! Great job!
amazing write-up. Congrats on the awesome success!
Very motivating story, thank you for sharing @Henri Meli
Congratulations! great post. Very detail and encouraging.
Nice breakdown and story Congrats! Just another great way to make real estate work properly
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing