Commercial mixed use
Investment Info:
buy & hold investment in Franklin Square.
Purchase price: $800,000
Cash invested: $170,000
Commercial Mixed use property its a triple lot has both a house and an auto repair shop plus an empty lot to build another house on.
What made you interested in investing in this type of deal?
I operated the repair shop for 16 years and now sold the business.
How did you find this deal and how did you negotiate it?
Long island Newsday paper classifieds, seemed very interesting property description
How did you finance this deal?
2nd mortgage on family home
How did you add value to the deal?
complete nubee gut instinct
What was the outcome?
16 year later i own and was able to sell my auto repair business plus collect rent from both the shop and house, now looking to build house on remaining vacant land
Lessons learned? Challenges?
paying a mortgage is better than paying rent
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
no purchased right of the classifieds with my father, dad was the major investor
