Updated about 3 years ago on .
First Investment Purchase
Investment Info:
Retail commercial investment investment in Grand Saline.
Purchase price: $20,000
Cash invested: $20,000
My first investment purchase, a former meat processing company.
What made you interested in investing in this type of deal?
This property had been abandoned for decades and sits on the main highway going thru our town. It's in a prime location and next to a thriving restaurant. It was a great purchase and has paid for itself already.
How did you find this deal and how did you negotiate it?
Found the owners by searching the tax records and found them. We negotiated it quickly and did our own contract since it was an "off market" purchase.
How did you finance this deal?
Paid Cash
How did you add value to the deal?
Removed a large attached barn that was in total dis-repair and really a hazard. Added a new metal roof along with a restroom.
What was the outcome?
We have a building that is rented to 2 thriving businesses. The rental income for this property is lower than it should be, but the tenants have dowe quite a lot to the inside. We have also added to mini split Hvac systems which will now cause the monthly rental amount to increase.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not on this property.