Updated over 1 year ago on .
Taking over management from our CRE management company.
Investment Info:
Retail commercial investment investment in Slagle.
18,000 sq ft retail ground floor, offices 2nd floor.
What made you interested in investing in this type of deal?
1031 exchange
How did you find this deal and how did you negotiate it?
Was working with an agent, but found the property myself on Loopnet.
How did you finance this deal?
Used a loan broker, then refinanced at a lower rate fixed for 10 years after 1 year.
How did you add value to the deal?
The deal was sketchy because the seller promised lease backs for some upstairs offices. Was able to get them all leased with regular tenants.
What was the outcome?
Went from an advertised 7% cap to a genuine 7%.
Lessons learned? Challenges?
We inherited a management company and stayed with them for 5 years. Many ups and downs, so we finally took over management ourselves recently.