Updated 17 days ago on .
Local Office Fix and Hold
Investment Info:
Office Space commercial investment investment.
Purchase price: $120,000
Cash invested: $40,000
We found a fix and hold opportunity in our local market. We did a full re-model and took it from a run down old antique store to a beautiful office space.
What made you interested in investing in this type of deal?
We bought it for the purpose of renting it out to our brokerage for brand awareness and it turned out to be a great deal.
How did you find this deal and how did you negotiate it?
The property was on the MLS so we wrote an offer at a price that made sense.
How did you finance this deal?
We used a local Commercial Lender
How did you add value to the deal?
We completely remodeled the entire building from tearing out a wall to putting down new floors and even adding a small kitchen.
What was the outcome?
It turned out better than we had anticipated and now we are looking for our next opportunity.
Lessons learned? Challenges?
Remodels always come with difficulties. It usually takes more work then you expect so account for extra time and money to be spent.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I handled the transaction myself as I'm a licensed Michigan Broker. I used Scott Crawford at Sturgis Bank who was wonderful to work with.
