Bought a house converted to clinic space, been a good lease earner
Investment Info:
Office Space buy & hold investment.
Purchase price: $300,000
Cash invested: $40,000
Medical clinic space
What made you interested in investing in this type of deal?
It was not intentional! We used it for our business, and are now leasing it to the person that bought our business.
How did you find this deal and how did you negotiate it?
Zillow. Negotiated via a real estate broker.
How did you finance this deal?
Commercial bank loan.
How did you add value to the deal?
The space was highly specialized. We were able to make an offer far under asking due to no other interest.
What was the outcome?
It’s been good! It’s a 120yo house in great shape, with net positive lease income.
Lessons learned? Challenges?
The challenge is also the draw: a 120yo home. Lots of charm, requires lots of maintenance.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We worked with Sharri Greene. She was great. Now, I’m also an agent, so I recommend me! :)