Updated over 6 years ago on . Most recent reply
Commercial Auto Parts Building
Investment Info:
commercial investment investment.
Purchase price: $100,000
Cash invested: $20,000
Commercial building used to be a tire store, currently a Carquest auto parts store operating. Rental income is $1500/ month.
What made you interested in investing in this type of deal?
We originally intended on purchasing the business in the building but that has been extremely slow. We knew that either way this was a good income.
How did you find this deal and how did you negotiate it?
Looked up the building owner name on county tax records. Went to the store and asked for her phone number and called. We asked if we could meet up with her to talk about buying the building and she invited us over to her home. We went over and our kids played outside while we negotiated and discussed our goals. Less than 1 month later we closed.
How did you finance this deal?
We simply asked the owner if she would carry the note. She orginally was asking $115,000 and then called and said she would take $100,000 with 20% down and rate of 5.5% for 5 years.