Tear Down & Build - Commercial
Investment Info:
Small multi-family (2-4 units) commercial investment investment in Murfreesboro.
Purchase price: $155,000
Cash invested: $175,000
Sale price: $615,000
A friend and I purchased the property from another party that won it at auction and could not get financing.
What made you interested in investing in this type of deal?
Just wanted to get a start in investing in real estate.
How did you finance this deal?
Financing was difficult and it took much work to get to the point where a bank financed the rebuild of the property.
How did you add value to the deal?
We tore everything down and rebuilt it how it could be used best for the space and area.
What was the outcome?
The final outcome was incredible, yet it took years of sweat and headache to get the outcome we planned from the start.
Lessons learned? Challenges?
This was like a Real Estate 101 class for me every step of the way. It was really challenging and it made me become the real estate investor and flipper that I am today.