Updated about 7 years ago on . Most recent reply
Warehouse commercial property
Investment Info:
Industrial commercial investment investment in Port Townsend.
Purchase price: $475,000
Cash invested: $150,000
Warehouse fully rented, net 1800 monthly. Considering paying off the &365,000 contract balance. Then the net would be $5,000. Not sure at this point what to do.
What made you interested in investing in this type of deal?
I had a need for my construction business. Expanded it and created 2 additional rental units.
How did you find this deal and how did you negotiate it?
It was down the street from my office and I knew the owners and that they lost their Tennant. We struck a deal and the owners carried the contract at 7%. Feeling now that I need to regroup and improve that position.
How did you finance this deal?
Owner carried the contract
How did you add value to the deal?
Expanded and created 2 additional rental units.
What was the outcome?
Positive
Lessons learned? Challenges?
The challenge of getting solid renters.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No, on purpose to keep costs lower.