Knoxville Building on Historic Registry
Investment Info:
Industrial commercial investment investment in Knoxville.
Purchase price: $5,000
Cash invested: $20,000
Sale price: $70,000
Contractor's Supply Building in Downtown Knoxville on National Register of Historic Places that had been abandoned and blighted almost to the point of being irrecoverable. I purchased the property for $5,000 and cleaned the place up, secured it against unauthorized entry, and painted the exterior. We sold the property shortly thereafter for $70,000, saving it for future generations to enjoy.
What made you interested in investing in this type of deal?
It was cheap for the property.
How did you find this deal and how did you negotiate it?
Purchased multiple properties inherited by the same seller.
How did you finance this deal?
Cash
How did you add value to the deal?
Cleaning the property up and securing it from squatters.
What was the outcome?
50k profit and saved a Historic building for future generations to enjoy.
Lessons learned? Challenges?
Follow up is key.
