Commercial Investment in Virginia Beach
Investment Info:
Office Space commercial investment investment.
Purchase price: $105,000
Cash invested: $18,000
Bought an Office/Warehouse for my business (Bayside Pool Company); I use the warehouse space for my business, and just renovated the office space (850sqft) to rent out to other businesses to recoop the Mortgage and other expenses.
What made you interested in investing in this type of deal?
Business purpose/Investment
How did you find this deal and how did you negotiate it?
LoopNet and Local Real Estate Agent (family friend)
How did you finance this deal?
Cash -- Loan
How did you add value to the deal?
New Floors, New Paint, New Toilet/Vanity
Lessons learned? Challenges?
Financing the downpayment was a challenge; only because of my business was I able to finance the downpayment.
New challenge is where to list the property to get renters.
Learned better the process of purchasing real estate; made connections with real estate agent, loan officer, inspectors...etc.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Agent -- John Wade
