Sorry I Dont Get To Tell This Often
I raised money for the closing costs and started plannin out what I wanted to do. I got a lease for the 1 guy and secured my payments. Immediatly after the deal closed I got approached by enterprise rent a car, saying they wanted to rent the place. They were trying to buy it but the owner wouldnt budge on the price they said. I just smiled and said no no he didnt. They signed a lease with me for 10 years, and the kicker was they wanted it done so fast they my final negotiations with them were "sorry but I cant have it done that fast, because I simply dont have the money to do it, so unless you come up with a year in advance of rent, then its over" They gave me a verbal in 3 days that the full year can be done if I gave them a 2% discount. YES PLEASE.. I know you are all haveing a hard time believing all this but I will post pics after. Anyways I slowly reno;d the place and 2 years later had it re appraised. I had made the old carwash into 6 units/ storefronts, ranging from 1500 to 600 sq ft, and I made and apartment that I could live in. I moved my computer store over and when it was appraised it had only one vacant unit. The appraisal came back at $699 000. Today it is fully rented, the leases are all extended and are all increased with increases each year, plus they just announced across the street that they will be doing re construction on the old mall and that means it will most likely be a larger grocery store and drug store and the rents there will be huge. That bumps me up and with the income it provides me the comparison is easily $800 000. The previous owner couldnt be happier to know he helped me suceed and was part of quite the story in town, plus he got paid what he wanted. its a good deal for everyone, my tenants who have good rents, and high traffic, my lender, and myself. Buy something you can put some sweat into, look other places then banks - they are gangsters dont even get me started, be creative, be patient - I paid rent for 5 years then decided to open another store and pay rent for another 3 years also. I saw this place as a dump - it took a book to make me look at the dump as a money situation. Newyears I said to myself there is no way I could sell this place because it pays too much and too many people are watching me now, they want to see me harvest the product and not run away. I also needed an agent to listen to what I wanted to do, not sell me something. He now brings me address' to go plow cause the house has gone powerofsale, and it has never been even shoveled and I get to look at it before anyone else does... heheheh Good luck, I'll grab some pics I am just playing on my girlfriends laptop right now.