I bought this property with one partner in 2018. I have since opened up an office in the building, added a tenant, improved the outside look, and had rents increase with others tenants in the property.
Thanks to the added leases and getting a great deal on the property we were able to buy for $2.1 million and it recently appraised for almost $4 million.
The refinance process was able to net my partner and me a lot of cash but it was not an easy process by any means! It took almost a year to get the entire thing done with many hiccups and added costs.
We had to go through a rough appraisal, multiple environmental reports, multiple banks, and a lot of pushback from those banks. Persistent paid off and we finally got it done!
I love this property and I wish I could buy 10 more like it but deals like this are not easy to find! The property had tremendous value add potential when I bought it but it also had steady cash flow at the same time. I have been looking for bigger deals like this for the last couple of years and made offers on a couple of properties but none have worked out yet. I will keep trying!
I mentioned a few videos I would link to in the video and hopefully, I remember them all, if not please let me know in the comments.
Cash-out refinance details: • How Does a Cash Out Re...
How we added value to this property: • How We Added $2 Millio...
The property when I first bought it: • New Rental Property 68...
Before and after of my real estate office: • Before and After Real ...
Before and after of the dance studio: • Before and After Dance...
How we increased the appraisal: • Appraisal Increased fr...
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Mark Ferguson’s purpose is to help as many people as he can become financially free through real estate.
Mark has been a real estate investor and real estate agent since 2001, after graduating from the University of Colorado. Mark has flipped close to 200 houses and routinely flips 15 to 25 houses a year. Mark owns 170,000 square feet of rentals and is the managing broker and owner of Blue Steel Real Estate. Mark has also written 9 books that you can find on Amazon amzn.to/2VGI6a9
Mark started InvestFourMore in March of 2013 to discuss his rental property investing techniques. Mark expanded InvestFourMore to talk about his flipping business and real estate agent business. InvestFourMore now has 300,000 views a month and is one of the top real estate blogs.
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House Flip Before and After Playlist: • Complete House Flip Be...
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7 июл 2024
