I cannot believe the real estate market today. Lots of money to be made if you can find the deals.
Today I received word that my offer to buy a 2 story medical office building has been accepted. The building has an elevator, nice professional offices, is modern and up to date, its well maintained with newer mechanicals. Its in an urban setting and has its own parking lot.
Got an appraisal to rebuild the building, the cost to replace is $945,000.00
My offer was $107,000.
My real estate partner listed it at $379,000 and we already have 3 professional corporations that want to tour the building and possibly buy it. With any luck I will sell this building at a 'double close' and never have to pay for it so the only out-of-pocket money will be my earnest money.
What amazes me is that I am finding other deals that are like this and they are not as rare as one might think.
Anyone else picking up deals on commercial/industrial/office properties?
Today I received word that my offer to buy a 2 story medical office building has been accepted. The building has an elevator, nice professional offices, is modern and up to date, its well maintained with newer mechanicals. Its in an urban setting and has its own parking lot.
Got an appraisal to rebuild the building, the cost to replace is $945,000.00
My offer was $107,000.
My real estate partner listed it at $379,000 and we already have 3 professional corporations that want to tour the building and possibly buy it. With any luck I will sell this building at a 'double close' and never have to pay for it so the only out-of-pocket money will be my earnest money.
What amazes me is that I am finding other deals that are like this and they are not as rare as one might think.
Anyone else picking up deals on commercial/industrial/office properties?