5922 9th Ave N St Petersburg, Fl. 33710
We purchased this two-story 4311 sq.ft commercial office building and turned into The Florida Nest Co-Working office in February 2023. The buying price was $1.4 million. We received $40,000 credit for a new roof and $70,000 commission. The $110,000 was used towards a $200k rehab
budget. The property now appraises now at $2 million.
Isle of St Croix 10 unit multi family
Purchased this 10-unit multi family in October 2020 during the pandemic for $915,000. Did not take a commission, nor did we ask for any repairs as the property was already in decent condition. We have increased rents from $800 to $1295 in two years. We also had the outside painted, new sewer line and other small repairs. These are all one-bedroom units with a central courtyard. The estimated value at this time is $1.9 million.
2711 Rew Circle Ocoee, Fl. 34761
Rew Circle is a 4000 sqft commercial building with two units, close to hospitals and major arteries. We purchased this building in May of 2018 for $612,000. Our thought process was to one-side our Hampton Orlando office and rent out the other. There was an existing tenant (IT) that wanted to stay, so we let them stay and renew for another 7 years, which made us a nice monthly cash flow.
6881 Kingspointe Parkway Orlando, Fl. 32819
This commercial building has two units and was purchased in December 2018 for $575,000. Our intent was to buy an office hack and move into the larger side of the property. The owner actually asked us to lease back both sides for one year, and that’s what we did. We renovated both sides during Covid, moved into our side and then leased out the smaller side. The best part of this “office hack” has been the savings we’ve had, as it essentially makes our monthly outlay about $1,300.
50 units in downtown St Petersburg
The investment is part of a syndication. There are two downtown buildings with 50 units used for short-term rentals. I invested my time, money, and resources to get them going after a failed attempt by a previous management company. Both buildings were multi-family properties that had a lot of deferred maintenance and under market rents.