When I purchased my first commercial building, I was a property manager. Therefore, it was natural for me to accept the same role for our investing group. It dove-tailed nicely into my day-to-day routine. I could field calls throughout the day for my own property as well as from the portfolio I managed. Everything rolled together well. It was a comfortable fit.
Read MoreIn late 2016, we bought a 10,135 square foot retail building in Deer Park, Washington. At that point, it was the largest and most expensive building I’d been a part of acquiring. Quite frankly, I was a bit scared that we could pull it off. Up until then, the most expensive building I had purchased with partners was $390,000. The building we were contemplating was almost four times that price. It made my heart race considering it.
Read MoreIn May of 2017, a tenant at our Rosewood Retail property moved out. Spokane Vitamin Supply had been in the building for more than forty years.
Read MoreRoughly six years into the ownership of our Rosewood Retail property, one of the partners decided she wanted to sell out. A couple years prior, Bobbi (not her real name) had gone through a divorce and a year later relocated to another state. She was involved in another partnership with us and had chosen to sell her portion of ownership earlier. It had gone very well for her as detailed in The Little Property That Could – A Partner Wants Out.
Read MoreAs time moves forward, things will change at any investment property. You are incredibly lucky if your tenants stay in place for a multitude of years and steadily pay rent. This reduces the associated costs and headaches of vacancies.
Read MoreIt’s embarrassing to admit, but when I was a property manager, I didn’t know how to invest in commercial real estate. In my area, most property managers don’t own investment real estate. I’d imagine that trend continues beyond my part of the country. Perhaps it’s because property managers spend so much of their work time around real estate that they don’t want to do it on their personal time. Maybe it’s an employee versus entrepreneur mindset that holds them back. Whatever the reason, it’s a strange reality to encounter.
Read MoreIt was a small building with a single tenant, The Medicine Shoppe. My investing partner, Kevin had cold-called the owner and asked if they wanted to sell.
Read MoreA blog focusing on growing wealth through commercial real estate investing and developing along with aggressive savings and personal responsibility.
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