This project was our first property deal which was originally a buy and hold property and purchased with a lease in place. We did an extensive research in the area prior to acquiring the property. While doing the research we also built a team who became an integral part of our success.
We renewed the lease when the original term expired and looked at the property potential while holding it with neutral cashflow. A decision was made to renovate the property cosmetically to add value and resell it. This project was the first of a series of cosmetic renovations in the area.