Buying distressed commercial real estate isn’t for everyone but one thing everyone agrees on is that a lot of money can be made buying these fixer-uppers. Many old worn-down commercial buildings are in great locations but just need some TLD. Some buildings are worth a lot of money if you find a way to get them fixed. The professionals at the Local Records Office talked to a few experts to get their tips and tricks on how to make money on worn-down buildings.
What is a Distressed Property?
A distressed property is an underperforming asset that significantly challenges the owner in one of three ways physically, financially, or legally.
When the property is physically challenging it is usually because it is:
- Deferred maintenance (roof, exterior, interior improvements)