The Little Property That Could – Part II - A Partner Needs Out

The Little Property That Could – Part II - A Partner Needs Out

We owned the little property on Northwest Boulevard for years and it was humming along nicely.  Our tenant, The Medicine Shoppe, had accepted a renewal and was happy.  We had painted the building and seal coated the parking lot in an effort to protect it and enhance its curb appeal. 

Things seemed perfect.

Unfortunately, for some of us life gets in the way.

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The Little Property That Could – Part I - The Initial Purchase

The Little Property That Could – Part I - The Initial Purchase

It 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. 

It was 2010.  The real estate market was still in turmoil and struggling to retain its value.  The owners of the property were excited to hear from him and agreed to meet.

They toured the building and Kevin said he was interested in buying.  Unfortunately, they couldn’t agree on price and Kevin didn’t want to let the deal slip away.  He came up with an idea to get the deal across the goal line.

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When NOT Owning Real Estate Makes More Sense

When NOT Owning Real Estate Makes More Sense

A former client of mine was a successful franchisee who preferred to lease his store locations.  However, when he couldn’t find an acceptable location to lease, he purchased a building that met his needs.  This happened to him twice.

When he couldn’t lease or purchase a suitable location, he was forced to purchase land and construct a building for his business.  This also happened to him twice.

He therefore had four buildings in his portfolio that he didn’t want to own, but needed to for the sake of opening stores in certain markets.

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You Make Your Money When You Buy

You Make Your Money When You Buy

I’d kept my eye on a property on Northwest Boulevard for months.  It was listed for sale by another brokerage firm and had been on the market for quite a while.  One February morning in 2013, the “For Sale” sign disappeared and I panicked. 

Had the property sold just as I was starting to get excited about it?

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How About a Nice Cup of Joe?

How About a Nice Cup of Joe?

Spokane, like most cities in Washington State, loves its coffee.  To look at the amount of java business done in this town, you’d think it’s almost as important as air or water. 

In late 2011, while driving on Ray Street, I noticed the logo for a check cashing business had been reversed on its pylon sign.  I immediately pulled into the parking lot to discover the business had recently closed.  There was no “for sale / for lease” sign on the property.

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