A commercial property dropped from $1.9 million to $660,000 but remained unsellable. The owner tied it to his Social Security number instead of an LLC, making ownership untransferable. Add a non-transferable liquor license, a post office lease, and contaminated soil, and the deal became impossible.
Are you in the
deal room?
14 offers were made using 9, 9 different people on one property, and I whittled that property from $1.9 million to $660,000. Take it or leave it. And I ended up having to leave it because there was no legal way I could buy it. Like, it legally could not be purchased, period. But it took 9. It took 9 people and 14 offers. To figure out. There was no legal way to buy the property because it was a business. It was a real estate commercial business that went with the property and everything all combined, but it was under a sole proprietor's name.
Not even an
LLC? No LLC. It was attached— all the things were attached to a personal Social Security number. No taxes for 100% untaxable property. Like, it was like 100% next to impossible to do anything with it at all, ever. Serious. Like the only fix to that was to basically get it for $10, do all the work to get it all figured out, and then give her whatever it was worth on that
day. But then there was the alcohol, like the liquor and alcohol license that couldn't
be transferred. There was a lease to the post office, and I'm just trying to make you feel better here, Katya. There was a lease to the post office. There was a, there was a liquor license. There was 7 businesses. There was a personal residence. There was a gas station with dirty dirt. Okay. And I know what to do with dirty dirt. So I I was ready for that one, but she disclosed it, right? It took, it took like the third or fourth person to figure that one out, that, that we were coming. But it was
the 14th that we finally figured out there was no even legal situation.
Yeah, by the time we found out all the things that we had to, to find out, like, we were already at an offer of $660,000. We'll, we'll, we'll assume all risk at $660,000,
and we still couldn't do
