what would you do if you were me making $ 900 a week
 My father owns a 10,000 square-foot parking lot with a 2000 square foot convenience as it's sole tenant in a real bad part of town in San Diego for over 40 years . My brother and I have worked there the whole time opening and closing , well now that bad part of town is building a 400-unit apartment complex next door and another eight unit complex across the street . Our property is zoned for commercial and residential and you could build up to 143 units . My older brother never wanted to develop the property he's just hated the idea of family business. We were offered 1.5 million cash , but didn't sell were both in our mid-50s and no retirement what would you do oh by the way someone offered 1.5 million am I stuck making $ 900 a week till I'm 80 photo [https://www.facebook.com/photo/?fbid=3157533227631987&amp;set=p.3157533227631987](https://www.facebook.com/photo/?fbid=3157533227631987&amp;set=p.3157533227631987)
[{"id": "hx4vkgw", "text": "I just DM\u2019d you. Feel free to email me.", "replies": [], "depth": 1}, {"id": "hx4wtgv", "text": "Find a reputable broker for a BOV (broker opinion of value). They should do this for free or for a small charge and you should not have to obligate yourselves to selling. This is the best way to get a good idea of what your land/property is worth. Go to several brokers to double check. \n\nIt\u2019s key to find a reputable broker working for a reputable shop. This is what they do.", "replies": [{"id": "hx4xzh5", "text": "What are reputable brokerages for something like this in the SD area? FYI for OP", "replies": [], "depth": 2}], "depth": 1}, {"id": "hx4y875", "text": "You need to call several CPAs and Brokers to get as much info as possible. It sounds like your basis is stupid low if you have owned it for that long. \n\nEssentially start making calls to qualified CPAs - not family, not friends, but experienced groups. \n\nAnother route is to go on loopnet and call brokers that have listings in your area for approximately comparable sized deals. Again do not go to family, do not go to friends. Call the people actually doing deals in your area.", "replies": [{"id": "hx6tkry", "text": "If you have kids you can always keep it longer to you are ready to gift it to them. That way they get a step up basis and can sell right away without incurring capital gains tax.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hx4yz8c", "text": "Wait until that 400 unit apartment complex is built, finished, and people have actually moved in. The commercial will be worth more when you can quantify the increase in pedestrian and vehicle traffic from the new development.", "replies": [{"id": "hx55oxs", "text": "Love the idea. Also too an idea \nAfter all those people start moving in and traffic starts to build up\u2026 don\u2019t sell but invest in changing the business or the systems that run the business that caters to the new tenants . This will attract all those tenants from the 400units becoming your new clients exponentially increasing the revenue of the family business . \nDepending on the zoning , demographics, etc of the area or if it can be done \u2026 see if you can lease out part of the parking lot to let\u2019s say a \u201c cafe business or Foodtruck business \u201d that would as well be for sure a gold mine . Not only for the business but also for you . All you would have to do is sit back and get a check every month . \n\nGod luck on whatever you decide \ud83e\udd19\ud83c\udffd", "replies": [], "depth": 2}], "depth": 1}, {"id": "hx5897n", "text": "This deal may be too small for this approach but the project im currently developing in LA is structured such that a family with a piece of valuable contributed it to a joint venture, we came in and took care of entitlement and brought the required capital to build on it. And once it\u2019s done, later this year, they will own a % of the complete building. 143 units is a good chunk. Might be a bit small for us as we focus on 200 units and up but if you want me to take a look happy to just shoot me a DM. Otherwise, if I was in your shoes, I would enlist a quality commercial broker to make some developer introductions to structure a similar deal. You\u2019ll make the most, own a residual income stream moving forward, not pay capital gains tax on the sales proceeds, and not have to do the development yourself.", "replies": [{"id": "hx5pg1y", "text": "I came here to recommend a similar scenario.  That is exactly what I would do if I was in your shoes.\n\nMake sure you talk to an attorney &amp; CPA that represent YOU before approaching a developer or broker.  (I.e. not the developer's attorney)", "replies": [], "depth": 2}, {"id": "hx68rbe", "text": "Yes.  You can contribute the land as a JV into a bigger development. \nGround lease\nAir rights\nRedevelop to suit new client base\nSell it outright.", "replies": [], "depth": 2}, {"id": "hx7z6yv", "text": "This is what i would do, just make sure you understand all the fees you are paying to the developer and negotiate them. Acquisition fee, property management fee, how the waterfall works, if they are using companies they have an interest in to do repairs and maintenance etc. \n\nThe other option is to 1031 the current property into a deal but it is key to understand how everyone is getting paid - you might even look into a 1031 into a triple net lease or if your area is up and coming maybe you could find a triple net tenant to take over your dads property.\n\nOr you spearhead everything and find the best use for the land and find tenants, borrow to do some capital improvements.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hx58lbo", "text": "Am I suffering deja vu or did you post this some weeks ago??", "replies": [], "depth": 1}, {"id": "hx6uo9j", "text": "Any experts\u2019 thoughts to a 1099 exchange? Wait for the MF complex to lease up, see an increased value, split with your brother, and 1099 into something that will Get you more passive income. You know retail, MF management is a grind, Industrial would be good, but I don\u2019t know SD.", "replies": [], "depth": 1}, {"id": "hx6yi8z", "text": "If it was me I would sell for as much as you can get now and do an exchange into a cashflowing asset like a small multifamily or a net lease property with a credit rated tenant. You will easily be able to find a 6% cap rate with rent escalations built in. Much more than 900 weekly and you can benifit from depreciation while building equity. Another thing to consider is that you will be able to serve hundreds of new consumers in the near future if you can adapt to the needs of this specific demographic and you have the possibility of just operating as a parking lot assuming there will be that need.. Feel free to pm me if you want to discuss in depth.", "replies": [], "depth": 1}, {"id": "hx717td", "text": "I had a client have something similar, they had an old family business in the heart of town. Huge buildings were going up around them. They ended getting bought out for like $5MM and used some of the money to build a new building a little ways outside of town.\n\nYou don't need to close the family business, but getting that much money could be a game changer.", "replies": [], "depth": 1}, {"id": "hx76r7a", "text": "ask to jv with the developer and put the land in as your equity in the deal.", "replies": [], "depth": 1}, {"id": "hx85g4g", "text": "Why don\u2019t you guys develop it yourself?", "replies": [{"id": "hxceltz", "text": "My older brother has never liked  family business, never was  motivated", "replies": [], "depth": 2}], "depth": 1}, {"id": "hx8ssqg", "text": "What is the name of the 400 unit development? I can\u2019t find it on CoStar and don\u2019t see any permits filed for it near the location of your Facebook link. I\u2019m a developer", "replies": [{"id": "hxceahh", "text": "https://www.sandiegouniontribune.com/communities/south-county/national-city/story/2020-02-13/proposed-mixed-use-affordable-housing-project-in-national-city-gets-support-from-city", "replies": [], "depth": 2}], "depth": 1}]