Acquisition Stories
Has anyone bought a property in an interesting way? Gotten a crazy deal? Found a diamond in the rough? Were the circumstances around the purchase interesting? I'd love to hear your stories.
[{"id": "e2ah0ri", "text": "I will have one for you in a few weeks, should be a good one but don't want to jinx it.", "replies": [{"id": "e2fxgi7", "text": "Ha.  I was thinking the same.  In the middle of an interesting one atm.", "replies": [], "depth": 2}, {"id": "e2qh2yk", "text": "I said I would be back, office building that was zoned for medical/science use however being used as an office building currently.  There was a utility easement in the next lot owned by the utility company.  We were going to pick up the building for $300 /PSF (sub 5 cap on existing NOI), negotiate a ground lease with the utility company and build a parking structure for the medical use parking ratio and sell the building as medical condos for $600-$700 / PSF. Utility company cocked the whole thing though, they no longer allow ground leases on their spaces due to liability.  Oh BTW this is a 51,500 SF building so that would of been a good lift.", "replies": [], "depth": 2}], "depth": 1}, {"id": "e2aihn3", "text": "My first multifamily. I was talking to the agent and he told me I was in very good position to get my offer accepted. He made me provide him all sorts of proof of funds, etc. Then a few days later, tells me the seller accepted another offer. I was pissed.\n\nWent off to work on another deal with some guys in my network. After a number of weeks we realized we couldn't move forward.\n\nI call the agent to tell him we are canceling on my cell phone. As I end that call my home phone starts ringing. It was the agent from the first deal. Tells me the buyer they went under contract with was being difficult, asking for all sorts of concessions, so they canceled the contract. He said if I was still interested, they would only work with me and would sign a contract. I said yes, still interested, let me get you a fresh offer.\n\nOf course I dropped my price by $50,000 to make them pay for jerking me around.", "replies": [], "depth": 1}]