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It Is Over. Got It Sold

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

I got that Closing yesterday. A small restaurant, the deal was very simple. The Buyer was buying a company, he is from Canada and he is working on his L-1 visa, so he needs a company that was in business for some time.

The agent, who called me, was very knowledgeable, pleasure to work with. The Buyer is not a native Canadian, he speaks English pretty well, but is a bit confused by all the different terminology, transaction details, and business details. He was always accompanied by a young smiling guy, who was translating and explaining things to the Buyer.

Later it turned out the guy was there for his wife, who is not only related to the Buyer, but is an agent. The smiling guy is not licensed.

I do not know what the arrangement was there, but the agent was, obviously, getting very little out of that deal. I felt sorry for him. He was easy to work with.

All the time in this transaction there was not a single time any tension, but it was sort of going along with it. The Buyer was not sure that I was telling him the truth, and confirming was always on the agenda. It was easy because there was all paperwork. No double books, no unaccounted stuff. Very clean, every piece of paper for all the years. The buyer knew there was no money, but he did not care as he already made the arrangement with the national franchise, and basically was taking the lease over.

My attorney was, as always, very professional. And with all that we were able to navigate between the Landlord, his Franchise, his immigration attorney, licensed agents and unlicensed 'friend'.

Me and my wife were the happy Sellers, enormously tired after 6 years of desperate attempts of making any sense of this business.

Now she will sleep better. This was sucking out all our energy. So, at least for now, we are officially 100% involved in real estate. And we wish the buyer the best of luck.

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Jon Zolsky, your Daytona Beach Connection
www.BeautifulFlorida.com

Comments (18)

Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

It is always good to close a deal. Good job Jon. Many more this year.

May 16, 2008 05:12 PM
Anonymous
Blogger To Be Named Later

Jon, Super! And I get to comment first? I salute you staying to the end and closing this deal. Who knows how the other guy got paid? Not too many not-for-profit salesman in the world. Onward and upward!

May 16, 2008 05:14 PM
#2
Anonymous
Blogger To Be Named Later

Drat. I'm number 2. Number two is still cool. ;)

May 16, 2008 05:15 PM
#3
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

We must have neen writing at the same time...lol. It is all good.

May 16, 2008 05:20 PM
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

Restaurants are a tough business.  You lasted quite a while.  I hope real estate is better for you.

May 16, 2008 05:21 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Nicholas - Thanks. Feels good. maybe will have a few more hours for ourselves.

May 16, 2008 05:22 PM
Broker Nick
South Florida Real Estate & Development, Inc. - Coconut Creek, FL
Broker Nick Relocation Broker Service

Congratulations ~ You spend it wisely my friend. It is good to relax sometimes.

May 16, 2008 05:25 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Andrew - It was not by any means fast closing, but it was one of my easiest. Partly because both sides had attorneys (in this case even 3, as I need to add the immigration attorney). The problem with trust usually went easy because of them. They would look over the document and tell the Buyer that it was fine, so they never really had their eyebrows go up.

May 16, 2008 05:28 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Robert - It is a bit sad, but we really overstretched ourselves in terms of hours. There was time when I worked 35 hourse there, and then another at least 60 hours in real estate.

Had to be realistic. But in this place if you are not yourself there, then there is not money. We voted for real estate.

May 16, 2008 05:31 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Nicholas - I will do my best. I learned that owning a restaurant could be more costly than eat out every day in a high-end restaurant.

So, I am ready for that... unless, of course, the concern for losing weight.

ANyway, the concern is there. The weight is also there. They somehow get along very well...

May 16, 2008 05:36 PM
Joe Virnig
RE/MAX Gold Coast REALTORS, Ventura County, California - Ventura, CA
No Ordinary Joe

I worked in restaurants before real estate and have known many owners.  They are a really tough business.  Real estate is downright easy in comparison.

May 16, 2008 05:51 PM
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTORĀ®, Broker, Salesperson, NV. Lic BS.507

Jon, Good luck with your new life!  That is a tough business and I'm sure you are sleeping easier!

May 16, 2008 05:55 PM
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Jon,

"The agent, who called me, was very knowledgeable, pleasure to work with."

That's a nice thing to say about anyone. I believe you find what you seek, and people seek a reflection of themselves.

Coagulations on the sale.

Bill

May 16, 2008 06:05 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Joe - The idea of a restaurant is so popular because it sounds so easy and simple. Nothng further from reality.

But there is one thing very similar: when restaurnats start suffering, we are in the Buyers Market.

May 16, 2008 07:27 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Bill - Unfortunately, I do not say "knowledgeable" that often. I am having problem with agents calling on a multi-family property, and when I want to direct them to the information on the web and ask the to type in "P&L", it takes me a long time to explain what they need to type.

It is scary, when an agent brings unsophisticated Buyer to look at a commercial property, and they both have trouble understanding P&L. It is so easy to manipulate. 

I nicely verify that the Buyer does not have any prior experinece running multi-family property, and suggest that they look at something else. They would fail within just a few months. It is a tough business, and I do not want to see people ruining their life and walk away and lose hundreds and hundreds of thousand dollars.

 

May 16, 2008 07:39 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Roberta - Maybe not yet. It is 3:42 AM here in Florida

May 16, 2008 07:41 PM
Jesse Clifton
Jesse Clifton & Associates - Fairbanks, AK

Congratulations, Jon!  That's great that you sold the restaurant and had a pleasurable transaction to boot.  What more could you ask for?    100% real estate... man, let the fun begin.  haha

May 16, 2008 09:52 PM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Jesse - For me it is like going form 150% to 100%. Should feel nearly like retired (LOL). It was just a very weird closing as people were buying a company, which was not profitable, and they know about it, and they do not care.

And all this for a greencard. I could have understood it if they were from Russia or China, but from Canada?

Oh well, it is over.

May 17, 2008 01:39 AM