A few years ago, I saw a senior medical facility that could be converted into condos. There were many problems to over come and in time, they would all be addressed accordingly. One main issue was adjacent to this property was a medium size piece of land that would be perfect for complying with the parking per unit requirements of the conversion
CONVERTED WE HAVE POTENTIAL
The people who owned the existing facility were available, flexible and wanting to do a deal. But they wanted to sell the property AS-IS which unfortunately has no real value that can offer a good return on investment. As it stood, it cost too much money to run. But, if converted to condos, it presents another set of math figures
WHO OWNS THE VACANT PIECE OF ADJACENT LAND?
I went through quite a bit of trouble to get a hold of the people who own the vacant land next door. The original owner passed away and I had to trace down the executor of the estate. Finally I did. I knew 90% of my battle was over. If they wanted over and above the fair market value, I was authorized to stun them and pay them generously
HEIRS HATE EACH OTHERS GUTS
It turns out that the heir's are all elderly grown adults who hate each others guts. There was nothing I could say to the executor who told me I am wasting my time. I asked to be able to speak with one of them knowing that I could prevail once I got a foot in the door. He complied and I got in touch with one owner
ONE OWNER HEARD ME OUT
That owner heard me out and then said NO...NO...and more NO's. I asked why in earnest wont they sell? He started cursing out the others who held title. Out of spite, he would not cooperate if they stood to benefit. I sez, but you are benefiting too of which he says I don't care as long as they don't get anything. I could not budge this man
NO VALUE IN THE LAND
I ended up telling him the following: The property is worthless to anyone because it cant be built on or used for anything. I am interested in buying the property next door which makes your property have some value. We are willing to pay generously to make this happen. If you don't take this deal, the property will sit. I don't care he says just like a child would
ARGUE OVER THE CASH NOT THE PROPERTY
I leave him with...have you ever considered selling and leaving the money in escrow and just arguing over the money instead of the property? Pause and then it is too much trouble of which I say it is not and this guy just wasn't motivated to pursue this. Even if I convince him over time, I still had 2 more owners to go.
ITS NOT ABOUT THE PROPERTY...IT IS WHAT IS INSIDE A PERSON
To this day, the property just sits there and only I know the story behind it. Those that are involved in this nonsense would do well not to die in this earthly frame of mind and at odds with their neighbor, friends or relatives. Not a good way to exit..
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