Case Study: Neighborhood Development Company

Video Transcript

I was recently asked to help a neighborhood development company buy a building that was affected by the riots of 2020. I got the opportunity as a referral from a brokerage group. And I loved the opportunity. I live in south Minneapolis and it was interesting to be able to drive by a building that was damaged and work with a neighborhood development company that’s interested in seeing that the property is revitalized. And that the new owner gets to continue operating and step into ownership.

So the deal always appeared to be straightforward. We got going on the purchase agreement and everything was going well. But as some transactions go, there are lots of personalities involved, there are some twists, there are some turns, and things just get longer and longer. And there’s the curveball that comes up. But my advice to clients in this type of situation is just to keep your eye on the prize. We’re not making friends here, we’re just buying real estate. Let’s just stay focused. And so after months and months and months, we finally get to closing, and the client, his response to me in terms of how it went, he said he appreciated my help because I’m efficient and calm. So that made me feel good. And now he’s able to move forward with revitalizing that building that was damaged and move on.