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We seem to always hear about businesses and investments that went bad - the bad partnership, dishonest employees, market downturns - and for many people that's enough reason to just not do anything. Or, they get stuck in analysis paralysis, so afraid of making a wrong decision, that they do nothing.
Ever so often, I think it's good to really weigh what the cost of waiting actually is.
There is a 30 unit apartment building with an old Craftsman style duplex that we were in escrow once at $185,000. It was about 7 years ago and we'd bought one building in the area (scary, but changing) and went back and forth on whether to close on this apartment building + duplex. It was fully rented at $350 - $400 per unit and the place was structurally okay. But, there was rampant drug dealing and a lot of just nasty disrepair. We ended up passing on it. The eventual new owners took out the phone booth in front and got police support in actively running the drug trade out. Then, slowly, unit by unit, they did minimal fixed up on the units. It's still probably C+, but what a cash flow....
Just curious if anyone else has stories like that? Maybe it's a business opp that you over-analyzed until it was gone and someone else snatched it up?
Ever so often, I think it's good to really weigh what the cost of waiting actually is.
There is a 30 unit apartment building with an old Craftsman style duplex that we were in escrow once at $185,000. It was about 7 years ago and we'd bought one building in the area (scary, but changing) and went back and forth on whether to close on this apartment building + duplex. It was fully rented at $350 - $400 per unit and the place was structurally okay. But, there was rampant drug dealing and a lot of just nasty disrepair. We ended up passing on it. The eventual new owners took out the phone booth in front and got police support in actively running the drug trade out. Then, slowly, unit by unit, they did minimal fixed up on the units. It's still probably C+, but what a cash flow....
Just curious if anyone else has stories like that? Maybe it's a business opp that you over-analyzed until it was gone and someone else snatched it up?
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