What to do with a building nobody will fix up?

“Opportunity is missed by most people because it is dressed in overalls and looks like work.” – Thomas Edison

A BUILDING I BOUGHT Years ago I bought a 12 unit building on Chestnut Ave. in Long Beach. It needed a lot of work. Among its other problems, It had some very questionable tenants, and people were using the outside of their units as open-air garages.

SOLD AS-IS Not exactly the building you see in a brochure.

The seller sold it as-is. He didn’t spend a dollar on repairs, he didn’t wait for a “perfect” building, and he didn’t argue over a punch list. He sold it and moved on.

A COMMON STORY I see owners make the opposite choice all the time. They wait until they can afford to fix everything, and each year the building gets worse. The taxes, insurance, and stress keep piling up.

SELLER MAKES A CHOICE You don’t have to fix it before you sell it. Some buyers are looking for exactly that building. They see the location, the rents, and the lot, and they know what it can be once it’s cleaned up. I was one of them.

IMPROVEMENTS MADE I removed the bad tenants, re-rented the units, and cleaned up the grounds. A couple of years later, it was a building a buyer was happy to own.

IS AN AS-IS SALE FOR YOU? Selling as-is is simpler. No contractors, no repair negotiations, and no showings that scare buyers off. You close with fewer surprises.

“Buy land, they’re not making it anymore.” – Will Rogers

Southern California buildings hold their value even when they look rough. The land is the opportunity.

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