Free $10M commercial property gift
An 80-year-old multimillionaire offered to deed a 43,000-square-foot strip mall to a construction worker he'd known for only two years, for free.
Where this was said
Daniel in Portsmouth: The $10M Strip Mall Gift
At 34:54 · chapter starts 34:20
Daniel in Arkansas describes one of the more remarkable calls in recent memory: an 80-year-old multimillionaire client he's known for two years wants to deed him a 3.23-acre commercial property with a 43,000-square-foot strip mall, free and clear. [1] — Dave Ramsey "A construction worker with virtually no savings is about to inherit a massive strip mall from an 80-year-old client — and Dave's first conc…" 34:20 Dave's initial reaction is excitement, advising Daniel to find a CCIM-credentialed commercial broker to mentor him through managing tenants, CAM fees, and lease renewals. But when Daniel mentions the property is generating only $6,000 a month, Dave's head goes 'on tilt' — a building that size should be generating something closer to $50,000 a month. Something is off about the rent situation. Dave advises Daniel to cash-flow any repairs from operating income rather than taking out a loan, get independent eyes on the deal through a CCIM, and call back with more information.
The $10M Strip Mall Gift — and What to Do With It
A construction worker with virtually no savings is about to inherit a massive strip mall from an 80-year-old client — and Dave's first concern is that the rents are shockingly low. Get a CCIM-credentialed commercial broker in your corner fast, cash flow all repairs, and don't take out a single loan. The money is in the building, not in more debt.
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