Persistance Pays Off

By Matthew Schweitzer, Vice President - North Rim Partners

I can't help but laugh when I think back about my life as a recent college graduate. With my newly earned Liberal Arts degree in hand, it hit me that I had no clue what I wanted to do for a living. I guess I was too busy enjoying college to worry about the future. I still remember being handed my diploma and thinking, is there any way we can work something out so I can stick around for a while?

After a few months of shoveling manure, I knew I was going to have to set my sites a bit higher if I was going to realize my potential. Since I was familiar with the building trades, I decided to pursue a career in commercial real estate. After donning my new suit, I knocked on every door I could find. With all the doors that were shut in my face, I had my first real taste of rejection. No one seemed to want to hire someone without any experience. Desperate for something, just as another owner was about to hang up on me, I asked if he had anything available. He said he did, but I wasn’t going to like it. The next day I was showing apartments for rent. After two weeks of showing apartments, I got my break when the position I wanted opened up.

Thus began my career in the industry.

I believe there is a correlation between my beginnings in commercial real estate and how deals are being closed today as opposed to a few years ago. The banks are tightening their belts and are making it difficult to do even some of the most basic of transactions. Just like when I started working in the industry, we have to be persistent and come up with creative ways to get deals done.

One of the deals that we worked on this year was to complete a lease for our client with a set price on an option to purchase the property. Our client initially wanted to own their own building so they could control their operating expenses. We were able to locate the perfect building for them. Instead of making an offer to purchase, we set up the deal so they could lease the property for a set amount of time and at the end of their lease, purchase the property for an already agreed upon price.

It was a win-win situation because it provided our client with time to put together financing that is in their favor and the property owner no longer has an empty building.

As we have said before, if you have ever had the dream of owning your own building, NOW is a great time to be in the market. Even if you think the odds are against you, we can help you find a solution. We would love the opportunity to help you find and put together the deal that will have you on your way to owning a building.