Mine wasn't so much a meeting as a series of telephone conversations and emails. It started with a call from the firm managing an apartment building I owned about 1000 miles from where I lived. They were changing the focus of their business, and my building was not in the part of town or catering to the clientele they were moving toward. They were giving me plenty of advance notice so I could replace them.

I liked working with them so much, I realized anybody else I hired would have a hard time filling their shoes. I decided it was time to sell the building and use the proceeds to buy other property somewhere else. My building was in the poor part of town, but it was well kept. Across the street, a pair of nuns took in young pregnant women, taught them parenting and basic life skills, and nurtured them along until they were firmly on their feet with their newborn children. Instead of putting the building on the market, I asked the nuns if they wanted to add my building to their facilities.

It turned out that building codes would require expensive retrofitting of fire suppression equipment if we converted it from apartments to their residential program. Remodeling it for use as office space would be even more expensive. They had to decline.

But they knew the group who ran the local soup kitchen, which was considering startup of a program to move people from homelessness into decent housing. My building was well located for them, and it was in such good shape that they wouldn't need to do anything to it before starting to place people in the apartments.

I leased nearby parking space for the building. The owner of the parking lot agreed to enter a long term agreement so that as the new shelter's residents moved up in the world enough to get a car, they would have a place to keep it. A local Realtor provided a market valuation at no charge because the deal was for community benefit, and I sold the building a little under the price recommended by the valuation. A local attorney donated legal services to facilitate the closing. My property managers helped the new shelter program get a grip on how to "run" the building after the sale took place.

I made a reasonable gain in a tax deferred 1031 exchange, rolling the proceeds into another property purchase elsewhere. The soup kitchen got its shelter building without paying commissions and without having to bid the price up against the rest of the market. The local newspaper printed a story about the deal, which gave good publicity to everyone who had done something to make it all happen.

Everybody did well by doing good. In many respects, it was the best deal I ever made.

Mine wasn't so much a meeting as a series of telephone conversations and emails. It started with a call from the firm managing an apartment building I owned about 1000 miles from where I lived. They were changing the focus of their business, and my building was not in the part of town or catering to the clientele they were moving toward. They were giving me plenty of advance notice so I could replace them.

I liked working with them so much, I realized anybody else I hired would have a hard time filling their shoes. I decided it was time to sell the building and use the proceeds to buy other property somewhere else. My building was in the poor part of town, but it was well kept. Across the street, a pair of nuns took in young pregnant women, taught them parenting and basic life skills, and nurtured them along until they were firmly on their feet with their newborn children. Instead of putting the building on the market, I asked the nuns if they wanted to add my building to their facilities.

It turned out that building codes would require expensive retrofitting of fire suppression equipment if we converted it from apartments to their residential program. Remodeling it for use as office space would be even more expensive. They had to decline.

But they knew the group who ran the local soup kitchen, which was considering startup of a program to move people from homelessness into decent housing. My building was well located for them, and it was in such good shape that they wouldn't need to do anything to it before starting to place people in the apartments.

I leased nearby parking space for the building. The owner of the parking lot agreed to enter a long term agreement so that as the new shelter's residents moved up in the world enough to get a car, they would have a place to keep it. A local Realtor provided a market valuation at no charge because the deal was for community benefit, and I sold the building a little under the price recommended by the valuation. A local attorney donated legal services to facilitate the closing. My property managers helped the new shelter program get a grip on how to "run" the building after the sale took place.

I made a reasonable gain in a tax deferred 1031 exchange, rolling the proceeds into another property purchase elsewhere. The soup kitchen got its shelter building without paying commissions and without having to bid the price up against the rest of the market. The local newspaper printed a story about the deal, which gave good publicity to everyone who had done something to make it all happen.

Everybody did well by doing good. In many respects, it was the best deal I ever made.

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http://www.goarticles.com/cgi-bin/showa.cgi?C=2159637

This site has good information.Thanks

http://www.goarticles.com/cgi-bin/showa.cgi?C=2159637