In 1995, I bought a burned down building in Madison, Tennessee just ten miles north of Nashville. At the time, I was in the retail business, and I was expanding one of my locations. The new building would consist of 5,000 square feet, half of that being storage. I bought the location, hired a local architect to draw the plans and came to the stark realization one afternoon that I had royally messed up. The new facility was too small. Oh my goodness, what was I going to do? I was sick to my stomach; I wanted to puke. How could I make such an error? My business partner was counting on me to make a good decision, after all, it was my bright idea. Wow, now didn't I look all intelligent? What a moron, one blabbing idiot, was at the helm of a very expensive decision. With my tail tucked low, head lowered I spilled the beans to my partner, hoping he would not shoot me. Hey, don't be too rough on me, I was just 34.
I was faced with two options. Sell the lot at a discount and cut my losses or go to the adjacent property owner and make him an offer to buy him out. I didn't like either option. I'm not about losing money so off I went to make my offer. It gets worse... the property owner is H.G. Hill, Nashville's largest land owner. In the history of the Hill family their only real estate transactions are buying property, they never sell it. I wanted to jump off of the local bridge or run out into oncoming traffic. I submitted my offer, and it was quickly rejected. "We don't sell property; we just buy it", he said. Yeah, I know, that's what I was afraid of hearing. From previous posts, you know my personality lends itself to stubbornness. On my second pass, I picked up on a comment from the Hill representative that they have only traded properties, never sold any. Hey, now we have a whole new game. Trade? I'm all about trading. After much deliberation, discussion and prayer, (did I mention prayer yet?), we struck a deal. I bought another building in an area where they wanted to be, and we consummated a 1031 real estate exchange.
Where there is a will, there is usually a way. No only means no if you stop. Perseverance, grit and determination are powerful tools.
Prayer, it's the main ingredient. Coincidence? I don't think so!
Live on purpose,
Aaron
