How Kars4Kids Gave a Way Out for a Retired Dentist
For many years, Dr. Patrick operated a dental practice in Illinois, located in a medical building he owned outright. There were six units in this building and three of the units were occupied by good tenants who could always be counted upon to pay the rent.
But when Dr. Patrick retired and moved out of state, he had a problem: you don’t just pull the rug out (literally) from under reliable tenants and boot them out onto the street. At the same time, Dr. Patrick really needed a way out of the hassle of managing this property.
Enter Kars4Kids Real Estate.
Patrick looked into real estate donation and discovered that he would benefit from a tax deduction. After speaking with Kars4Kids, he also found that we were a sensible real estate donation program with no intention of kicking out his reliable tenants, who continue to produce income for this property until today.
Kars4Kids upheld the leases of the three tenants, and continued using Patrick’s long-time property manager to assist in maintaining the building. We are now in the process of fixing up the building, and looking for a great buyer to assume the responsibility of this profit-producing property.
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