His Building Was Ridden with Violations. Donating to a nonprofit Was the Solution.
Larry, a real estate developer from Michigan, had two properties that he had purchased from the bank a year earlier. Both properties were causing him grief. One property was a vacant multi-family home in poor condition, and the other was a commercial building slated for demolition, with a demolition order that Larry could not appeal.
Larry didn’t want to invest more time and expense in these properties, as he had many other business opportunities to pursue. So he approached Kars4Kids with his predicament and we agreed to move forward with the donation. It was the right decision. For Larry.
Donating a building to a nonprofit worked out
After closing, Kars4Kids discovered that the commercial property was incapable of restoration. The home was rife with violations. We decided to retain the services of a demolition contractor who flattened the building, after which we relinquished the property to the municipality.
The good news is that we were able to sell the apartment building and the proceeds from the sale covered legal fees and the cost of tearing down the building. The moral of the story? Real estate is a risky business, but when you’re working with Kars4Kids, the risk doesn’t have to fall on you.