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He bought a piece of commercial property in January.
Will build a 6000 sq. ft. warehouse with some office/retail space in front.
The land he bought happened to have a 20 unit storage building on the back of the lot.
About half of the 'tenants' hadn't paid rent to the previous owners for 6 months and longer. It's a really dinky, 'one-horse' operation.
At the closing on the property, the sellers turned over their rental records. They were EXTREMELY sketchy.
Bottom line - they really quit paying any attention to the business once they put the property on the market last year.
My friend has a debris clean-up business and he and his wife have been in Galveston for the last several months, still hauling out the trash from Hurricane Gus (I think?).
So he asked me to help get the storage business squared away.
I've been working on it for a couple of months.
All kinds of legal hoops you have to jump through before you can auction off abandoned property.
It was interesting. The buyers all run second hand stores and know each other. Only 4 showed up, and only 2 of them bid on anything.
My friend doesn't want to be in the storage space business. Just wants to get all the junk out of the unpaid for units. He'll probably use them himself for equipment he uses in debris clean-up.
And that's the long and the short of it.
;-)
Most valuable item - A large HEAVY oak upright piano.
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