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Tuesday, July 9, 2013

MILKSOP Chapter 41

Buying and Selling
Archie was much encouraged by the response of the attorneys he had selected.  They first wanted to proceed at least as far as possible with no cost except in time.

With everything in place Archie had another meeting with those who had signed on and he said, “Now it is time to spend some money. We need an office building that will serve our purpose for years to come.  It will have to be big enough for all our expansion in the future.”

Archie received a phone call from his former boss, Lester and he said they were closing their office here in Huston and the building would be up for sale.”

Archie told Lester, “In this market it will be hard to find a buyer and there is the apartment building.”  Lester asked, “What do you think it would be worth in today's market?”

Archie said, “About sixty percent of what you paid for it.  I can't see anyone setting up a law firm in a building that is large so it would have to be renovated to meet some other need and that will be expensive.”

Archie said, “I live here now and    I will take it off your hands along with the apartment building.  You are not set up to be in the rental business and the building is half empty.  When the former employees move out it will be almost empty then you will have to renovate the apartments before they can be rented again.”

Lester said, “Send me your offer and I will look it over.  The board has dropped this whole mess in my lap and I'm tired of it.” 
He continued, “There are still one or two that blame you for what happened, but the rest of them know it was because we tried to micromanage the work there that caused the problem.  
The one thing they agree on was the problem started by sending all those jerk attorneys down there to work.”

“You were completely undermined and it was bound to fail. We lost a lot of money but we will make it up on the next deal and so it is no biggie.”  

Archie said, “Then at sixty percent we have a deal, right?”

Lester replied, “Right.”

The next day Archie and the group of attorneys went down to inspect the building and they were awed by what they were getting for the price.  It was completely furnished, and ready to have the power back on.

One of the attorneys spoke up, “My only objection is that it is four times as big as we need.”  Archie corrected him by saying, “As big as we need now, but not in the future.”

Archie said, “I will take the apartment building, so all you will be involved in will be the office building.”  

It took all the money the group had and all they could borrow to put the deal together, but it was finally theirs.

They separated the building in half.  Half for their immediate needs and the other half they rented space to two real estate companies and several individual attorneys.  
By the time they finished the whole half was rented and it more than covered their expenses.

All the while this was going on in the background Marcy had been eyeing the apartment building and had already decided that was going to be her project. 
She had her own money she had saved from years working in the past so once she found out the particulars on the deal she told Archie of her plans.

At first he had some reservations but was too busy putting the deal together with his new partners to worry about the apartment.

He told her the deal was hers but she would have to get what financing she needed on her own. She said, “Fine, that's the way I want for I'm going to be a real estate Mogul.
Archie laughed at that and said I think you will become just that.  

To be Continued

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