At the mercy of 3rd party, aka municipalities and association

[Jennifer Lee]

Hi BP

I'm new to the commercial real estate. I now own 2 retail units. One in a complex that has association/board of director, the other one in strict township but I own it, my sole decision.

I'm wondering if anyone else been in this situation or is it normal for commercial?

Commercial in complex:
1. Had to bring up to code before renting(knew bef buying)
2. Handicap toilet, access
3. Found tenant, need approval from township, same use ok!!!
4. Must be approved by association (other owner, approved!!)
5. Rented 4 years without issues.....did so well my tenant bought own store

MEANWHILE, I've moved out of state, major politics happened, I'm in neutral position.
My tenant wanted to buy my unit, politics...one association member exercised FIRST RIGHT TO BUY.
Tenant moves out, politics delays the buying.....

My buyer and I are looking at new tenant.

6. Municipality shot down a keen tenant, too much modification no occupancy permit for you!
7. New potential tenant, municipality APPROVED....
8. Waiting on association to approve,, hoping I don't get whiplashes from personal vendettas. There is a civil war brewing between my buyer and association.
I swear these ppl are old enough to be my parents! They act like children.

Commercial in strict township:
1. Recently bought neglected retail with neglected tenants.
2. Tenant wants asphalt parking, understandable, on my to-do budget and considered in my purchase price.
3. Turning into a fiasco....zoning, state highway, site revision, engineers, bringing up to code 1925 into 2013!

Nothing a lot of people skills and patience won't cure

My poor tenant, all he wanted is to replace shovel with a snow plow and not get hit by gravel.

Nevertheless, love this business, much to learn at every deal