First Real Estate Deal

[Michael Taylor]

Investment Info:

Retail wholesale investment in Ukiah.

I followed the City of Ukiah while they developed their cannabis ordinance. Before they approved the proposed ordinance I went out and found a property owner who was okay with me applying for a dispensary. I took the LOI and shopped it to various investors until I found the right partner, we won with our application and I am now part owner of a licensed and permitted California cannabis dispensary.

What made you interested in investing in this type of deal?

Back when Prop 64 was on the ballot I knew how large of player California would be in the cannabis industry so I studied the inner workings of the prop. I quickly realized how valuable the retail license is and went to work trying to find a deal which I can leverage my way into an ownership position without using any of my own money.

How did you find this deal and how did you negotiate it?

I went down to the planning department and got a parcel zoning map of the city. I figured out what area of town I wanted to be located and started calling owners of buildings until I found one who was open to what I was trying to achieve. I negotiated a lease then shopped that lease to investors.

How did you finance this deal?

I noticed a commercial realtor who was representing a lot of cannabis zoned properties so I gave her a call to see if she had any clients interested in a property zoned correctly for a dispensary. I found the right guy with the correct experience and finances to pull off the deal so we made it happen.

How did you add value to the deal?

I found the deal and sold the dream. I now also run operations for his company.