I was trying to buy a small office building in East Hollywood.
Because it was a former gas station, we were concerned it was contaminated.
I spent an enormous amount of time trying to structure a deal that would put the risk on the owner, not me.
Eventually, it became clear I couldn’t do it in a way that made sense and allowed me to get the financing I wanted.
I walked.
One of my competitors jumped in and took the risk on the environmental.
The property came up clean. He’s closing next week.
Ouch.