Commercial Properties for Rent in Oregon Mean Opportunities
Commercial properties for rent have become great opportunities for Oregon businessman Chuck Shepard during the downturn.
Shepard said that there have been business opportunities he was able to take advantage of because of the recession. He explained further that he would not have been able to afford the investment costs required during normal times when property prices were soaring.
One of the commercial properties Shepard has acquired during the downturn is the Crescent Lake Lodge and Resort in the Cascades, which features 17 cabins in a lodging structure. At the start of the recession, he offered $2 million to acquire the property, but he failed to complete the purchase because financing fell through as the recession worsened.
Nobody else offered to buy the property, so it remained for sale. Shepard, meanwhile, continued to find ways to purchase the property. Shepard owns a real estate investment firm called Umbrella Properties and a ski property called Hoodoo Mountain Resort.
Finally, Shepard decided to buy the property using his own assets without using financing from lenders. He offered $1.65 million, which is about one-third his original offer, and the deal was completed in two weeks.
The resort deal was completed less than a month after Shepard acquired assets that include commercial properties for rent in Crescent Junction. The real estate assets are all located in a nine-acre property that features one duplex, five houses, an RV park, 24 storage units and two office buildings.
Shepard said that the 9-acre property had been on the market for several years at a price of $3 million. Because the property was facing foreclosure, Shepard said he was able to acquire it for only around one-third of the listing price.
According to Shepard, he was able to build up his real property portfolio because he took advantage of downturns. In the early 1980s when the real estate market was also depressed, he said he spent all his money buying rental apartments and when the economy recovered, his investments appreciated by as much as tenfold.
He has also been buying rental properties during the current downturn, increasing his number of rental units to around 1,900 from about 1,700 last year.
Shepard said his commercial properties for rent are doing well because they are well maintained and they are rented out at affordable prices. He also said that he is putting profits back into the improvement of his investments to make the resorts and campgrounds the best in the region.
