How One Doctor's Parking Oversight Killed a $2.5M Renovation | Episode 75: I Own a Shopping Center Now What
Description
In this episode, I break down a real-life situation that perfectly illustrates what happens when business goals steamroll smart real estate fundamentals. A doctor poured $2.5 million into renovating a two-story office building—without addressing the fact that the property only has six parking spaces. Six! Before signing a single lease.
I walk you through the candid coaching conversation I had with him, why building spec space with zero leases in hand is a risky move, and why parking is absolutely non-negotiable—no matter how great the visibility or how passionate you are about your business.
At the end of the day, the real estate must drive the business—not the other way around. If you’re investing, developing, or making big decisions about where your business lives, this episode is your reminder to slow down, analyze, and make choices through the real estate lens first.
This is a must-listen case study in what not to do—and how the right due diligence could save you millions.
🔑 Key Takeaways
Never build spec space without a signed lease
Parking can make or break your deal
Your business cannot monopolize shared property assets
Always run a parking analysis before committing to renovations
Visibility is great—but parking is essential
Your business hat and your real estate hat require completely different decisions
In some locations, residential may outperform commercial
Bring advisors in before making million-dollar decisions
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