In my SEP retirement fund is an industrial building which my SEP owns 25%. We built the building in the early nineties and have had all 50k square feet rented the entire time. I would get a cash payout each year which I used for my retirement. Well we were suppose to close this building on Friday as an investment group out of Beverly Hills wanted a 9 cap building with a great tenant. The problem was that we dropped the price six hundred thousand for an as is sale, but a week ago they killed the deal because we would not give another 250k credit for a new roof. We offered 100k and refused to lower the price.
So the balance of partners who are substantial decided that we would cut disbursements for two years and pay for the new roof. I am the only one with this in their retirement fund, so they could care less about disbursements. However, they know how sick I am, and decided to borrow 250k and we will still get our disbursements this year. I just received a check in the mail. I probably will not get one next year, but I will be dead and there is a buy sell agreement which will make my wife quite comfortable as it will roll over to her traditional IRA. I still had on my bucket list to play in the world series of poker. If the building had sold, I could have done that but now we will have to watch our budgets for next year because my sep pension is done for a couple years. I have to admit that my partners have been very considerate of my situation, as this now allows us to travel this winter if I am healthy enough.
Sometimes when you think you are down for the count, you somehow get back on your feet. I have been blessed with a beautiful family, good friends, and loyal partners. It does not get better.
So the balance of partners who are substantial decided that we would cut disbursements for two years and pay for the new roof. I am the only one with this in their retirement fund, so they could care less about disbursements. However, they know how sick I am, and decided to borrow 250k and we will still get our disbursements this year. I just received a check in the mail. I probably will not get one next year, but I will be dead and there is a buy sell agreement which will make my wife quite comfortable as it will roll over to her traditional IRA. I still had on my bucket list to play in the world series of poker. If the building had sold, I could have done that but now we will have to watch our budgets for next year because my sep pension is done for a couple years. I have to admit that my partners have been very considerate of my situation, as this now allows us to travel this winter if I am healthy enough.
Sometimes when you think you are down for the count, you somehow get back on your feet. I have been blessed with a beautiful family, good friends, and loyal partners. It does not get better.