Penny and Gene Piper had owned and ran the Pied Piper Pub for many years in downtown Carlton, a wine country hot spot. Now into their 70's the couple wanted to rid themselves of the building but didn't want the tax hit which would accompany a cash sale. Shannon and John partnered with Gene and Penny, whereas they carried paper and were able to walk away with a stable monthly return.
The building was badly dilapidated and needed a full replacement of all systems. Working with the Carlton Business Association, Shannon and John applied for and received a $95,000 restoration grant for the building through the State of Oregon to fund over 1/2 of the work.
Prior to the renovation, the building was valued at about $275,000. Value of the building after renovation is $650,000. Penny and Gene hold a lien on a property that has increased astronomically in value offering them great security and they receive a great return by way of monthly mortgage payments. The building is now filled with a thriving business which Shannon and John launched and manage and is a jewel within the community.
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