Word: pettigrew
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Oaksbranch now owns $4.9 million in assets in four states, and Pettigrew hopes to expand the company after he graduates...
Requiring more capital than traditional student businesses, such as web design, real estate investment is a risky form of speculation; investors are subjected to the harsh market cycles that characterize the industry. Pettigrew, whose father also runs his own real estate business, grew especially interested in the business after his group came across their first deal...
...sweet one. He and his partners, which include his brother Charles, now Oaksbranch's president, and his friend Mike Starcher, noticed that a single-tenant office building was significantly undervalued. "At that time, the market was still slightly depressed from the real estate crash in the late 80's," Pettigrew says...
Taking into account the occupants' plans to renew their lease, and setting up a buyer in advance, the group moved on the deal. They borrowed most of the money from a bank and the down payment from Pettigrew's father's company. After two years, as planned, the building was bought by a Post Office for 80 percent more than Oaksbranch had paid...
...Pettigrew's brother, Charles, the president of Oaksbranch and a civil engineer, acknowledges that some of the investments, including an industrial property yet to be sold, would be considered high risk...