Commercial Real Estate

Help

BowlingDj — Mon, 16 Nov 2009 17:48:29 GMT

I need to know what course of action to take. My friend owns a house with 3 other syblings. The syblings are looking for a quick sale. They received cash offer,and want to false my friend into selling. My freind is also beng refused the option to buy the house. What can i do?

help siblings what ot sell commerial house

BowlingDj — Mon, 16 Nov 2009 17:44:40 GMT

I'm trying to figure out what action to take, i have a friend that owns a house with 3 other syblings.The problem of course with family is that everyone is out for themselves. They got a cash deal, but one sybling doesn't not agree with price. Also is be denied an option to purchase the house.

Cat urine damage not disclosed by seller

Houseproblems — Sun, 01 Nov 2009 23:36:50 GMT

I just settled on a townhouse that the seller did not disclose extensive damage done by MANY cats in the house. The house was renovated by a 'flipper' and sold to my seller who disguised the smell with plug in air fresheners. When asked about smell or whether there had been any cats in the house they said there was none. Neighbors later said they knew about the extensive damage and had complained about the urine smell. The damage is VERY extensive and possibly may not be able to be eliminated. Where do I start? This is fraud but I was told by an attorney that I spoke with on the phone that he would ask for $10-$15k retainer and we would pursue a jury trial. I have to have a place to live and the place IS not habitable.

Commercial Internet, hope this is the right spot

massagefever — Wed, 07 Oct 2009 07:15:04 GMT

when I leased my building for my business, my landload had previously had cable intenet service. Supposedly, there was a storm that tore down a wire and the cable company employee cut the wire off right at the box (idiot)

So since I moved in, this company is telling me to get this service I will have to pay 2600 and be locked into a 3yr contract with services I don't need or want, because they will have to dig a line under a major highway to get service to me. He says they can't get the cable lines high enough above the road so the large trucks can get under. Power lines can do it, phone lines can do it, stop lights can do it, hmmmmm

Each building to the side of me has this services and he said it is just not possible to run a wire to me b/c of all the trees and regulations.

Well one of my new clients used to install wire for this company, and she said there is no reason what so ever he couldn't run me wire from my neighbor to me.

I have never heard of a general service company wanting to charge you 2600 upfront then 300 a month for three just for you to use their service. The salesman says he's done all he can do he can think of anything.

Should I approach this another way? This is my only internet possiblity at my office and I need it to interact with clients.

Ready to rock to the boat in SC!

Preceeding Bill

cn1231 — Thu, 27 Aug 2009 03:01:48 GMT

I bought an apartment in British Columbia, Canada and came into possession on June 27, 2008. Recently, I have received a bill for a toilet overflow plumbing problem which occurred on June 6, 2008. The company would like me to pay for it.

Am I liable here? Am I responsible for these damages even though they were never disclosed to me when I bought the apartment?

(Also, the amount that I am being billed is the amount remaining on the bill since the previous landlord has already paid part of it.)

Thanks a lot.

Business dispute regarding money

Rsingh — Sat, 15 Aug 2009 07:32:46 GMT

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Here is the situation.... About 2 years ago my father and 3 of his friends decided to purchase land and build a hotel, holiday inn., on that spot. My father owns 15% of shares, 1 owns 15%, 1 owns 10%, and 1 owns 60%. The hotel will be completed within three months. Recently, the person who owns 60% had issues with my father, because he was hearing false rumors of my father saying that he owned most of the shares. I suppose this upset the guy with the 60%, so he said he wanted my father out of the corporation and that he was going to buy my father’s shares or have someone else buy them. They agreed that my father will be paid the amount that he put into the corporation, plus goodwill of the land and building. But now they are saying they will pay my father in 6 months. So I’m guessing they are still going to be using my father’s money, and will pay him once they get profits from the hotel. My father wants his money now, what can he do? What are his options? I thank you all in advance.

Lease Assigment

dmomet12 — Sun, 21 Jun 2009 12:12:53 GMT

I sold a business years ago and am still on the lease with 3 other's, he would not remove me but assigned my interest to the replacement. One of the current owners wants me to help him make his lease payments as he is putting out personel funds etc. he is threatning to stop paying the lease etc. Based on my research my liability lies only at this point with the LL and only in the event the current tennents default. Is this correct? Am I obligated to help him? He has another partner who you think he would be asking instead. I have Indemnity agreements with both owners and I realize these will only help if I incur any expenses and they don't file Banckrupcy etc. I might be able to use this to advise the guy send ing me letters that its his obligation to pay the lease and it it defaults it will hurt all of us including myself. Thanks..

Evicting a Commercial Tenant

WendyKM — Fri, 06 Mar 2009 20:12:24 GMT

We have a commercial tenant that was evicted and left all of their possessions behind. What should we do with their confidential client files? I am in Nebraska.

Thanks!

Disclosure?

DDD03 — Tue, 03 Mar 2009 02:52:37 GMT

I purchased a house in June 2008 in Utah. It was a short sale home and we did receive an "as is" clause. Below is a timeline of events leading up to this point.

When looking at the home, there was rolled up carpet in the basement and a musty smell. We asked our Agent what had occurred. She called the selling Agent, who is her friend at the same broker, who indicated it was a heavy wet spring and the downspouts overflowed into the window wells into the basement. We were assured it was a one time occurence.
After closing on the home, the selling agent came by the home and removed the lock box. One of her first statements was to be careful of the new carpet we put into the basement as it keeps flooding and no one knows why.
A few months later, we started getting water in the basement. The water is coming from the ground and fills up in the window wells and enters through the concrete into the basement. We have since had it do this approximately 5-6 times. It gets worse with rain and occurs during the winter as well as the summer.
Several neighbors have since informed me the prior owners let the home go due to the flooding as they did not want to deal with the water problems. The window wells had black pipe in the base of them and I was advised by my agent when looking at the home that they were a french drain and very common. I have since dug them up and found they are just straight pipes that I assume the prior owners used to "sight" the water and begin pumping it out before it came in the basement.
I contacted my agent and confirmed, no disclosure was ever provided regarding the home. The "as is" clause referenced the home would not be broom cleaned and did not warranty any mechanical aspects of the home.

I am at a loss as to what to do. I have a home that has a finished basement that is not usable, a home that is not worth what I paid for it, and not a lot of money to hire an attorney as I am not sure what if anything can be done. With the selling agent making comment about the problem, I believe there may be issues with the agent failing to disclose the informtion. There is also potential issues with the limited agency agreement as some information was shared between the two agents prior to closing.

Homeowner's Associations

Kathy31 — Mon, 09 Feb 2009 22:20:08 GMT

I need to know what my rights are with HOA's. I live in SC, and when we bought our house we had no HOA, we were told that there was one in the adjoining area, and we might go in with that HOA. That happened about 9 months ago. I signed no contract or bylaws from them. In November we got a letter stating that someone had complained that we were parking over on the grass from our driveway and also in front of our house. So, we stopped parking in front and also made sure we were not touching any part of the grass beside our driveway when we parked. Now we get a letter, 3 months later, that we're being fined $50 because our daughter, who does not live with us, sometimes parks in front of our house. Our article states that there is "No continuous on-street parking" but she only visits once in awhile and for a little while, never overnight. And half the houses in the neighborhood always have cars parked in front of their houses. I feel that a certain neighbor with a grudge is turning us in to cause trouble. Do I have the right to request proof from the HOA that I've violated their by-laws, or can anyone who wants to turn me in for anything they want to? It seems to me that HOA's are making it very easy for people to cause trouble for others.

Retail Establishment Commerical Leases

ckustas — Tue, 13 Jan 2009 20:13:01 GMT

My family has an office that is about to be rented as a retail store (it is a phone company with three other stores in the area) . They have always negotiated a lease with several different real estate companies over the years as tenants for the office using standard terms for a commerical lease as well as requiring liability protection.

In negotiating with this new retail tenant, I am wondering if there are specific terms and/or conditions that a landlord of a retail shop should be on the lookout for. They will be open seven days a week and there will be more traffic than in the past when it was just a real estate office. They are looking for a five year term with an option for an additional five years at the end of the term. They are also going to be doing some renovation in the interior and exterior of the building. Because they are doing that they are looking for two months of free rent, but will put down a two month security deposit.

Since this is a new tenant type, I would like to hear from others who have experienced this type of lease negotiation. I am just trying to protect myself as much as possible as also trying to be fair and equitable to the prospective tenant.

True Hard Money

Keith Walker — Tue, 20 Jan 2009 16:18:59 GMT

Keith Walker
281-651-1907

Send e-mail reply to: maxell040@yahoo.com

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Rent Free Commercial Tenant

ckustas — Fri, 19 Dec 2008 05:25:15 GMT

I currently have a small office building that has been vacant for over 6 months and have a company that may be interested in renting it.

However, they have presented leasing terms that include 2 months free rent for start up and constrcution and a 5 year set lease at one price or start off low and increase in year 3 and 4 and re-negotiate lease terms for another 5 - 10 years.

Now, I know that they are going to be doing extensive renovations to match their other store locations, but I have not come across a tenant that has asked for two months free. All of my tenants have paid rent from the get go. This office building is in very good condition so it is structually sound. It will need some interior renovation to match the theme of the other places.

I need to rent the place and realize that he would be a good tenant - has three other locations doing well.

Has anyone else dealt with this and how do I protect myself, in this case? This is all preliminary and up for negotiation but I know that they are going to want concessions for making renovations ($50,000 worth) to the place.

Commercial Real Estate Mortgage Question....

LM7 — Wed, 24 Dec 2008 03:10:04 GMT

I had a commercial loan with private individuals for a commercial property I bought from them. There was supposed to be a balloon payment. I tried to refinance before it became due but with the financial crisis, I was not able to get a loan after 3 months of delaing with various lenders. The private lenders only want to extend the loan for 6 months with huge monthly principal buydowns and high interest rates.

In my latest try for a refinance, the appraised value is less than the total loan amounts. That's why the refinance did not happen.

What can I do? They seem unreasonable and insist on me paying the principal buydown every month and the high interest rate.

What are my options.

PS. I use the commercial space as my own office.

Time Share question

Cayenne — Fri, 10 Oct 2008 20:45:13 GMT

I just went to a 'timeshare rescue' seminar and was told that if you let your place go into foreclosure by failing to pay the maintainence/property tax that they will then put an attachment on your home.

I was also told that even if I get my name off the deed (which I paid to be added to when I first moved here to Florida) and my mom passes away that it will revert to her 'estate' and the yearly bills will be passed on to all her children. (There are eight of us all together and NONE of us want these timeshare weeks of hers. Is this really true and or legal that we would still be responsible for something that is not in our name and want nothing to do with. Anybody know anything about this? Thankx P.s. The company I was referrring to wanted us seminar people to PAY Them the closing costs to take it off our hands as people cant even 'give them away'. It was a pretty scary senario

Is Sweat Equity deductible?

worriedmom4 — Fri, 03 Oct 2008 21:18:41 GMT

My husband and I purchased 2 acres from the local school district after a tax foreclosure. The land is on an undeveloped road and was being used as a neighborhood dump. We spent many hours cleaning and clearing trash, clearing trees which had grown in the unmaintained road, bringing in loads of dirt and speading ourselves to fix drainage ditch problems.
Now we have received a nice offer for the land. In figuring a cost basis for IRS forms, is sweat equity deductible ? Is there any set standard for pricing time and work that improved the value of the property?
We have "before and after" photos.

I have tried looking at IRS rules but have not found an answer.

Many thanks,
notsoworried

minor sunroom leak

Chung — Fri, 29 Aug 2008 06:03:49 GMT

Here is my story in chronical order.

1. found a house
2. made an offer and offer acceplted
3. got the disclosure form from the seller
4. home inspection found the house is in good condition
5. early moved in the house before closing
6. found a leak from one of ceiling windows in the sunroom before the closing
7. seller had a warranty from the compnay who built the sunroom. the warranty is only valid to the original purchaser (the seller)
8. a person from the company came and sealed the leak two days before the closing
9. the seller's agent verbaly told us that the company will give us (buyer) 2-year warranty to cover the leak defect on the window
9. signed at the closing, and own the house
10. 2 days later, we found the leak again from the same place
11. contact the seller's agent and got response that the agent is not permitted to involve closed case anymore. I was asked to contact the company and deal with them
12. the seller's agent told us that the house was empty for 14 months, and claimed the seller didn't know the leak.
13. check the disclosure form (dated 3 months beofre the offer I made) from the seller, and the seller claimed there was no defects on roof.

My question is that if the seller didn't live at the house for 14 months, how he can give me the disclosure form claiming that there is no defect on roof? I am preparing to sue against this case, and want to know if this case would be favorable to me.

Thanks

Contingency

deppeler — Wed, 20 Aug 2008 23:12:30 GMT

Hi,

We made on offer on a house and it was accepted on the contingency that our house sold.
We paid $500 earnest monies.
We noticed that the house we had signed a contract for is still on the market and does not say 'Under Contract'.
We queried our agent who said that the seller had asked for a contingency that if they received a better offer we have 24 hours to come up with the money or thay will accept the other offer.
This was not explained properly to us.
Is this a 'normal' contingency when the buyer (us) has to sell their house first?
24 hours seems like no time at all to try and get a loan from a bank.

thanks

Looking to know more about real estate investing.

ff_mqzy — Fri, 01 Aug 2008 09:43:28 GMT

Hi people, there is a question that I have and would like it to be answered. I have been thinking of real estate investing and I know that this is one of the better ways to indulge your money. But, there are still a few things related to real estate that need to be sorted out like how do the profits build up, what are the ways to go about Would you please help me to know more about real estate?????

ff
http://www.mqzy.com/business_1959.html

exwife and realstate

hhill — Wed, 30 Jul 2008 21:58:26 GMT

The question that I have is for my husband. When he was married to his ex wife they had 4 rental properties. She received them in the divorce and his car. She was given 1 year to get them refinanced so that his name could be taken off of them. It has now been 2 years. Since then she has let them go into foreclosure which has ruined his credit. We are trying to get a house of our own and him a car but can't do so because of this. Is there anything that we can do about this? Can we sue her for destroying his life in this manner?

Abandoned Inventory

SandraH1 — Thu, 03 Jul 2008 22:03:00 GMT

I am a California real estate broker. Two of my agents own a property management company. They have acquired a new account which includes a small strip mall. There is a store in the strip mall which has been abandoned by the tenants. According to the property owner, the tenants have not paid rent for 3 months and they have not been operating the store for 3 months. The contact information for them is no good - disconnected phone numbers.

The store is full of merchandise (women's clothing). How do we proceed to get rid of it?

I know the procedure for a residential unit but not a commercial.

Thanks!

Commercial Tenant Possibly Breaking Lease

ckustas — Wed, 18 Jun 2008 04:33:10 GMT

I own a medical office building in upstate New York, which is occupied by two tenants - a chiropractor and dentist. Each has a relatively long term lease. The chiropractor's lease will expire in March of 2009. I have had my suspicions for several months that he may not renew and he may have been looking for his own professional building. He has not gotten along with the other tenant and he and my mother have had several disagreements.

My suspicions were confirmed at a local town planning board meeting when he was on the agenda for a professional office building town code discussion.

Now, how do I go about protecting myself and my economic livelihood? Renting commercial office space is very difficult in this economy(downturn in the real estate market - both residential and commercial) and in this area of upstate New York. I do not want to let on that I know he may be leaving - definately by next March or he may try to break the lease early as his building is converted to a professional office.

I have thought of enlisting the help of the next door tenant to see if he may know of another medical professional interested in space. I do not want to get a commercial realtor involved at this time - too premature.

I also need to make sure that the office has been maintained and in good standing....

Any suggestions or comments would be appreciate....

Quick Deed $10 followed by death 11 months later

UpsetTurtle — Mon, 09 Jun 2008 07:42:38 GMT

I'm located in Mississippi. If a quick deed was given for $10 total cost and then 11 months later that person expires, does that negate the quick claim?

No Money, Getting out of Lease...Personal Liability ?? Quest

benchod — Fri, 23 May 2008 17:37:12 GMT

I have a lease that will last for next 2 years exact. I pay a rent of $6000 a month. I have a restaurant that is not doing so well, and the rent is hitting me at 16% of my sales. That is high, since I am doing pretty low volume.

Anyways, I have a personal guarantee on this lease. I also have another business in a different LLC, not related to the restaurant.

If I was to tell the landlord, that i have no money, and I will pay you for one more months rent, and let me close the restaurant....If they agree great, but if they don't ?

What can happen ?

My Specific question is this:

Q: If they sue me, will they be able to put any lien or anything on my other LLC ?

P.S. I really don't have any money, and have nothing to lose at this point.

My cuz got away from his landlord by doing this. But, seriously I really don't have any more money to keep the restaurant going.

Any input , should help.

Thank you
Ben