Prospective Tenant

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Latest post Mon, Apr 24 2017 11:28 AM by ca19lawyer2. 3 replies.
  • Fri, Apr 21 2017 5:30 PM

    • ckustas
      Consumer
    • Not Ranked
    • Joined on Tue, Aug 8 2000
    • Posts 54

    Prospective Tenant

    Greetings:

    We have had a rental place vacant for 6 months and have been approached by a person who would like to open a consignment shop. 

    We just want some guidance as to how do we make sure that we lease to someone who will be able to pay the rent on time and remain in business? I am asking these questions in particular becasue we will be renting to a retail shop. We have rented to a chiropractor and attorney - both professionals who had no problem paying the rent and accomodating rental increases.

    This person will be opening a retail shop and I know how competitive the retail environment is and how competitive it is with online sales sites. 

    There have been a few questions that I have asked, such as how long has she been in the consignment business, will she be renting space within her shop to other sellers and what her hours of operation will be.

    Are there other questions that we may be able to ask before we commit? She is in the process of finalizing a bank loan/business loan so she has credibility.

    If any has experience with retail shops, please advise,

    Thank you!

     

     

  • Sat, Apr 22 2017 5:36 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,417

    Re: Prospective Tenant

    THe fact that bank loans money does not assure there is money to pay you .

    BTW is business in personal name., with spouse signing as well , or an LLC which may be an empty pot.  

    And I'd be darn sure about having significant insurance coverage by tenant and me as named insured as well. 

     

     

     



  • Sun, Apr 23 2017 4:09 AM In reply to

    • Drew
      Consumer
    • Top 10 Contributor
    • Joined on Thu, Mar 30 2000
    • PA
    • Posts 51,417

    Re: Prospective Tenantolks

    I have owned commercial rentals and have been approached by folks wanting to operate consignment shops ....let's say in every case where I did some homework the deal appeared far far from sound or safe to me ...

    Yes, I've seen some successful ones ...but usually handling upscale goods in a high traffic area. 



  • Mon, Apr 24 2017 11:28 AM In reply to

    Re: Prospective Tenant

    ckustas:
    We . . . want some guidance as to how do we make sure that we lease to someone who will be able to pay the rent on time and remain in business[.]

    Good that you are concerned about this, but this isn't the sort of thing you can get from an internet message board.

    Also, your post raises no legal issues whatsoever, so I'm really unsure why you're posting on a legal message board.

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