Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Commercial Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 9 years ago on . Most recent reply

User Stats

55
Posts
9
Votes
Giovanni Soto
  • Wholesaler
  • Elmont, NY
9
Votes |
55
Posts

First Offer -Wording on the LOI for owner occupied unit

Giovanni Soto
  • Wholesaler
  • Elmont, NY
Posted

Hi. I'm working on presenting a LOI on my first commercial piece hopefully by tom'w. Now, I discovered i forgot sthg . The property has an owner occupied unit. I'm having trouble with wording on the LOI to give me time to find a tenant for his unit before closing. IS THIS COMMON to request? i don't want to kill the deal because it is a good deal but i need that rental income. Thanks all.

Most Popular Reply

User Stats

216
Posts
86
Votes
Eric Odum
  • Commercial Real Estate Broker
  • Tampa, FL
86
Votes |
216
Posts
Eric Odum
  • Commercial Real Estate Broker
  • Tampa, FL
Replied

what percentage of the property is the owner occupied piece? Would the seller consider doing a lease back?  Selling the property to you and leasing his space for X months to give you time to find someone to fill it? This is not an unusual request.  I am doing that with a deal I am working on right now. 

Loading replies...