All Forum Posts by: Anthony Goulbourne

@Erik Estrada thanks Erik

Property is now worth approximately twice as much as the debt -over $1mm and. It's a 3 unit that would be 100% leased up by end of August and would be well over 1.25 dscr. Anyone can prove 80% ltv ?

hi I have this new tenant in my small commercial space to open up their nail/beauty salon. Gave them four months of free rent to renovate and get their business up and running. While there have been some setbacks mainly due to their incompetence by fleshing paper towel down the toilet And causing backup. I was able to get that fixed and pass the bill onto them. However, she is for the most part not communicative and hasn't got her business insurance or business permits in place as of yet and I just want to know how do I get out of this lease before it gets worse?

should I just give her back her deposit and have her sign a document releasing her of the  obligations & give the space back?

I gave this tenant four months free on a small commercial space. It's the tenants first commercial space like this to open up their nail/beauty salon and I wanted to give them an opportunity for success by giving them four months free and small rental portions to start out with in the market.( I can get at least 2200 her first payment is 1500. )
The Tenant's been a bit of a headache already after we renovated the space decided to put paper towel down the toilet and created a massive issue with the plumbing that I had to fix but pass the burden onto them once it was completed. 

the contractor didn't do a great job as there's been some slight other repairs needed but overall fixable I think this tenant is not communicative. Hasn't got commercial insurance after four months and I was really giving them some time but still hasn't completed the necessary permits or insurance for their business. 

how can I get out of this lease before it goes down hill? Do I return her security deposit and have her sign over the space back to me?