All Forum Posts by: Bharath Raj

@Stanley Bronstein I am trying to use somebody within Texas this time.

@Cody L. Thank you for the referrals. I will follow up

I am looking for a good mortgage broker to help me buy a commercial office space in the greater Houston area. I would appreciate any recommendations.

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This is a commercial office building that I am working on. The inventory in this market is tight. The cap rates vary from 6% to 9%. The building has a HOA, but I don't have all the details. The bookkeeping is poor at best. I am reconstructed numbers to the best of what i could find. 

I will provide more information about the building.This is a Class C building in a outer suburb of Houston. The building is located on a arterial road with high traffic counts. I am currently leasing space in this location for the past 2 years. My lease is up next year. This area has very little inventory (I have looked for a year now) & I would rather not lease. I think this building has deferred maintenance (roof leaks into the foyer when it rains, parking lot has not been striped in a while, I assume more will be found). The building is 85% leased. The remaining space that' up for lease is space I need for my own expansion. They had put it up for sale on loopnet for $1.9 m, but it didn't sell. A local realtor told me that they rejected a offer for $1.4 m from a bunch of investors previously. They were marketing it as a owner occupier opportunity at that time. The property manager asked me to send him a "informal offer" which he would then present to the owner (out of state owner who lives in California). The PM has not given me any financial on the building. There is no proforma to look at. He just mentioned that with the new leases that have been put in place, the NOI would receive a significant bump up. My strategy so far has been to let the PM look at this as a opportunity for him to earn a full commission, and facilitate a deal for me. I do not want to overpay for this building, but I have not received any numbers that I can work with.

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I signed a exclusive with a commercial broker in Houston for a year. He hasn't brought me a suitable tenant and it' been 9 months. I keep asking him what else we can do to market the property, but I don't get a response that reassures me "It' tough to get a tenant in this neighborhood", "I am sending eblasts. I have a great reputation. I am known to make something out of nothing", etc. I mailed out a letter of non renewal after the current term ends, and also requested that he let me go earlier, but he won't. All I see is that he has listed it on loopnet and is hoping that somebody bites. I would really appreciate some input into choosing a commercial broker for a small investor. 

I am doing some demo and reconnecting office space to increase the total area. I would appreciate it if someone can recommend a good electrician, HVAC & dry wall contractors. I will supervise the work myself. Thanks

I am having trouble with the listing agent of my commercial office building. He represents a small brokerage firm, and is one of 2 agents in it. Though he claims that there have been showings, he cannot provide me any specifics. He doesn't update me once every 2 to 4 weeks, and getting him to respond is difficult. Since the listing has not been leased after 6 months with him, I asked him what else he intends to do to drive more traffic. He said that it' just difficult, and we have to wait. The only potential tenant he brought to me had a eviction on file, poor credit score (500) & had 6 collections. He was then upset that I rejected this tenant. Meanwhile he was pressing for me to provide TI, rent concessions, etc. His contract doesn't expire until 11/2018. I have no faith in him. I have asked if if he would want to withdraw from the assignment, since it' not working out, but he didn't respond. Any suggestions?

@Bryan Caprioli I don't know the answer to that, but I assume that if I write a strong lease and sign it, it would hold good. It might make it attractive to a buyer. 

I would like to move my medical practice business (LLC) into a suite of a commercial building (different LLC). I will lease the remainng space to a separate tenant. Can my business LLC pay by real estate LLC rent at market rate? Are there any special rules? Paying myself a rent should help me realize some depreciation and decrease my tax bill, since my commercial building on it's own is not generating any income currently.