All Forum Posts by: Brock Hoffman

Hi BP community,

Just curious what commercial locks you all use for your properties. I am looking for a system to use for multiple tenants in a retail/office space. I have seen some with the badges to swipe for access and am leaning to using those but I no nothing about which systems are tried and true. Any suggestions would be greatly appreciated.

Thank you,

Brock Hoffman

@Brock Hoffman

16.66sq/ft I got a Comp from my realtor that shows another building close to this was that sold for a little over $17 w similar condition.

@Sam Calvanese

3 floors 5000 sq ft each. Currently there are 2 retail shops on bottom floor one is rented for $600 and market is $1000-$1200. Other recently vacated. 2nd and 3rd floors are office spaces that are both rented by one tenant for storage for $1000. 2nd floor needs cosmetic updates and can be used as office/retail spaces. 3rd floor needs more than cosmetic work as there was a leak before the roof was repaired and drop ceiling got damaged. We want to rent out vacant unit on 1st floor and raise rents on existing tenant. We want to renovate 2nd floor and rent out and then move to the 3rd floor and repeat after we stabilize 1st and 2nd floor.

@Ronald Rohde

Thank you for the response. We our definitely trying to get an estoppel signed as the seller has came out and said the tenant has been there for over 10 years and they do not have any documents supporting the lease. So we can get the estoppel but not the lease. Should we have them try and get a new lease signed with current terms? The seller has been less than helpful so far btw.

Thanks,

Brock

@Scott E.

Thank you for the response!

Yes we want to get the tenant out that we don’t have a lease for. We want to renovate the space and lease it out to multiple tenants. It’s dated and is only being used for storage atm. Month to month lease would be best so we can give 30 days notice for tenant to vacate and we can get started on renovations. The bottom floor I would be ok keeping the tenant if they would come up to market rents or close to it. They are paying $600 per month for a 2500 sq ft space which is half of current market.

@Chris Seveney

Ok great thank you. I agree

Hello BP community,

This is my first commercial project, and I am super excited and trying to do everything I can to make this project a success. I am under contract on a 15,000 square-foot commercial building and do not have a lease yet for one of the tenants that is renting out the second and third floor. My realtor has asked for the lease several times and they have yet to produce it, we were told the tenant is month-to-month. This is a big issue. If it is not as it totally changes the projection of the project another thing to note is we were told the tenant on the bottom floor was month-to-month and when we got the lease, it actually expires in November, so my concern is we may get a lease and it’s not going to be month-to-month, or we’re not gonna get a lease at all. Any thoughts or ideas other than keep asking my realtor to push them to find the lease would be greatly appreciated and thank you in advance.

Thank you,

Brock Hoffman

@Joel Saltzman

Hi,

I know at my local community develop center where I have to get permits for the project they can print off all of the registered contractors by department. Mechanical, electrical, and plumbing. It’s several pages for each one and has contact info on there as well. If you find a good one take good care of them and pay them for there work on completion. Hope this helps and good luck.

Hello Everyone,

I just went to the water department and wanted to share some new info. The lady told me they have a Bulk Landlord List for investors who have several properties. There is a $220 one time fee and now I can call them and turn water on and off at my properties without having to go down to the city office and fill out paperwork. Super cool hack I didn’t know about and I am not sure if your local water department does but it would be worth an ask if you have several. I mostly use the brrrr method so this is going to be super helpful for me throughout the process. Good luck out there everyone and hopefully they have something similar to this in your neck of the woods!

Hi Sam,

I have never had to deal with this situation and hope you come to a quick solution with the current tenants. I hope that they cooperate and show you a contract that the prior owner had. That way you can see what the prior agreement was with the former owner. If they are not cooperative you might have to seek legal advice and go from there. Cash for keys could be an option as well and be sure to get it in writing. Good luck.