All Forum Posts by: Cason Acor

Usually whatever you pay your broker is split with the tenant’s broker. Same as with sale transactions. 

Yes, pretty normal. 

Call tenants that are occupying similar spaces around town and ask them when their lease expires, notify them of your available units. 

Depends on how the lease is written, but a landlord in a NNN lease could be responsible for the insurance and maintenance of the roof and structure of the building. You'll also still want to take out a reserve/vacancy.

Yeah I would advise against sharing the appraisal. If it’s higher than your purchase price, they might try to use it as leverage to renegotiate a higher amount or try and break contract with you to find another buyer. 

I don’t see how an attorney can help you. You may not have been the one to sign the lease with the tenant, but when you inherited the property, you did so subject to the current lease whether you like it or not. You cannot change the terms of the tenant’s lease without their consent until it expires. 

If you want to make changes to the lease before it is up, you’ll have to offer some sort of concessions to the tenant; free rent, tenant improvements, etc. Or you could just offer to buy the tenant out of their lease entirely. That’s obviously the most expensive option. And again, all contingent upon the tenant’s consent. 

I would also add, if I was a seller and I priced the building accordingly given the short leases, I’m going to want a lot more money from a buyer if they want me to extend the current leases as a contingency of their offer. Longer leases means less risk, which means the deal is worth more. 

I’m not sure about the laws in Florida, but in Utah, what you’re suggesting is illegal. Here, it’s against the law for an unlicensed person to solicit business on behalf of a licensed person; ie making cold calls for you. It’s also illegal to pay an unlicensed person a commission contingent upon a sale. 

I know there are ways to operate a similar setup that are allowed. But first things first, you’ll want to check your locals laws and make sure you won’t be getting yourself in trouble. I’m sure more agents on here will be able to expound on that for you more than I can. 

Same as multi family, market comparables. 

You’ll want to verify what the other rentals around yours are doing. But ultimately, it’s whatever you put in the lease. Most appliances are the landlord’s responsibility. But again, that can vary. And a bed would not be an appliance, that’s furniture.