All Forum Posts by: Cason Acor

I’d also add that, at least in my market, LoopNet has maybe only 25% of the available inventory. And that’s only after the deals have been picked over by everyone else. Try CREXI as another good place to look deals. Get in touch with local apartment brokers as well. 

Tell them to provide full financials or they can pound sand. I would not want to lease to someone who wouldn't be fully transparent about their solvency or ability to perform.

4-4.5%, 5 or 10 year term, 25 year amortization, 35% down

You can negotiate to structure it however you’d like. How it’s presented here, monthly, quarterly, annually, whatever. I’d also add that 4% commission is a little high if they’re just the tenant rep, and not representing you as well. Everything is negotiable. 

Congrats on the creative solution!

I don’t do leasing but I sell office buildings. The level of interest I’ve been getting on my most recent listings has surpassed even my expectations. What I’m finding is that while some companies are moving to permanent remote work, just as many are continuing to use physical office space. It’s just a matter of positioning your property correctly for the right type of tenant. 

If you’ve got 10,000 SF on 300 south downtown, that’s prime office real estate. Downtown Salt Lake City is still seeing a lot of office demand. I’ll send you a message and we can chat further. I have some leasing contacts I can refer you to as well. 

Are you saying they want a new lease signed by closing? Or are they assuming that the home is already occupied and want a copy of the current lease?

Requiring a copy of the lease is standard practice for lending on investment properties, assuming someone is already renting it. 

I would clarify with the lender and make sure they know you’re buying a vacant home. 

My recommendation would be to find an existing four-plex and renovate it to the higher standards that you want. That solves your zoning problem. Also, working for a home builder, you've got an intimate understanding of the current housing shortage. You don't have to have class A units to get great rates. I'd be willing to bet you'd get a better return on your money renovating an existing four-plex.

I can't speak to the specific tax consequences, but this is a very common business model for people that own both the real estate and business that occupies it.

Just buy the whole thing and leaseback to the seller's niece.