All Forum Posts by: Christian Dunlap

I'm a leasing rep and one of my properties is a community strip center located in area of the city with a lot of community pride/interest in locally sourced products. A few of the local merchants approached me about setting up a farmer's market the center's parking lot. Having never done a deal like this, I didn't have a lease template. Furthermore, the total value of the deal was so low, it wasn't worth the money to have an attorney draft one. In case you're curious, the farmer's market is going to pay about $700/month to use the parking lot every Saturday morning between 8 AM - 1 PM. I ended up just taking a stock retail lease and removing the provisions that are specific to inline retail--NNN, interior/exterior maintenance, etc.

One note on snow removal, the tenants in this center pay for their pro-rata share. Clearly, that's impossible to calculate for a tenant who only use the center for a few hours per week and doesn't occupy any part of the area we use to determine the pro-rata share of expenses. So, I struck a deal that the farmer's market would pay a flat $150 per snow removal occurrence.

The deal has been signed and they are set to open in June!

Hi Jeremy, I hope this goes without saying, but you need to get a commerical broker of your own. If you've never done a commercial deal before it's going to be difficult for you to evaluate and master the terms on your first go. I list and lease lower mainly C class commercial properties and most of the tenant's/buyers have no rep and no real ability to negotiate simply because they don't know how the game is played. I cringe at the terms they readily accept, but I have keep my mouth shut since I represent the landlord. The seller will pay your rep's fee so it's not going to cost you anything.

Hi Gregory, welcome to BP, and the Norfolk market specifically. I can't speak much to multi-family investing, except I'd like to be there one day, myself. If you're looking to network, BP is great, but you should also check out our local Tidewater Real Estate Investment Group (TRIG) meetings. We hold them the third Tuesday of every month at 5655 Greenwich Road, Virginia Beach, VA 23462 at 7 PM. You can find out more at https://trigofva.com. Lastly, I primarily flip in Virginia Beach, but also in Norfolk and Chesapeake, so if you come across any wholesale deals, please hit me up.

It is incredibly easy to get overwhelmed with the hundreds of books and blogs, which then become an excuse not to take action. If you are serious about obtaining wealth, you have to be willing to put your money at risk. That means getting out there and taking action. My advice would be to read J Scott's book and the BP Newbie guide over the next month. Then, go make something happen and don't worry about reading another book until you do. When you find your first deal you'll have a ton of questions but that's what the forums are for.

One last note, listen to the podcasts, every one of them, while you're driving. Turn you car into a mobile library. I've learned more from the podcast than any book I ever read. 

I am looking for an example land lease for a farmers market. If anyone has one they could share with me, I'd really appreciate it.

My pleasure. Also, definitely do your research, but the most important thing is to take action, take action, take action. You'll figure everything out as you go along. 

Welcome to BP and real estate investing in Hampton Roads. You are absolutely right about not needing a $20k course. The BP books are great and I've read most of them, but the biggest help for me is the Podcast. Definitely check those out. I also encourage you to join our local real estate investment association called TRIG. We meet on the third Tuesday of every month. You can find more information at http://trigofva.com.

In addition to what the others have said above, for your own piece of mind, you absolutely need to have some cushion. Things always look rosy at the beginning, but if you get deep into a project, hit unexpected costs and can't cover them--get ready for some sleepless nights.

I personally use Consolvo, Markowitz & Webb. They are attorneys who also own Real Estate Title Insurance Agency, Inc. They have been very good at discovering and clearing up title issues for me. Their number is (757) 490-2711. 

I know several very experienced investors who use L.T. Although my attorney is great, I think L.T. might be a better choice if your deal involves a high degree of creative finance or very tight closing times.

HI Gary, I am an agent with Prudential (soon to be Berkshire Hathaway) and I'm happy to help however I can, but my primary job is flipping. I am a member of TRIG. In fact, we have a really cool networking event this Tuesday. You'll find the details here: http://trigofva.com/events/trig-monthly-meeting-networking-night.