All Forum Posts by: Christine Morrison

I purchased a small 3 shop retail center.  It is pretty run down and I have been struggling to keep the Convenience Store in place (I'm on my 3rd owner).  The area is great but The rents are low because of the condition.  I was lucky to get the place fully leased 6 months after purchase. 

My question is, should I fix up the property?  I can put in $30k now and rewrap the front and sides, but it needs new signage, parking lot and other updates.  Right now the rents  cover the basic loan, base taxes and base insurance and a small profit which goes for repairs.  I can't increase the rents for 4 years.  So how can I justify updating and spending the money to my partner, that I want it to look better?

This would be my bill as the leases are written. No NNN.

Also, one space needs a new AC.  The lease states he must purchase his own but he wants me to pay for it since he may not be there for the life of the AC.  How should I handle that?

Can you explain to me how you have updated buildings?

Thank  you in advance,

Christine Morrison

Houston, TX

Thanks for all of the advise.  I have something to move forward!

Thank you so much for your help and input!

I know who did it and he admitted to his insurance company.  

1)  Should I be going through the drivers insurance rather than my insurance company?  Is there more leeway with an auto policy?  And should I get an attorney involved or the independent adjuster involved with the other company? (an expensive option)

2)  I received a small check from my insurance company.  If I cash it, am I accepting their course of action, and closing the door on a better payout with the other insurance company or at least further review with my insurance company.

Thank you for taking the time to reply.

I could sure use some advise.  A drunk drove into a pillar of my small strip center.  Because the bricks are so old and unmatchable, my insurance company offered to rebuild the pillar then apply PAINT to all of the rest of the pillar bricks to make it the same color, but not to all of the rest of the brick building.

Painting is a temporary solution needing to be redone every year and I want the bricks to match. This accident is going to cost me a fortune to paint the rest of the bricks myself or replace all of the building bricks to match to new pillar.  I thought the replacement cost insurance would make me whole. 

How can I best navigate the insurance company to have the building back whole again.