All Forum Posts by: Joshua Leite

@Chet Mazur - I would agree with both your thoughts about breaking any confidentiality agreement if one is in place as well as approaching them that you may have an interested party (ie your potential syndication) once they do select an appraiser. 

Andrew - based on what you wrote it doesn't sound like they have a broker selected for any of the properties but if they do that could be another potential avenue to approach.

Originally posted by @Chris Herbert:

@Joshua Leite Thanks, I had seen that book but was unsure with so few details on Amazon, I'll pick it up. I'll pm you if any questions come up, thanks for the offer. 

 You can pick up the previous version of the book for about $3-4 after shipping on Amazon if you want a cheap version to check out.

Chris,

One of the more industry standard organizations for property management is IREM (Institute of RE Management) found at http://www.irem.org/

They have designations for Commercial Property Managers (CPM) as well as retail, residential and for entire organizations. These designations include coursework to complete or you can just take the course work by itself. A good book produced by IREM is Principles of Real Estate Management. This book goes through the different areas of commercial property management, including annual billings, CAM reconciliations, percentage leases, gross leases, etc.

https://www.amazon.com/Principles-Real-Estate-Management-16th-ebook/dp/B00EPUEA3E?ie=UTF8&keywords=principles%20of%20real%20estate%20management&qid=1463429539&ref_=sr_1_1&sr=8-1

Let me know if you have any other questions, I've been in commercial property management for the past 4+ years doing office, industrial and industrial development.

Mike,

There are multiple books that walk you through a due diligence process and learning what you should hopefully know about a property or want to know about a property. Below are a few examples:

The Due Diligence Handbook For Commercial Real Estate- Or... How to succeed in commercial real estate by John Bowman

Or...

How To Win In Commercial Real Estate Investing: Find, Evaluate & Purchase Your First Commercial Property

Originally posted by @Carlos Rodriguez Jr.:

Check out Ten-X. They have been promoting heavily in Miami and according to them, they are the future in real estate. They have google's backing and are commercial agent friendly.

www.ten-x.com

-CR

For anyone that is not aware Auction.com is now rebranded as  Ten-X...

@Joshua McGinnis I sent you a PM.

I manage and have previously managed industrial buildings with net leases that have earthquake passed through as well as office that has had it included in their recoveries for base year modified gross leases. 

Michael,

What type of property are you looking to purchase? Office, industrial, retail, multifam? Size and $ range? I have worked with a handful of brokers in each of those areas and could recommend a couple based on what you are looking to get into regarding type/size.

Josh

Originally posted by @Ryan McGowan:

Don't be swayed by the complexity with commercial leases. There's some great advantages. With residential, you're agreeing to a habitable residence, and the laws in most states weigh heavy on the tenant when it comes to evictions, habitability, etc. Commercial properties are for business use, and the threshold for what is incumbent on the landlord is lower. For instance, most commercial property is just a shell and a restroom that is occupied during daytime hours only, so there's no midnight calls for fixing a toilet or unclogging a kitchen sink.

 Instead you can have fire alarm calls or security alarm calls in the middle of the night. Or maybe your industrial tenant that runs a night shift lost power or has a fire sprinkler leak that you need to resolve at 2 am. Both sides will have after hours calls.

Originally posted by @Chris H.:

@Mark CreasonThanks for the reply, I'm not sure a NN or NNN Lease will work in our situation. How would you advise breaking up the Utilities? What is the common practice, can you use last years charges or is it more common to use the previous months charges?

 Modified gross lease with base year comparisons will reduce thr impact of increasing costs and pass it to tenants.