All Forum Posts by: Kent Parks
Kent Parks has started 4 posts and replied 25 times.
Post: YouTuber Makes Some BIg Assumptions About Multifamily
- Rental Property Investor
- Birmingham Alabama
- Posts 26
- Votes 14
I was checking the news updates on my phone when I saw a gentleman in my feed that I have come across several times over the years of doing CRE research. The video/article caught my attention by the title, "When Cap Rates Are Lower Than Interest Rates"
After a careful listen, I was immediately struck by all the assumptions that were made along with all the current changes in the Multifamily market that was left out of this hypothetical deal. Interest rates are continuing to rise and market rents have risen to a level in most markets that I don't see sustainable. I will leave this video for you to watch and would like to hear your feedback as a community.
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Post: First National Realty Partners: Any Experience Or Knowledge
- Rental Property Investor
- Birmingham Alabama
- Posts 26
- Votes 14
Quote from @Luis Herrera:
False advertising. FNRP don’t pay quarterly distributions as they claim. I sold my house to invest in Summerdale Plaza , as they promised me to receive quarterly distributions, and so far I have not received a single dollar since 2021. The worst mistake of my life.
Hey Luis, did they not have a contract with you stating what you were supposed to get?
Post: First National Realty Partners: Any Experience Or Knowledge
- Rental Property Investor
- Birmingham Alabama
- Posts 26
- Votes 14
FNRP purchased two good size retail strip centers in my local area and put up signs saying it is under their management. I remember seeing those properties advertised as being an open deal. The thing is those two centers are kind of sleepy. They aren't as busy as some other shopping centers in the area. Don't misunderstand me, they are not bad shopping centers and they have a decent amount of traffic but they aren't getting the lion share of the traffic either.
Post: NNN Lease Option Periods
- Rental Property Investor
- Birmingham Alabama
- Posts 26
- Votes 14
Quote from @Nathan W.:
6% CAP | Corp Backed National Tenant | 10% rent bumps every 5 years | High Income Zip Code
It had a fresh 15 year NNN lease in place when we purchased it and it also has three 5 year option periods for a total of 30 years.
We knew this when we purchased the property but the current rent is low. Even after two 10% rent bumps they are paying about 64% their national average per store for rent. This store is in a great location and it does very well for them.
In 4 years our initial term with them will be over. I'm assuming they will exercise their option periods and there is nothing we can do about it but I wanted to see if anyone had any ideas. Do NNN tenants ever renegotiate leases after their initial term is up? For example, if they wanted to remodel the property I could see them wanting to have a longer agreement in place. That's a long shot but I wanted to ask. @Joel Owens you seem like the NNN expert here. Any advice? THANKS!
Hey Nathan, I read your post and am curious how the rent in your ground lease is structured?
Post: Leasing Commercial Space To Dealerships
- Rental Property Investor
- Birmingham Alabama
- Posts 26
- Votes 14
Have any members here had any experience with leasing commercial space to a business that is in the dealership world (i.e. Automotive, OPE, Tractor etc.) ?