All Forum Posts by: Matthew Karp

I own a small house also commercially zoned as a reataurant. This is a risky type of business given restaurants in general and the times. They lease has an option to buy after 1 year. In the lease I must receive written notice of their intention le by september 1, it was to be accompanied by a 10% deposit, half of which was refundable. That day has come and gone but my tennant assures next he wants to buy it and not to sell it. Should I formally try to get a deposit of some kind? or of the same amount and give him an extension to raise the funds? The option price is above market. He is also in a 10 year lease so if he doesn’t buy, it’s not a bad option. I

fear though that with covid defaulting is possible although as of late they have been doing well, but the cooler weather is hurting out door dining. He is also behind on Taxes. I have 4 months security deposit. He has personally signed but has a good guy clause. I’m thinking of making a ryder to the lease formally extending his option by 3 or 6 months, should I insist on a premium or the same down payment?

I wish.  Im 50.  I have a space used as a restaurant and the tennant has an option.  Im nervous about the best way to save on taxes and reinvest this cash.

Kaiser,

That was really good advice.  They have paid some but not all of it since my posting.  Speaking of my lease, it has in it an option for them to purchase.  Im nervous about the best way to use that money in real estate since I am a newbie and would like cash flow.  I dont know if I should buy 1 multi unit or more small ones.  I dont know If I trust myself to do this properly.

I’m worried. My tennant is doing well in their business and has a triple net lease.

They assure me they will pay the taxes that they are late on. They have not. Is using a lawyer a good idea?

Hi Ryan,

I’m in westchester county.  i would love to contact the broker you recommended but can’t seem to be able to.

Matt

Thanks Ryan,

I will do that. Matt

I am looking for a broker in the greater hartford ct. area. My first deal fell through and I would like to swing the bat and get going. I’m in Westchester county and looking for 3-6 unit multi family.

Thanks

Can anyone recommend a real estate lawyer in Connecticut?

Thanks,

Matt

I am starting out and am 50. I have an offer on a 4 plex in the greater hartford ct area. My banker tells me he needs 60 days. The broker is pushing me to sign a LOI saying 40 days. Even though I'm off the hook if financing falls through, I feel rushed and I'm a newbie. I don't want to go down a path I can't succeed in. Does anyone have advice?