All Forum Posts by: Steve Gerage

Thanks Andrew,

It is close to my house and with their long time in business make me feel good. Even though I actually don't know any other facts. 

Do you have any recommended?

Thanks

Hi All,

I have a small real estate investment company in Riverside, Cailfornia. I search google and come across a accounting firm name 

Teaman, Ramirez & Smith, Inc. I called them up and wanted to discuss using their service. However, the lady pickup the phone asking me they only accept new client if I have a referral from their current clients. 

Definitely I don't know any of their clients so I decided to post this message if in case any one is currently one of their client and willing to refer my company to them. I would be very appreciated. Thank you and God Bless you all
 
Steve Gerage

 

Hi, 

I am a landlord for a warehouse. At the end of the leasing term.  The tenant have to right to extend the lease for another 5 years with 

Fair market price. 

We are in Southern California. Is there a company that we can pay to get a report of a trustworthy current market rate for leasing

thanks

One thing forgot to tell you. Before signing this loan. Bank already knew that I would occupy 51% of the space and another tenant (previous one different tenant from the current one that occupy the whole building) would occupy 49% of the space. 

The situation changed when this previous tenant wanted to leave early and my sales was going down. So September 2017 we got another tenant to lease the entire building with 5 year term

@Peter Ulstad

I have read the entire note. In many places mention about we have to provide financial document, tax return..etc

Only one pharagraph said

Borrower will furnish ...(financial things)..to include but not limited to any new leases or modification of existing leases together with rent rolls, with respect to borrower financial condition

Thanks for your time

@Peter Ulstad thanks. I will go back and read the note again tonight. I will let you know as well 

@Account Closed I will pay them all for property tax by April 10. 

Would anybody can give me advise what should I do to prevent Defaulting. I am kind of in the middle of the way.

I have already lease 5 years to a tenant. I am sure business situation changes all the time. Sometimes we need bigger warehouse. Unfortunately in my situation I just can't afford for now but in maybe 3-5 years I am sure I can work hard and make it profitable again by adding new products, add more service ..etc

So instead of worrying that the banker will knock on door and found out that I was no longer there. 

1. Should I let him know now? If he forced to sell then sell instead of I having to pay a lot of expenses rather than keep the money.

2. Is refinance even possible with my business financial in decline and number is not good.

3. Is there any investor would like to invest?

Thanks for your advise

Thanks @Account Closed  I am in the process of acquiring business line of credit and home equity. The 5 years installment plan for 2017 tax is just a worst case if I got reject from both line of credit. 

I confident that I can get a line of credit because I start still have 1 million of my inventory

But again the question that stick in my mind and bother me the most is

What is if the bank find out that I lease the entire building to pay the mortgage.  Will they default my loan and force sell

Thanks every one

thanks @Dave Shellenberger 

2017 our sales was down. I could not make profit enough to pay property tax. Then around September of 2017 we decided to lease the entire building to a tenant and I moved out to a smaller warehouse. From the rent I have covered property tax so in 2018 I will not have propblem paying property tax and that is why I went to the county and got offer for installment plan for 5 years start this June which again I can afford it. 

I hope I can get the answers from many experts here

2 years ago I bought a warehouse

I made 2 loans

1 SBA 504. $5millions

2 Commercial loan from one bank $8millions

My business went down so bad. I could not afford to pay mortgage. I leased the entire building to one company for 5 years lease. I made some profits.

My question is

1. If the commercial bank knew that I leased the entire warehouse to one company which they have a very strong financial. Will the bank default my loan and force sell of the property.

2. I also could not afford to pay last year property tax but plan to be on payment plan start this June. But the banker called me and ask why I didn’t pay December property tax and ask me personal financial as well as company tax return. Both of them are showing decline 3 years in a roll and have not much cash. Will this bank default my loan and force sell.

I never delinquent on my payment. I pay ontime every month. 

I really want to keep this warehouse because I knew that just rent it out only I have already made profit.

Thanks for your input and time