All Forum Posts by: Vinay C.

@Blake Edwards Thanks a lot for answering my questions. Helps a lot. It makes sense that you had a brother up there and knew the area well. 

I thought you lived in Brentwood in LA, so wanted to ask you if you would be interested in meeting up. Might be a little challenging if you are in North Cal. 

Thanks again. 

Cheers

Vinay

@Blake Edwards That's awesome. 

I have a few questions if you don't mind  - 

1) Is this Florissant, Missouri? Is this a town you have previously lived or have family? (I see you are based in Brentwood, CA). Curious on how you narrowed it to Florrisant and if there are any specific criteria you used? What other areas (cities) did you consider?  

2) How did you find a list of contractors in the area? 

3) How did you go about finding tenants? 

4) How do you currently remotely manage the property? 

5) Do you also invest in LA? 

Thanks and congratulations.

Cheers

Vinay

Hello fellow BPers,

I wanted to get some advice from the trusted BPers on commercial leasing. 

I found a commercial property to start a business in the Glendale / Glassell Park area (Los Angeles, CA). I am currently negotiating with the landlord's agent and asking her questions. 

Here are a few things I wanted to know -

1) I wanted to know if I need a real estate agent to negotiate on my behalf. 

2) I also learnt that the if I get a real estate agent to negotiate my lease, they get paid by the landlord. Is that the case in CA? 

3) For the building to be approved for licensing, we need to split the bathroom in the front office into 2 and add a door in the first office into the new bathroom. Since this is a value add to the property and it is a fairly short lease (3yr lease + 3 yr renewal option), we would like the owner to make these improvements before the start of the lease. Is this a normal ask as a potential tenant? 

4) It's NNN lease. Does that mean if the roof falls apart, is the tenant liable to fix it or is it usual to have caps on capital expenditure and can I ask the landlord's agent to have a cap? If so what's a typical cap amount if there is one?

5) What are the sublet terms generally in commercial leasing? 

6) What is an exit strategy? i.e if we close the business say in 2 years or the business doesn't get licensed in the first 3 months? Do we need a clause? Is that the norm? 

7) Is it reasonable to ask the landlord to fix the damaged floor in the back room? 

8) Is it the norm for the landlord to put a fresh coat of paint inside? 

I have read online that each commercial lease is different and I totally understand. I am trying to figure out what's the norm in the commercial lease world and also pitfalls I should look out for. 

Any help would be greatly appreciated. 

Cheers

Vinay

@Andrea Barbee @Aaron Sladek FYI

The agent I worked with has partnered with a lender who is doing a 0 down program for first time home buyers. Not sure if this is of interest to anyone. If you are interested, DM me and I can send you his info. 

Have a great weekend. 

Hey Adrian

I am LA based investor who made my first deal last year in LA. It is challenging in LA compared to other areas. However, I believe house hacking is still possible for n LA. Feel free to DM me if you want chat. 

Best wishes

Vinay 

@Vivian Huang check out these sites - 

samsreclub.com

Its run by a guy called Sam. I went to couple of their meetings. If you are not a member its like $20 to go or you can also view it online for $8.

The other club I went to was - 

www.LAREIC.com

They are free sessions on Thurdays. Sometimes they are paid. Depending on who the speakers are. This one is run by a guy called Lylod Segal. This one is in West LA (on olympic/Sawtelle). I have been here a few times. I go there based on the topic of discussion. 

Let me know if you would like to grab a coffee and chat about Real estate. I am always looking to make friends and discuss / bounce ideas. 

Cheers

Vinay

Has anyone tried rebogateway.com or foreclosuresdaily.com? 

From what I understand, they send out these kind of lists. Haven't used them personally but if anyone has would like to hear more about them.

Is there a way to get it online?