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Updated almost 9 years ago on . Most recent reply

User Stats

55
Posts
9
Votes
Giovanni Soto
  • Wholesaler
  • Elmont, NY
9
Votes |
55
Posts

First Offer -Wording on the LOI for owner occupied unit

Giovanni Soto
  • Wholesaler
  • Elmont, NY
Posted

Hi. I'm working on presenting a LOI on my first commercial piece hopefully by tom'w. Now, I discovered i forgot sthg . The property has an owner occupied unit. I'm having trouble with wording on the LOI to give me time to find a tenant for his unit before closing. IS THIS COMMON to request? i don't want to kill the deal because it is a good deal but i need that rental income. Thanks all.

Most Popular Reply

User Stats

216
Posts
86
Votes
Eric Odum
  • Commercial Real Estate Broker
  • Tampa, FL
86
Votes |
216
Posts
Eric Odum
  • Commercial Real Estate Broker
  • Tampa, FL
Replied

what percentage of the property is the owner occupied piece? Would the seller consider doing a lease back?  Selling the property to you and leasing his space for X months to give you time to find someone to fill it? This is not an unusual request.  I am doing that with a deal I am working on right now. 

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