All Forum Posts by: Alysa Phalen

Good day,

Thank you for the replies. Sorry, I wasn't specific enough. So this is an "Exclusive Property Management Agreement/ Exclusive Right to Lease Agreement" (Florida Realtor forms) between my LLC (which holds my 9 unit apartment complex) and the new Broker for my existing Property Manager. Prior to this, my existing Property Manager's wife was a Broker and she has decided to transfer to this new Broker in which I have to sign a new lease which states effective "September 1, 2017 - December 31, 2020." The Broker has sent me a W-9 and the Lease Agreement.

Does that help?

The last page of the lease includes an "Additional Clauses" which states "Broker advises Owner to consult an appropriate professional for related legal, tax, property condition, environmental, foreign reporting requirements and other specialized advice."

I feel like it would be a good idea for a lawyer or ? not sure who to review the Lease Agreement since I really am not quite clear on all the details included in the paperwork.

Thank you for your help!!!

Alysa

Good day,

I own a 9 unit apartment complex in Florida and have had the same property manager for 9 years.  I inherited the property and I do not recall where I even have the original Lease Agreement between the property manager and myself.  I have now received a letter that my property manager is going through a Broker Transfer and the new Broker has sent me a new Lease Agreement.  I am totally confused by the lease.  For example, I always thought my Property Manager had his own Workers Compensation but this lease shows it's the Owner's responsibility.  There is also no mention of collection of deposits for new move-ins.  I am in over my head!  I don't want to sign anything before I know what I am signing.  I just do not have the real estate background and don't have the time right now to learn it.

Ideally, I would like to have a real estate attorney in Florida review the lease as I really am not familiar with it.  Please PM if you know of an attorney who would do this for a flat fee.

Or, if you are familiar with Commercial Rental Leases please advise me what would be the best thing to do.  

Much thanks for your time!

Alysa

Wow, much thanks to everyone who has replied to my post, I really appreciate it!!!  Especially the advice about not selling until I know what to do with the $1 million I will make on it.  Denver is too expensive to buy now for sure.  The idea of leveraging makes total sense to me since I will have the cash, I guess Bill S. from Denver is right though, I really need to learn more about investing in real estate property.  I will start reading the posts and education materials on this website.  

I guess I was hoping there was a special "Consultant" I could hire that would do all the research for me and guide me to where to invest but that is a little too much to hope for!  

I am very fortunate to be in the position I am in but don't want to make any foolish decisions as to how to invest the money!

I am so naive I didn't even think about leveraging, I didn't realize I could take a loan out for multi-family or other property secondary to my house in Denver.  Phew, a lot to learn!

Thank you again and any other tips/suggestions/referrals are much appreciated!!!

A-

Good day,

In 2009, I inherited a 9 unit multi-family apartment complex with a pool one and a half blocks away from Upham Beach in St Pete Beach, Fla. (Photo attached). The units are all one bedrooms, almost 600sq ft except there is one efficiency at 400sq ft.  They have been excellently maintained and I have been renting them on an annual basis since 2009, slowing increasing rents.  The problem is, my property is appraised for $1,000,000 but after property taxes, all the FLA insurances (flood, hurricane, wind, etc), upkeep, I am only netting $30,000-40,000 a year, which is not much.  

I live in Denver where I think the time has passed to buy an affordable multi-unit to do a 1031 exchange, so I am just kind of lost as to what to do.  I know I can convert the apartments to condos (I have the old paperwork to do so) to make more money if I sell but I have no investment knowledge as to where to invest in real estate.  I'm also not sure if real estate market in St Pete Beach is recovering so I have reached out to a few agents to get their opinions.

Are there any real estate consultants for hire (I did contact Jeff Brown -bawldguy.com) that can guide you through a sale and guide you where to purchase new real estate or do you have any other recommendations on what you would do if you were me?  I wish I had the time to learn more on my own but I don't.  

Thanks in advance for your advice!!!

Alysa