All Forum Posts by: Bilal A.

@Brandon Hershey Thanks

@Taylor Hazard Looking to buy retail with long term lease and something that is "Amazon proof". Other perks like minimal to no management where the retailer is responsible all property maintenance and taxes and has a great credit rating. Not is a rush to buy but want to wait and find the right deal. Nothing on sites like loopnet really pop out.

Hi BP community,

I am looking for recommendations on commercial real estate brokers in the Minneapolis St Paul area. Preferably someone who is experienced, well connected, knows the market, and does a lot of deals in the area. Thanks!

Bilal

@Taoufik K. 

@Michael Plaks

@Carl Fischer

Thank you all for your insight. The title companies and most realtors are paper pushers and plug n play type. You are right that it is up to us consumers to do the due diligence. Would love to eventually remove these “middle men” from the equation. 

Bilal

When buying a rental property, do you put a clause in the contract that collected rents will be given to the buyer at closing in a pro-rates fashion? Also, what about security deposits? Or is this part of the usual closing process like getting keys to the property? Is the seller legally obligated to turn over such funds to the buyer? Thanks

Bilal

@Charlie MacPherson Yes all the things you mentioned apply to this transaction. 

I reminded the seller about the terms of our contract. The seller threatened to go to court. I just sat tight assuming that he will either come to his senses or get appropriate legal advice. I knew I was in the clear as per the contract terms.

After a couple of days, the seller said he will replace the furnaces at his own expense. Still a couple of weeks from closing but hopefully this will be the end of that issue. Thanks for your advice.

Bilal 

@Russell Brazil you are spot on!

Bilal

@Ryan Luthi Thanks! I like the way at you think. 

Bilal

Corby, I have asked myself the same questions. It is a good deal, not a great one. I am in a competitive market so I don't think the seller will have trouble finding another buyer. Thank you for your input. I will be posting a reply regarding the outcome of this fiasco. Bilal

@Ryan Luthi Appreciate the tips! 

With no inspection contingency, what percent earnest money are you committing to the deal? If so, is there a clause that would get you out of losing that earnest money if major works turns up during your 2nd showing? Thanks!

Bilal