All Forum Posts by: Bharath Raj

Thank you Mike and Dan. 

I will provide more details about the potential deal. I am intending to buy this property in a LLC (sole member). I do have 2 lenders who have given me letter of approval. The terms are not bad for a first time buyer (4.5% amortized over 25 years with the principal being due in 5 years, origination of 0.5%+closing costs). The seller just completed a new survey for the proposed subdivision, and the title commitment is still being drafted. My portion of the property will likely have a retention pond area, which I am not happy with. I am planning to negotiate that. As I had previously mentioned, this property has 5100 sq ft. I will inherit a tenant for the next 5 years, who occupies 1500 sq ft. The remaining space is not leased, and I do intend to lease it to a medical related business. Are there any good places/websites to find those clients?

Hi Guys,

I am currently under contract with a medical office space in Houston. I intend to keep part of it for my own practice. It currently has a tenant occupying about 25% of the available space. I am still working on getting the financing secured. This property is a larger complex with a detached smaller office space also being available (which I am buying). The owner has drafted a plan to subdivide the property so that I don't have to have common areas that I need to pay for. Instead we will have a reciprocal parking access agreement only. I am comfortable with the price that I am paying for the property, since I am looking to owner occupy some portion of it. I contacted a real estate attorney that was recommended by one of the members on bigger pockets, and she suggested that I try to buy the property, or have it assigned to my LLC. I don't know if the lender will be okay with this. Does this sound plausible? Are there lenders in the Houston area who would do this? I am also looking for a real estate attorney who can review the paperwork for this transaction at a reasonable cost. The attorney I contacted was very nice, but quoted ~$7000 as a estimate. She also added that since I was already under contract, it would limit her ability to help me negotiate the price and terms. I would greatly appreciate inputs and thoughts from all the seasoned members in this forum.

Thanks,

Raj