All Forum Posts by: Michael G.

Ha!

Not sure which I believe LEAST:

• A. "Adam Seth" from Secaucus NJ isn't actually the same Adam Seth from NRIA, with sales offices in Secaucus NJ. Just an honest mixup...
• B. NRIA's network was conveniently just "hacked" by someone named "Adam Seth" who only used it to send fake complimentary comments about NRIA (wink, wink!), or
• C. Elvis is alive and living large in Las Vegas

Hmmm ...... A, B, or C ..... Thanks for the laugh NRIA! This was a douzy!

Hi Everybody.

For those who may have lost track, I am the original poster for this thread. At least 23 different BP members weighed in with their opinions and experience. Thank you so much everybody!! I carefully considered and weighed every word of all your responses. I am most grateful.

I promised to give you all an update when we had news:

HERE IS WHAT WE DECIDED TO DO:

1.) We immediately demanded that the Tenant with the daycare procure $2,000,000 Liability Insurance naming us as Additional Named Insured. She did.

2.) We found a new Insurance company willing to cover the property with the daycare fully-disclosed. This was no small task: Out of over 13 companies we bid, only ONE (1!) was willing to even cover it at all... at a significantly higher price. We just bit the bullet.

3.) I had to raise the Rent a great deal (Approx 30%) to compensate us for the increased Insurance cost and additional hazard that we are assuming. We also wanted to make sure we earned a very fair return for all the trouble. No way we could allow her to stay at her below market Rent given her risk profile.

4.) We inserted several additional protections into her Lease and imposed additional obligations and responsibilities on her such as an obligation to sweep the hallway / shovel the walkway & sidewalk / Maintain the front area of the building / Take out Garbage, etc...

She hemmed, hawed and balked at first but she reluctantly (very) eventually came-around and signed the new Lease at the new higher rate with the new additional protective terms.

We feel like, as tough a negotiation as it was, this in the end is a fair resolution and a win-win for everybody and we needn't lose sleep at night knowing we kicked out a nice well-meaning Lady in the middle of winter (which would surely have very badly disrupted her whole life & business). We are happy with the new higher rent. I believe we still have decent trust and a good relationship with the Tenant and hope it continues for years to come.

I know that many of you will disagree with what we did and think we should have simply booted her at the expiration of her last lease - and we greatly respect your opinions - but this is how we chose to handle it.

Let's just hope that it all works out. Thanks again everybody for your valued input.

Brooklyn R.

Brooklyn NY

@Joshua Dorkin

Verrrry interesting.... The plot thickens...

Begs the question: Why would any company that is bona-fide & legitimate need to resort to such trickery?

guys for me this is a simple question

either Paypal or ChaseQuickpay.

not being web-saavy is no excuse. Like they say: Just do it.

we charge an extra fee for any tenant that doesnt pay via Paypal or Quickpay. They all do it.

it takes 30 mins of getting used-to and then every tenant LOVES it afterward.

change, it turns out, is not actually so hard.

hey everybody. Surprised nobody asked this: How much are the replacement grates? If they're not too expensive (and the tenant is good) just eat it.

otherwise, our rule of thumb is Tenant must return the property in the same condition as received (minus reasonable w&t excluding neglect, abuse, overuse, negligence, etc....) This includes any missing items. If a faucet or window handle went missing, he'd have to pay for it or replace it.

missing grates are no different for me.

Sounds good, but that's one helluva run-on sentence ! :-) I'm almost out of breath just reading it... Your elementary-school English teacher would be mortified!

:-)

@Marcia Maynard

Understood. Thanks for input.

@Rey Grabato

Hi Rey - Was curious to know your response to the above...

Is it accurate that your firm never takes anyone's money, and that at no point do your investors ever write checks made payable to you or your firm? (Excepting of course all reasonable and pre-disclosed/pre-authorized direct fees...)

Thanks!

@Marcia Maynard

Thanks for input Marcia. You're wise I suppose to head this off at the pass....

Curious: If you could charge an extra 35 or 40% rent (while remaining properly insured) would you still decline?

Rey - Again, Thanks for your response.

You're right. I guess I don't understand what you do. Are you saying that you never take anyone's money? That at no point do your investors make any checks payable to you or your firm?