All Forum Posts by: Eric Paone

Hey

I have a commercial tenant who wants to change the current lease of his unit to his company's name. It is an LLC based in Wyoming.

My old mentor has always stressed having leases in personal names only for the purposes of legal action for all commercial leases.

Is this legitimate logic? Does it matter what name is in the lease if the tenant ends up not paying rent or gets into legal trouble? We are in a suburban town in Pennsylvania.

I own a property that is in an AE zone flood plain. Every year the Creek Bank that runs through the back of the property gets overgrown with weeds, vines and junk trees. The creek itself is about 10 feet lower than elevation of the back yard.

I do not have a survey but the tax map seems to include the entirety of the creek bed.

Does anyone know what I can and can not do to the creek bank in order to maintain it.

For instance, can I put down mulch or wood chips on the creek bank. Can Landscape fabric be used.

Does anyone know if a mixed use 7 unit building would be appraised with the income approach or by sales comparison.

In this area comps are hard to find and are rarely apples to apples.

What would the basic math be for the income approach?

The zip is 19002

Hey

I had a question about refinancing a private mortgage. A year ago I purchased a 50 % share of a mixed use property through seller financing.

The mortgage I hold on the property is publicly recorded and the terms of that mortgage are tenants in common with the right of survivorship. I would certainly have consent from my partner to do the refi. My partner is a family member.

The building is 7 units in a highly appreciating area. 4 are commercial and 3 are residential. We have spent quite a bit of time optimizing the property. Rents are now at market rate and all three of the apartments are newly renovated. It looks like the value of our building has increased significantly. My goal is to to recapture my capital that has been invested into the deal.

Is it possible to refinance the deal? If so, what kind of bank might be more likely to provide me with a refinance. How much of my half of the equity can i access?

As a hiccup the property is in a flood zone. We do not carry flood insurance as the property has only experienced water intrusion one time in it's 60 year lifespan.