All Forum Posts by: Peter Lee

@Katie Balatbat is there a minimum time period before the TIC needs to be created? Or can it be created right before the property is sold? Thanks

Working on a small multi tenant industrial deal where there are a few tenants have leases that are missing information such as term, lease end date. I want to have the capacity to terminate their lease if needed.

Is that lease valid? Or does the tenant have some rights to stay since there isnt an end date? There 50 other leases in the building which clearly specify a 1 yr term then go month to month which Im sure was the intent here but the leasing manager neglected to fill out the info.

One of the weirdest lease things Ive seen.

we built these out.  question is on the ladders and what kind of tenant agreement those who of you have rented out such units have the tenants sign.

Good suggestion and we've been trying that but they were straight up with us and told us they weren't a good option for conventional as their niche was SBA. LTV would be at best 60% but who knows maybe w the appreciation it's possible. We are keeping that in our back pocket for now.

Anyone have an idea of what conventional financing terms (rates, term, LTV) are available these days for refis? We have a facility in Southern Cal that we are looking to refi out our SBA tranche (long story on why we want to explore taking this out).

Any bank suggestions appreciated too!

​​​​​​​TIA

I like this.  Think naturally people will be extremely suspicious of someone knocking on their door so maybe that first visit is just planting the seed...

Following.  See a good handful of vacant/ abandoned homes in my area.

Hi Joe

We have both the management software + the website through Storedge.  It's roughly $120/ mo for the software + $100/ mo website.  There was a one time set up fee of maybe $700-$1k (cant remember exactly).  

I like how the Sparefoot, Storedge, and the website are all linked which makes things easier and the dashboard/ reporting features are pretty good.  It's pretty easy for me to see everything that is going on on site by logging into the software.  A little sucky though that Sparefoot, selfstorage.com, and few other sites are all owned by the same company that owns Storedge so they have cornered the market there.  Not a big fan of the minimum 1.5 mo commission.

My one big gripe though was the migration from our previous management software.  They screwed up a good handful of things and I spent a LOT of time doing data cleanup/ verification.  Most of the issues revolved around autopay and planned rent increases.  Im guessing there was an easier way to do this but the hassle of annoyed tenants wasnt worth it.  For example I had some tenants who got double billed via autopay bc the data was improperly migrated and I had to clean up all that data.  

Sorry guys for the redundant post.  Found this from a few years ago.

https://www.biggerpockets.com/...