All Forum Posts by: James Xie

Thanks for your reply, Jon. 

I hate that the tenant did not respond in two months. he should tell me although he wants to break lease. 

Hello Folks

I am new in real estate market and really need your advice . My tenant have not paid recent 2 months for my warehouse. He did not respond  whatever I call or send verified mails until I text him I will get his stuff out. He said he will vacate this week. But there are 6 months remaining in the lease . My lawyer suggest let him go since I have 2 months deposit.I do not know how to do, but I am mad his dishonest. 

I am really appreciate any advice.

Thanks for your advice,Kenny.Will do Notice of Breach of Contract today. 

I am not sure if the tenant has moved out, since he does not come everyday now. 

Can I require he pay rent if he already moved out ? Or any compensation for my side since the lease is expired next year.

Hi everyone,

Hope you guys doing well. I have small warehouse in NY which is rented almost 2 years. From this month, the tenant do not pay rent yet. Also the tenant does not answer the phone when I call or text. It heard  he moved to another location and use my warehouse only for storage. The lease term is until 2020 may. 

This is my first time for renting.I do not have any experience to deal this. Do I need to find lawyer sue him if he still do not pay ? Or what I will do next ?

Any advice will be welcomed.

Thanks advance

@Henri Meli Actually I was looking for a warehouse that  I need to use at first. But I found this property for sale and feel this is not bad deal,since there is around totally $990K rent for next 10 years . I know this is ideal result only if the tenant will not break the lease. I am foreigner and not very familiar with American real estate. I just compare it with other local selling property.

Fortunately I found this great forum and start to learn how to invest. 

For this property, I want to learn the process of purchasing commercial real estate . I want to make sure if this is good deal . And how much risk I will take. 

Thanks for your input

@Account Closed I do not have $7,000,000 net worth. Now I only have around $1,000,000

@Henru Meli I am not sure the profitability of this building. As I calculate, I still can make some cash if I pay 40% down payment. 

@Joel Owens There is no personal or corporate guarantee on the lease. As I see the tenant has not strong net worth. And the rent is closed to market level.

Thanks for your help

The tenant is running dog daycare and franchise. I may figure out backup plan if the tenant could not stay as promise.

Thanks for your advice

What's up guys. 

New member needs some advice.

Recently I came across a warehouse in NY, which is about 5,000 sf. And only 1 tenant occupy whole property and have 10 years lease remaining. 

Owner ask $950k

Property tax is about 20k

Monthly rental is about $7,700

Tenant pay insurance and tax increase base the first year.

Is this good deal ? What do I need to do or pay attention before closing this deal ? Since I am very new and do not have knowledge on investing warehouse.

Thanks

James