All Forum Posts by: Jay H.

Ok, so I have a close friend that lives in Miami, he bought an 3 unit albatross in Tallahassee because a family member said it was a great deal, and that family member said that they would handle the rehab with my friend covering the bill.

Well, when he was in town a few weeks ago we had lunch and he told me about this nightmare. As any good friend would do, I laughed my tukussss off, while asking why the hell he wouldn't have called me to simply give my two cents prior to jumping on this "great deal".  I knew the answer prior to asking, because this family member had tied similar albatrosses around his neck before and he knew I would ask him why he hadn't learned from his previous mistakes. Being the compassionate friend that I am I asked anyway and the answer was what I expected.

We ended that lunch with me telling him you got yourself in this mess and I don't have the time to bail you out by stepping in and organizing the rehab and rental.   Fast forward to yesterday my friend calls me in a panic from his cushy vacation spot in the North East and says "help I cant get the house insured because it needs a four point inspection" I ask, is it ready for inspection and he says, as far as he knows it is, because that's what the albatross jockey (family member) told him, but said Jockey forgot to order the inspection. He asked if I would call in a favor to my contacts and help him get insurance. Because I am the friend everyone in this position loves, I agreed but only after laughing at him for a few precious minutes.

 I hang up and call a friend that is an insurance agent and start the process of finding an inspector. But then it hits me, maybe I should drive by the place and give it a quick peek and see if it actually is ready for inspection. To my surprise, it wasn't LOL, as a matter of fact far from it. I snapped a few pictures of areas that were deficient and texted them to my friend. Moments later my phone exploded with the panic  of a friend beside himself with disgust. He said those aren't the same pictures the Jockey had sent him earlier, you can imagine my surprise as I said, "you don't say".  Well at that point there was no need rub it in nor was there a need for a four point inspection, so I secured him a builders risk policy and explained to him that he needs to simply cut his loses and dump this albatross, and he agreed. 

this brings me to this moment, where do I post this property for a quick sale to a local Tallahassee investor/rehabber?      

NIce!!

Wow, brave.....

What is the vacancy in the area for industrial?

What is the average occupancy for self storage within the market?

Is there a need for climate controlled self storage?

Thanks for the responses. To clarify, I'm not debating the point of allowing pets. I am simply asking two distinct questions to actual landlords that currently allow pets. 

1. Do you charge per pet?

2. Do you charge upon each renewal term? 

Jay

Questions:

Landlords that rent to pet owners. 

1. Do you charge a pet fee per pet?

2. Do you collect this fee once, or with each renewal? 

Thanks in advance....

It's much easier if you PM me...  I have been busy with my "passive" investment.....LOL

If you look back through the thread you will see that others have replied after they received the sauce and also confirmed it shouldn't be posted. So again, good luck to you.

You're  right, it's all an elaborate hoax, part of my master plan if you will. Or, I have been out of pocket (pun intended) for a few days.....Either way, good luck to you. 

Additionally, I am selective with regard to who I send the info to. If your profile has little to no info, you probably won't get a responce. I have probably sent the info to no less than 100 people. Surprisingly, no one has come back to the thread and complained. Funny, huh? 

Thanks @Joel Owens you always give sound advise.

The site is superb and fell into my previously discussed NNN ground up development model. It wasn't actively listed and required dividing a banks property. It is in the heart of Tallahassee adjacent to the largest mixed use developments in town. Extremely high traffic counts and demographics. and represents the last parcel (that wasn't a parcel lol) available in this retail sector. The adjacent development is getting 40-45 sqft plus cam?. I am getting 41 with 2% bumps annually, on a 20year lease with 2- 5year options self maintained cam. Corporate flew into town and approved the site the same day, so I know they love the opportunity. They wont guarantee the lease but they have a clause that gives them first right to take over the store is the franchisee defaults. Obviously not a strong and a corp. guarantee. This will be the first location for this franchise in Tallahassee. I just need to force their hand and get more security.

Joel, have you looked into Papa Murphy Pizza? (I think that the name)

@Martin Z. & @Jimmy Klein @john

The Franchise is a large Quick Service Restaurant comparable to Hardees or Krystal's Burger. the franchisee partners are made up of three individuals. Two are financial components one is the operations component. The financial partner has a net worth of 8MM +/- made up of stocks, bonds, real estate and about 2MM liquid held in an account. The average individual/developer looks at these financials and sees strong tenants. because of my background I look at these through collectability lenses. Since 2007 the majority of my business was bank workouts representing developers and investors. Because of this I look at financials based on how protected the applicant is from an adverse action with myself being the potential adversary. So, when I dig into the ownership of the assets to include the liquid assets, I see assets that are held tenancy by the entireties (marital assets). So when I ask for spousal signature I get the response of My wife isn't a partner or operator and doesn't guarantee any of my debt. (which is smart but not when you/I am the developer)

So my question is this. Do you see 1031 buyers and or institutional investors that are buying these NNN deals digging that deep into the franchisees financials, or do they just skim the surface looking for sufficient liquidity? Which on the surface, he has.

I will seek a letter of credit....

@Andy B. @Joel Owens @Marylyn B