All Forum Posts by: John Fifer

@Jeremy Gengenbach I just went through this and there isn’t much you can do.

1. Have the lender ask the appraiser to look at different comps or revisit their valuation. This is not likely to work as appraisers don’t like to be told they’re wrong. This did not work for us.

2. Get a 2nd appraisal done at your expense. Lenders can’t chose the appraiser they get, but they can get a 2nd appraisal done. My lender said they’d pay for the first appraisal, but not the 2nd.

@Shawn K Hicks looking forward to meeting you guys tomorrow.

I'm game for the January 15th meeting! See you guys then!

@Shawn K Hicks when are you guys meeting again?

@Tiffany Pascual I spent 12 years as a commercial real estate broker in NW Florida. I specialized in sopping centers and retailers so I’m not a good option for you and I’m not sure of a Multifamily specialist actually in Tallahassee specifically. I would however recommend two apartment investment sale brokers that are active in the Tallahassee market, but don’t live there. David Monroe out of Mobile AL or Beau Beery out of Gainesville. If you want someone local then I’d reach out to Brian Messer in Tallahassee.

I have not heard of any, but am always game for coffee one of these days!

@Gus Mazorra a thought on the 15yr mortgage is I’ve heard that if you get a 30yr and pay extra towards principle as if it was a 15yr mortgage you end up ahead. I haven’t done that side by side comparison, but would love someone to tell me if that’s true. This would give you the flexibility of dropping your payments down from a 15yr mortgage payment to a 30yr payment if you got into a cash flow crunch.

@Gus Mazorra based on deals I’ve been seeing in the Gainesville market, this sounds like a good deal. Have you run the deal through the BP calculators yet and do the numbers still work?

You said you have two deals currently? I’m actively looking for another rental. So if you don’t close on this deal or the other one, I might be interested.

@Gerardo Lewis

I’d recommend Nick with Campus USA. He’s very good.

Nicholas Hoffman

Real Estate Sales Manager

Campus USA Credit Union

34th Street

@Michelle R.

I don’t think the uses are too similar to have both. Especially since your center is more medically focused.

If the physical therapist “use language” violates the chiropractors “restriction language” then the liability would be on you the Landlord. The new tenant isn’t a party to the previous agreement between you and the chiropractor. But the chiropractor might try to pull the new tenant into the legal situation. And to let the new tenant into the center you’d need to get the chiropractor to lift the restriction language via a written waiver.

Restriction language is put in place to protect the tenant. If you think the physical therapists “use” violates the chiropractors “restriction” then you need to discuss that and potentially negotiate that with both parties early on in the process.

Negotiating restriction and use language within a shopping center is a very common situation. And in the rare situation can make or break a center. It needs to be handled by an experience retail lawyer.