All Forum Posts by: Kevin W.

Hi BP! I want to get your opinion. Summary: California, Small commercial unit 3 people want to open up a retail business, but all 3 have bad credit scores (high 500's). They are willing to put all three names down on the lease and put 3 month security deposit. Unit has been vacant for a month now. Little interest on it. What do u guys think? On a related note, if we had to evict for this commercial unit, would it be similar to evicting one person or would there be 3 seperate trials since there are three individual adults? Thanks BP!

Hi BP!

I was wondering for those with experience, how do you word a contract for keeping the unit clean from debris or personal items when a tenant decides to leave.

I am helping a family member lease out their small commercial space to a nail salon business. I want to word it in the contract so that the tenants will leave the building free of debris or other items from their business. Ideally, I want the place to be like when they first rent it, but we all know that won't happen (since they will add various light fixtures and flooring).

Any advice will help.

Thanks BP!

Hi BP,

I was wondering if anyone had insight on septic tanks and water wells. A property that was recently listed has great numbers, but it is on septic tanks and water wells. What can go wrong with these, what are the fees associated with it, and what should I watch out for during inspection?
Thanks BP!

Originally posted by @Brian Gibbons:

Is the property free and clear of loans or what is the mortgage loan balance?

It is free and clear. 

Market value: $220k

Asking price: $270k

Any creative ideas? 

Hi BP!

Longtime lurker, first time poster.
I was wondering if anyone could answer my question.
I wanted to buy a property via seller-financing. The asking price is very high considering the location, rents, and comps. So I wanted to structure it with 0% down, principal only payments for 250 payments (seller is interested).  

My question is that if I refinance out with a bank or lender in a few years and there is somehow amazing appreciation so that its more than my buying price, would I be able to just cash out the equity and continue paying the seller in monthly installments or would I have to immediately pay the seller to get his name off the lien for the property for the refi loan.

Thanks BP!