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All Forum Posts by: Kim Hopkins

Kim Hopkins has started 48 posts and replied 254 times.

Quote from @Frederic Babeux:

@Kim Hopkins

What does the current lease say about subletting? That could be your leverage on your current tenant.

Also, you mention a penalty of 35k if tenant doesn't leave, does that mean that they would reduce their purchase price by 35k and accept the building with current tenant until the end of his lease?

The current lease does not allow someone without written approval from us. But I feel like a real jackass for everything to him over that. He's been a good tenant. What do you think?

The penalty means they would terminate the deal and they've made it clear they would not close if he's not out. 

Hello All! 

I'm hoping someone has a miracle idea because we are all out of ideas on our end! 

Situation

- Killer opportunity to sell one of our warehouses in Portland, OR. 

- No debt on property. 

- Tenant is wood worker. His lease is through October of 2024. He also sublets to a couple of month-to-month tenants we did not approve (but no troubles to date). 

- Tenant pays VERY little rent. ROE and cap rate is 1.5% to give you an idea of how VALUABLE this sale would be to us. (We would 1031 and leverage into something bigger with MUCH better returns).

- Buyer is an art school. Wants to occupy building on close in 3-4 months. INSISTS tenant is vacated on close. We have not signed the contract yet, but there is a $35k penalty to us if we can't get the tenant out upon close. (Other terms: 60 day due diligence, 30 day close with option to extend additional 30 days).

Problem & Attempts to Solve: 

- Tenant found a building to buy from a friend at 1/3rd of market price, but he would need to get a change of use approved from the city of Portland which could easily take 6 months and so doesn't work with Buyer's timeline. (Tried to get him to look at buildings to lease as well but because he is so far below market on current rent, everything is too expensive).

- We offered tenant $100K to sign an agreement that says he'd move on 30 days notice, with payment at close of sale. 

- He said no.  Said he can't close down his business if he doesn't have a building to move into. Countered with 30 weeks notice and buyout of remainder of his rental payments owed ($83k as of today). 

- 30 weeks doesn't work with Buyer's timeline. Asked Tenant if he'd consider 5 months notice. He said 5 months wouldn't work. 

- Also told tenant that we might reconsider his sub-tenants if this deal falls through and require he find tenants at market rent so we can gain the upside to make up for his below-market-rent. He either didn't understand or doesn't care. Said he would consult his attorney if needed. 


Can anyone think of how else we can salvage this deal?! THANK YOU!!


Kim

Please watch this video instead:  4 minute video. It clearly outlines the objectives first which is important. To reiterate the problem: this seems clunky and I feel like I must be reinventing the wheel right now. If you have 4 minutes, would love your feedback and any ideas on what you do to manage your assets and/or what you suggest here.

Thank you!
Kim

Hello! 

Two years later and I'm STILL trying to come up with a monthly reporting process for my properties. It needs to be: 

1. Something I can outsource to someone with basic real estate knowledge to do the actual work each month.

2. Something that provides me with an easy-to-read report that I can review and forward to my (third party) property manager. 


Check out this video for what I've built so far. It's going to be a total pain in the a$$ to fix the formatting for all the Q&A sections and I just still feel like it is clunky and hard to read. Again, I'm  using THIRD party property managers for all the mult-tenant properties so I really don't think it makes sense for me to use some gigantic program like AppFolio or Buildium. Additionally, I haven't seen anything from them that summarizes rent roll questions, upcoming bumps/terms/delinquencies, expense questions etc all on one page like this. 

ALL help is appreciated. Thank you!
Kim

Post: Virtual Assistant?

Kim HopkinsPosted
  • Investor
  • Posts 255
  • Votes 73

@Renee Casey @Liam Goble Could you both please share where you found VA's with real estate expertise and what terms to search for? An example of something I want done is for someone to go through my hundreds of leases and check that my rent roll is accurate. Thanks

Any opinions on this? I can't be the only one! I would be totally open to it including an accounting software as well where I can see financials across all my properties because I'm tired of my current accounting program, Wave.

Hello! 

I have searched for this on the forums extensively and online, to the point where I've started building my own and writing the code myself. I still can't believe it doesn't already exist though! 

I'm looking for an asset management software for OWNERS, not a property manager software. I have property managers who work for me. I am trying to manage the asset and the property managers.

Here is the basic functionality I'm looking for: 

  1. Property View: Customizable view that allows me to select a given property and view, update, and save information including the obvious facts, plus ownership %'s, reserves to be held each month, property tax/insurance info, purchase and loan info. Need to be able to view, edit, and save changes.
  2. Unit / Lease Abstract View: Customizable view that allows user to select a given property and provides a menu for that property of all tenants/units at that property. User can switch between different units. Display shows details for the given unit which can be viewed, updated, and saved.
  3. Rent Roll View: Customizable view that allows me to select a given property’s rent roll and view, batch update, and save information. Expiring leases, rent bumps, and delinquent tenants are highlighted. 
  4. Property Management Dashboard: Allows me to summarize delinquencies, notable expenses, upcoming lease expirations and rent bumps and send a monthly email automatically to the property manager for a status update.

Everything I've found is either focused on the property management and rent collection or on managing investors. Does anything like the above exist?! Thank you!

Post: Real Estate Asset Management Software

Kim HopkinsPosted
  • Investor
  • Posts 255
  • Votes 73

@Nate Lockett did you ever find a good asset management software? I'm in the middle of building my own but it's taking forever so I decided to try to do a quick search again to see if there is something good out there that is not too bulky on the property management side.

Post: Asset Management Software

Kim HopkinsPosted
  • Investor
  • Posts 255
  • Votes 73

@Gabe G. did you ever find a good asset management software? I'm in the middle of building my own but it's taking forever so I decided to try to do a quick search again to see if there is something good out there that is not too bulky on the property management side.

Thanks for the link. I did actually find that one. Did not see anything that jumped out at me though
Originally posted by @Ed Brancheau:

Does this help: https://www.biggerpockets.com/...