All Forum Posts by: Kirsten Ostby

I'm attempting to refi any loans I have that are not in the 3% range, which are all rentals/investment loans. With QE in mind, I'd like to not have too much surplus of cash on hand either in the upcoming future... personal opinion. 

@William Thresh if you are interested in automating rent payments, you could automate the base rent, and then send statements out for the additional NNN? Not sure if that would be confusing, or worthwhile. Just a thought.

agreed Ronald Rohde, to get it in writing and signed. I haven't agreed on anything with this tenant, besides not charging a late fee. When we do come to an agreement, I plan to make an addendum laying out the details and we will all sign. 

@Joel Owens "rent relief request" was over email. and it was a request to stop/pause the auto draft rent collection. They have one business location. I do not know their financials. The owner signed a personal guarantee, to accompany the lease. 

@Greg Dickerson thanks for going into more detail on that. Our lease is a standard NC state commercial multi tenant lease with typical language. The normal late fee of $300 is not going to be enforced here. In the event of default, I can serve them written notice that I'm terminating the lease, but I'm not interested in doing that. I'd like to work with them, and just want to make sure I don't get taken advantage of. I do have a real estate attorney I can work with if it gets to that point, but for now I'm trying to handle it myself. 
With the loan, I'm having it modified right now to take advantage of lower interest rates. No need for loan forbearance there thankfully. 

@William Thresh I have all of my tenants set up on automatic bank draft ACH rent payements, set up to match the terms of their lease. That is signed and authorized at the same time they sign lease paperwork. Although I disabled it for this specific tenant because they contacted me before the 1st to say that their bank account would be overdrafted if it went through as scheduled. Sounds like your tenants manually pay rent each month? I'm thinking that I will enable auto rent payments again after this is over and adjust it to include the repayment of any missed monthly rents, to be spread out over 6-12 months. Possibly make an addendum for us all to sign acknowledging how the rent will be repaid over those months. 

@David Martin they are doing curbside ordering/pickup for food and growlers, etc. Not able to continue brewing because of some supply issues though.

@William Thresh Yes I did see your thread when I was searching to see what other commercial owners are doing with tenants unable to pay rent. So are you basically going to take the back rent amount, divide it by 12 and adding that to the regular monthly rent amount once they are back open again? April 1st is when I do the annual rent increase, but I'm not sure if I'll enforce that this year. 

@Greg Dickerson can you expand upon what you would look for in the lease or loan covenants, to avoid violating?? I can't think of anything that would be a violation. Whether or not I have a loan on the property has nothing to do with my tenant. Or maybe I'm misunderstanding what you're referring to. 

Those of you who have a Bar as a tenant, how are you handling the current situation? This is assuming they are not paying rent. I have a Bar/brewery tenant and they are claiming to be in a dire situation, awaiting government/SBA funds, and unable to pay rent as of April 1st. I'm just curious what others are doing in this situation. 

Looking forward to it!

That's great. I've wondered what the experience would be like managing a multi unit that you also live in. Could pose some very awkward moments with your neighbors/tenants. I house hacked in  my early 20s with two roommates and it was awkward when one of them would repeatedly forget to pay rent. 
Are you going to  keep it private with your tenants that you own the building then? Do you have an exit strategy yet? Move out after a year or two?

Hi Joseph, planning to attend this one. May or may not have my kids with me :) 

Congrats @Michael Glaspie! So how many units is it...2, 3, or 4? What area of Fayetteville. Since you're living in it, are you doing the prop managment or someone else in your company? 

@Andrew K. yes I've heard that many of the roofing companies are still trying to catch up with damaged roofs from September's hurricane. It's crazy. And when I'm out driving around I still see plenty of blue tarps on roofs and chimney's, so I guess people are just waiting to get their's repaired. 

Another roofer I used last summer for a $25k roof job told me they are flat out not taking any new roofs, that's how backed up they are... 

Definitely keep me in mind if your guy does good work!