All Forum Posts by: Mark Creason

Arvin,

I think you need to find a different lender. I will ask around and find out what might be available. I believe FHA has programs for 2-4 unit multi-tenant.

Where are you looking in DFW?

Mark

Daniel,

In Georgia, they require you to have a broker license and a company license in order to own your own "office"  What state are you currently licensed in?  Does Georgia recognize reciprocity with that state?  If they do, you should just have to fill out the form.  Question A would be yes, and probably a sole prop.  Question B would be no, I believe.  Hope this helps.

Mark

Aaron,

I am sure this department is not in the business of doing TI's and I would recommend you doing them as it is easier to finance something like this over a longer period of time.  Do you currently own the building?  Are you talking about .85 per sf gross?  Where is the property located?  i think you might have a really good deal if it is the right department guarantying the lease.  I would probably ask for a 20 year firm term lease.  Contact me if you would like to discuss further.

Mark

Andy,

He has no legal right to serve your boss.  I would call him and let him know that if he stops by your place of employment that you will sue him for harassment under the Fair Credit Reporting Act.  I would let him know that if he wants to serve you, that you will arrange to meet him.

Mark

I recently talked to a property management company for one of my clients.  This management company seemed reasonable as they were willing to sign a 1 year contract with a 30 day out clause.

Mark

Nick,

Hire a reputable phase 1 company and phase 2 should not be necessary.  They would need a very specific reason to do a Phase 2 such as the being a former gas station or something similar.  Is the property in North Texas?

With environmental issues, the government will go after anyone and everyone in the chain of title.  As Joel stated, with a good phase 1, you would be able to state you did proper due diligence and claim innocence. 

Mark

Nawab,

I don't think you can sign off on the managing members liability.  If someone determines there is a significant hazard, they will come after anyone in the chain of title from the moment the tanks went in.  I would consider consulting an attorney.

Mark

Last time I saw that book was when I was in grad school.  It is definitely designed for the insurance industry so that they can come up with a ball park figure.  Would not use it for any actual construction estimate.

Mark

Hello,

Nice to see all these people from Texas on here.  I think you should keep it as it seems like you have a good cash flow on this property.

Mark

Stan,

What type of property are you looking to put a blanket loan on?  What dollar volume?

Mark