All Forum Posts by: Mike Buckley

@Nathan Gesner Good point. There is definitely nothing to hide however this tenant will most likely fight me till the end regardless. 

@Wayne Brooks They were sent a certified letter 30 days before the lease ended that we did not intend to extend the lease past it’s expiration date and expected them to be moved out. 

I have a commercial tenant that I am evicting at the end of the lease term. Their lawyer called me and requested a copy of the lease agreement. Do I legally have to provide them a copy considering they lost the original copy they were given?

I manage a couple of them. Ya they are tough to get financed because they are considered risky. They also are less liquid because they are more of a hands on job than an investment. If there is any financing currently in place with the seller I would try and see if they would be interested in still financing the property. That is what we did on one of them and it appraised out. Hope it works out. Run correctly they are great assets. 

@Nathan Gesner This is definitely something to consider. However I usually do not have luck collecting judgments. In this case I assume the tenant will just stop paying and take the hit to their credit if the price point is too high.

@Kevin Sobilo Good Advice, this tenant has been shaky already so taking any sort of payment would be beneficial... Most tenants in my market could care less about their credit and just stop paying. Collecting the money after is almost impossible, the tenant would just take a hit to their credit. However in this case it seems as if the tenant actually cares about their credit so I may have a little more leverage.     

@Jason D. That sounds like a good way to look at it. Office space in the suburbs is tough sometimes it can take up to 4 months. $1500 in the end after forfeiting the last months rent and security deposit. 

I have a Commercial office space tenant in a 3 year lease who after 5 months decided they cannot afford to keep the space and want to know If they can buyout the lease. Has anyone arranged an agreement like this before? I understand I have an obligation to market the space. However would It be in my best interest to take a lump sum payment? The rent is $750 per month they have a last month rent and security deposit of $750 as well. What would be a reasonable amount for a buyout?

Hi, I'm located in Fall River, Ma. Wondering if anyone else has worked with any good carpenters/framers in the southeastern ma area who are investor friendly?

If it's a good deal don't let it scare you. It sounds like the contractor can stop the leak. Then have a handyman open up the Sheetrock and spray a bacteria killer inside the wall followed by running fans in the room for a few days to dry it out. Then have him or her seal the inside studs with a primer like bin 123. If it's rotted bad studs can always be sistered on before covering it back up as well.