All Forum Posts by: Jamal L.

@Earl Cohen

Hey Earl, Thats a very high traffic area. This should be a breeze as long as they due great due diligence when scouting tenants.  If you still are looking try using our tenant placement service with a guarantee to place reliable tenants within 30 days or we pay you! Ineedtenants.com

@Evan Polaski @Michael

 Ahhhh-haaa, This particular space has been vacant for 2 years based on the agent. The initial price was 9k and the LL has dropped it considerably since it hasn't been leased. Given up an even lower price at 6k.  Im working with the agent on this and I gave two options to propose and she came back with the option where there is no free build out phase. 

If this were you and you knew the space was a great opportunity what would be your next step?

@Michael K Gallagher 

Hey Bp Fam, 

Im looking into accepting the terms of this deal however, Im a little hesitant because  my initial request was to have at least 2 months of build out period without payment as the value I will be adding to the commercial  property will increase the properties value. 

Please give me your thoughts and advice on other terms that make it more advantageous. 

Current negotiation from LL

 Commercial lease Monthly Rent $6000 

Security Deposit will be $7000 (based on last month rent of the lease term)

Six Month Build Out Period - June 1 to Dec 31, 2024 

Lease to start January 1, 2025. 5 year term During the build out period the tenant would pay $3000 per month rent (June 1 to December 31, 2024)

The balance of $18,000 from the build out period would be paid back over 12 months at $1500 per month on a separate agreement. The payback will start on January 1, 2025.

At the time of signing the lease $7000 security deposit will be due. At the time of key pick up $3000 will be due.

Baltimore seems to get a bad rap, a lot. However I find that many of the pros out way the cons. Theres risk in any endeavor we take on. Your shield is not built during the war.... Congrats on getting your feet wet. As a mentor of mine once told me, you can read about swimming all day, but best believe, your *** can't swim until you get in the water.

If the inspection already passed and you paid the fee and are only waiting on them to send verification via email, and you have already registered you lead cert on the Maryland website (very important). Personally I would run to them. Again that's only if you did the above procedures correctly. 

@John McKee I like that idea. I was thinking along the lines of giving up SD and asking for 60 day build out and then asking for 6 months with only paying half asking price for rent. Since I could not operate until we pass inspection. But I would be willing to pay for the first 3 months upfront and the last 3 months after the first three end. Then paying the requested rent amount for the first 2years and then increasing 5% After the 3rd yr and lock that in for another 3yrs and increase by 10% the 5th-10th yr. Any thoughts on if this is feasible and would you except it? 

@Henry Clark

Just a little context, the building has been vacant for 2-3 years. And rent has been lowered at least 2-3k from initial asking price.  We would be adding an additional office in the front portion and creating more office space for trainings and creative workspace with a supported work program for the community in the other portion. The Landlord doesn't care what is done with the building as long as it's done to code by a licensed contractor. 

95% chance to pass accreditation 

@Al Seward 

If you don't have access to the MLS, you also could use rentometer.com & Trulia as well. Hope this helps. Good luck with your investments