All Forum Posts by: Nick Fitzpatrick

Welcome to property management, I manage a few of my own and have made so many mistakes the hard way also! And you wont forget this one next time, hand keys out LAST!! You should have a fully executed contract that you have reviewed with the tenant and performed walk through, this is also the best time to lay out expectations. List price in an ad means nothing the lease terms are the binding agreement and the wife later changing this would not be legal IMO. I might consider letting this tenant feel like they won and give then a 6 month lease and get rid of them instead of dealing with thus headache for two years!

It was a good podcast, With some good advice to take away from it. You are just scratching the surface there Jay throw a few more on and enjoy :)

Nick work, and good luck in the next investment.

Suneel,

I am in the same boat with a townhouse I bought in CA in 2011. I am not as fortunate to have the zero down, but even with a 25% down has had significant leveraged appreciation. That if I was looking to buy today the property wouldn't make sense. I reached out to some investors in my area and asked them what they were doing with their holdings and said they would be selling some of there codo/townhouse and holding SFR's in my local area for several more years. I would really look at the rate of appreciation in your current market as compared to where you look to re-invest. Because a 7 percent appreciation on your asset of 525k would be an additional 36k+ which could exceed any year of cash flow you get in another market.

Let me know how it works out I am planning on selling mine next year when a lease is up.

I dont know much about commercial leasing, but i would want the tennant that is to occupy the space to be named on the lease. Either having tennant 2 as the primary or co-signing on tenant 3s lease. How long has tennant 2 occupied the space in a sub-lease? It may not be an issue if they have a history of timely full payments at a market rate! Welcome and keep us posted on how it shakes out

Thanks for all the great feedback, I will take the advice and contact an attorney to get help drafting a leese!

Thanks for the input John! I see you work in northern CA any good rec's for RE attorneys?

My family has a smaller office space building in northern California (Healdsburg if anyone is looking for some office space!) and one of the long term tenants is moving out in a few months. I still have not reviewed other leases to see if they are structured as a gross or triple net but was wondering in anyone in here had links to some easy DIY templates for commercial leases or should I only attempt to do this through an attorney or professional property manager. I have some experience leasing my residential units but this seems like a different challenge I would like to help them out but want to make sure I keep them protected and represent them well. Any advice would be greatly appreciated!

My family has a smaller office space building in northern California (Healdsburg if anyone is looking for some office space!) and one of the long term tenants is moving out in a few months. I still have not reviewed other leases to see if they are structured as a gross or triple net but was wondering in anyone in here had links to some easy DIY templates for commercial leases or should I only attempt to do this through an attorney or professional property manager. I have some experience leasing my residential units but this seems like a different challenge I would like to help them out but want to make sure I keep them protected and represent them well. Any advice would be greatly appreciated!

There are IRS guidelines for different loan lengths for minimum interest that must e applied or else it is considered a gift and will be taxed as such. All info is available on IRS site.