All Forum Posts by: Nitin Dhiman

Hi @Travis Sperr, @Joel Owens, @Ronald Rohde. I really appreciate your responses and input. We're consulting with an attorney and are putting an action plan together. I won't mention specifics in a public forum but the situation seems workable at the moment.

Thanks guys.

Nitin

Hello commercial RE owners,

I have a business tenant that signed a 5 yr lease a couple months ago. The business has few other locations and they decided to shut down one location (the one in my building) just 2 months into the lease! According to the lease, a tenant that defaults will owe all rent due till the end of the lease term. I'm trying to figure out the best course of action.

Going by the letter of the law, I should be able to go after the business for the remaining 58 months of rent. Is this what most of you (commercial RE owners) would do? Hire an attorney and pursue full payment? Or would you strike a deal to have the business pay the rent (and leasing costs) until a new tenant is found?

Thanks.

Nitin

Thanks for your input @Michael Rodriguez . I should have also included that the home will be purchased through FHA financing. Pulte tells me that FHA has stringent 3rd party inspection requirements. But if a pro like yourself is recommending an independent inspection, I will surely consider doing it.

Hi there,

I'm buying a new Pulte home in northwest Houston. An area that didn't flood but got quite a bit of rain. The house is under construction and I have a pre-drywall walkthrough in a couple weeks. Would you recommend that I get an independent inspection done on the construction before drywall is put on? Pulte says they are required to get a 3rd party inspector anyway. Looking for suggestions from those familiar with new home construction.

Thanks!

Nitin

Thanks @Elizabeth Wilson. I wasn't aware of the very useful online service offered by the TN Secretary of State. I'll get started with that and engage with the attorneys you mentioned for the operating agreement. Appreciate your input!

Nitin

Dear Tennesseeans,

My partner and I are under contract to purchase a property in Tennessee and are looking for recommendations for an attorney that can help with forming an LLC in Tennessee and writing up an operating agreement. I'd appreciate your help.

Thanks!

Nitin

I don't live in the area near the property so I don't "have to" invest in flood plain areas. I was just looking at it from the "invest in what others won't" angle, but this one doesn't look like it's worth the risk or hassle.

Thanks everyone for your responses. I really appreciate your input and for keeping my head screwed on straight. This is why I'm on BP!

Nitin

Hello experts,

I'm looking at a couple of duplexes that look good on paper in terms of numbers and cashflow for a buy-and-hold rental investment, and are in a strong rental market. However, these units are right on the border of the 100 year floodplain in Texas, based on the city's floodplain management office. The seller has provided the elevation certificate and the insurance quote on it is 2x what it would be on a similar property that's far from the floodplain.

If you've had experience in investing properties in or near floodplains, I'd love your input on how it's been for you, and the risks you considered when buying them.

Thanks!

Nitin

Hi @Account Closed, could you send me more info on the property. Thanks!

Nitin

@Tony Talamas, @John Broussard, thanks. I'll reach out to you on Monday to understand what options I might have. 

@George Taylor, I'm looking at this as a buy and hold. If I go in with HML, I'll be facing the same set of financing options as now when I want to re-finance to get out of the high-interest HML loan. Right?

@Chris Mason, I like your suggestions. If all I'm left with is having to finance with 4 loans, then yes, negotiating with the lender to waive 3 out of the 4 set of fees would be the right way to go. Thanks for your input.