All Forum Posts by: Jessica Beltz

Not sure if the following info will change any of the answers given so far, but here it is:

The property changed hands a few times over the years. The tenant has always been the same. As mentioned earlier the tenant had done a sale leaseback some years ago. The current Landlord has only had it for about 2 years. 

Also the tenant is threatening to sue if the Landlord deducts  from the deposit any costs incurred for repainting the patchy areas.

Walk Thru issue - Office Property

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The tenants were the original owners and had done a sale leaseback many years ago. The tenants have now decided to move out. In the process of getting the property ready to be returned to the Landlord the tenants used the original paint they had (presumably leftovers from the original date of purchase of the property or later years of repainting) to paint areas (internally only) that needed paint and touch up.

As a result during the walk thru the paint the tenant used does not match the existing walls color. It looks patchy and unprofessional. In addition, the tenants probably used rollers instead of the original spray making it look different.

The tenant claims that since they used the original paint (many years old) they are not responsible for the paint differences.

The Landlord claims that the property was given to the tenants with uniform colored paint on the walls and returning it with patches of different paint color/shade does not constitute ordinary wear and tear and has asked the tenant to correct the situation.

The lease clearly states the property needs to be returned to the Landlord in the same condition as received and broom clean except for ordinary wear and tear.

The tenant has refused to correct the situation.

Since the office property is up for sale and not re-tenanting it is going to be sold as is. The paint on the rest of the walls is fine except for these patches. A new buyer will ask for a reduction in price so the Landlord wants it to be corrected.

What are your thoughts?

So I am thinking of purchasing office buildings with long leases on a NNN basis in other states like FL. Price between says 750k and 1.5M.

My questions are as follows:

- Are there banks and other lenders that offer "Interest Only" mortgages/loans on the above properties in such states?  If you are aware of any such lenders, please let me know.

- Does one have to pay higher interest rates and fees/charges because the mortgage is "Interest Only"?  Is it the same as P&I loan?

- Can one get a fixed rate for such loans?

- Is the down payment higher?

- Being a CA resident, does this preclude me from getting such loans on properties in other states like FL?

In answer to some of the questions asked:

 I would like to invest in Fractional First Trust deeds that relate to Single family homes - preferably in Northern CA and preferably the value of the home being under $1M

1. Yes, I am looking to co-invest in Fractional First Trust Deeds/Hard Money Loans.

Does anyone have any good recommendations of companies with a good rep that offer such fractional First Trust Deeds in CA or elsewhere?

2. Also are there any investment clubs (focused on First Trust Deeds) where such like minded people meet and exchange ideas? (Preferably in the East SF Bay Area, CA)?

1. I am very interested in investing in Fractional First Trust Deeds. I am based in Northern California.

From the Internet, I signed up to receive fractional trust deeds offers, however, the interest rates they offer varies so greatly. I am wondering if anyone has been using any such companies to buy fractional first trust deeds and can "recommend" any?

The companies could be based anywhere in CA or elsewhere.

2. Are there groups or clubs in the SF Bay Area where folks interested in investing in First Trust Deeds meet often?  I have looked up Meetups and don't see any relevant ones.

Your help would be appreciated.

Thank you.