All Forum Posts by: Stanley Bronstein

@Jeremy Cyrier hits it right on the head. Nothing wrong with NNN, provided you know what you're getting into. I have a good client who owns a freestanding CVS pharmacy that they've had for probably 12 years. It's been a great investment for them, all during a time when many other investors in retail were losing their shirts.

@Phyllis Effah I don't know if they'll look down on you, but it's a hurdle you have to overcome. For everything there is a first time. This is simply your first time. Enjoy the ride.

@Mike Cumbie hits it right on the head. I wouldn't let the disclosure issue be a hangup on this deal. I'd be more concerned about the business terms of the deal and the numbers.

As a licensed CA agent, the Seller probably has a duty to disclose that they are a licensed agent.

You didn't know they were an agent when you submitted your offer, so you didn't include it in your offer.

In their counteroffer, they are adding a disclosure into the agreement that they are an agent, as they are presumably required to do by the state of California.

While I don't know the whole circumstances, nor am I licensed in California, that seems fairly normal to me.

There are courses and there is mentorship. Information from courses can often be found on BP and in books and podcasts. Information and experience you gain from a knowledgeable and experience mentor can be a totally different story.

I think there's much more value in the right mentorship.  Less value in an educational seminar.

If you're a prospective buyer of a multi-family unit, here's another tip you might find useful when you're kicking the tires on a prospective property.

Don't just look at the currently occupancy, check the eviction filings for that property address (it is probably public record at the courthouse - depending on where you're located). 

The eviction / turnover history on a particular property might provide some useful information when you're deciding whether or not to buy and you're negotiating with he Seller.

@Kenneth Liz  Theoretically, title companies that are acting as escrow agents are supposed to be neutral third parties.  In practice, that's not always the way things work. The main reason I try to use my favorite title companies is that I get a better level of service form them.

I recently closed a large transaction and the title company NEVER answered the phone when you called. You had to leave a message or send them an email and then wait all day for them to finally respond. You could also never reach them before 9:00 AM or after 4:30 PM.

On the other hand, my preferred title company almost always answers the phone and always responds promptly.

@Alex Young  You need to be talking with a knowledgeable real estate attorney and you need to be doing it NOW.  Time is of the essence. @Daniel Sutton describes another method I have seen used to tie up a person's property, however that method also comes with risks, as you are essentially putting a cloud on the Seller's title. Once again, talk to a lawyer and talk to them NOW.

@Account Closed All it takes is an economy where you're making some commissions (grin) ...

@Alex Young Depending on what the contract says, talk to an attorney in your state and ask them about sending a notice to the Seller saying their in default and you intend to sue them for specific performance to go through with the deal. Actually filing the suit might cost more money than it's worth.  Getting a lawyer to send a letter that you are considering it would cost a lot less and often works.

Specific performance is a remedy in the law of contract, whereby a court issues an order requiring a party to perform a specific act, such to to complete performance of the contract. It is typically available in the sale of land, but otherwise is not generally available if damages are an appropriate alternative.

Mediation as @Russell Brazil mentioned might be a good idea as well.  A lot depends on what the contract says.

Please bear in mind I am NOT your attorney and you should seek legal advice from your own attorney.