All Forum Posts by: Tommy Giannopoulos

Hi Jonathan,

I would have to respectfully disagree. New York real estate is a different animal from most of the country, so it has it's own unique challenges and intense competition, but I hear success stories all the time from friends in the business making big profits on multiple deals in the 5 boroughs. I just learn what I can to emulate it.

The southeast is very intriguing to me. If I were to ever invest out of state, it would be there. 

Best of luck!

Have you guys had any luck in NYC?

I'm investing in Brooklyn, Queens & Upper Manhattan. Would love to hear what deals you guys are working on.

Hey Carlo,

Welcome to the site. Interested in taking a look at the properties you come across. Shoot me an e-mail when you get the chance. My info is in my profile page on BP. Thanks!

I'm in New York and have been studying the Miami market for a few months now. I want to jump in and invest in multiple properties as prices have fallen so hard, but I'm still so uncertain about the market. The more I run the numbers, cashflowing is almost impossible in most condo cases. You really need to find a great deal to offset these outrageous expenses. I found a nice 1 bedroom REO condo in a very busy area of South Beach for $125k. Taxes over $5k and HOA fees over $650 a month. It's ridiculous. Only exit strategies I see right now is buying as a 2nd residence or if you're willing to take a loss, buying/holding and renting it out till the market appreciates enough to cash in. It's just too risky.

Thank you for your reply.

We do have a vacant space that we can offer them, but I have my doubts that they would be willing to accept that. I could offer to cover the cost of construction and have it ready in time for them to immediately move in (likely a lot cheaper than a lump sum buyout). That way I would fill the vacancy, albeit at lower rent.

I'm going to learn more next week and I wouldn't even dream of trying to move them out if there is no deal on the table. It's going to take some creativity on my part it seems.

Still hoping to get some more feedback on this if anyone has any experience in the matter. Thanks!

Hello everyone,

There is a possibility that a cluster of commercial properties that my partners and I own may be leased to a national tenant with a triple-net lease (NNN). We have had preliminary discussions with their representatives and they are supposed to bring us a letter of intent in the next few weeks. It's a cluster of 4 commercial units that they want to convert into 1 large space (I won't divulge into which company this is until things progress or in the unfortunate event that they fall through). The company has an investment grade credit rating. 2 of these commercial spaces are currently occupied by tenants with 4 and 5 year leases and would need to be broken for this deal to happen.

My first question is, what are the pros and cons of being a landlord to a NNN lease? Through early conversation, they say they are willing to pay a premium on the ppsf, sign a 25-year NNN lease and cover all construction costs. Sounds great to me, but obviously it's not set until it's in writing. As a potential risk, if there is a huge jump in the market in 5-10 year then I can see how that could potentially be an issue, however NNN deals on the outside seem to provide stability and peace of mind. Also, if there is anything else you could tell me as far as what to look out for when dealing with such tenants and what type of stipulations to expect the tenant to include in the lease.

My 2nd question is, what is the cost of a landlord breaking a lease with a tenant and what to expect from this process as far as cost, time, etc.? Any recommendations on how to go about it if the need should arise?

I did my own research, but I wanted to reach out to BP as I know there is a load of knowledge and experience on here. Here is one of the articles I have read: [LINK REMOVED]

Thanks for your time!

The sweet feeling of accomplishment! Congrats B G!