Search results

Update Good morning peep's. Thought I would pop by and update the thread on where we are currently @. So the ink is now drying on our very first lease on our very first commercial property...WOW, what a journey it's been! Let me first thank you all for the invaluable advice and feedback...

Update So I thought I would consolidate this thread with two other questions I have asked along our journey into Comm.. The first being that the old owner wanted to stay on a little longer so how much should I charge him..? http://www.somersoft.com/forums/showthread.php?t=71383 And the...

Hi Lizzie, Apologies for my tardy response however I’ve been mulling your question for a while and wanted to answer fully it but there are still some aspects of the deal that I cannot fully divulge just yet as we’re still in the settlement phase. I will however answer what I can so here...

UPDATE: Contracts went unconditional on Thurs. We now begin settlement period which is a relatively short 45 days and madly start looking for a tenant as we requested keys to show agents through in the contract. We had two agents through on Fri. I'm still waiting on the second agent to get...

Well, the bank have now had the valuation since Mon which should mean we are good to announce the loan as unconditional....right.....errr...apparently not. They are now saying they need another three days to quote "investigate the trust" that we set up as part of the purchase. I have no idea...

Update: Looks like we've finally received the valuation. We were anticipating it would take up to 2 weeks when the reality was it came a little sooner. It was ordered last Fri but the valuer didn't visit the property until yesterday. Luckily he had literally valued the property next door...

Very insightful Chilli.. Thank you very much for sending that through.. One thing I did notice that was in keeping with the theme of "in the landlords interest" was that even when a clause stated the tenant could file for cost's... often it was immediately then followed with another clause...

Cheers Rolf..most appreciated..

Thank you for taking the time to provide feedback Kristine. The whole point of starting this post was to learn and offer the education in a forum based manner so that others could also gain the same knowledge before making the transition. It certainly wasn't intended as propaganda for "How...

Hi H.E... Let me just go back and pre-cursor that statement with the disclaimer that it came from a banker who was potentially discouraging me from shopping her offer around (hence the line about taking it with a grain of salt). I wasn't looking to cast stones but more so to qualify if it was...

I was wondering when you'd chime in Dazz.. ;) No arguments here on the true worth of a water tight lease. The trouble is as others have stated, how do you really know you are getting what you paid for unless you have the experience to pull it to pieces and still have it stand up. The reality...

All great info Chilli. I've spent the better part of the last year studying up on the physical side of commercial so it seems I now need to concentrate my energy on the leasing part. I might pose some questions for our solicitor early next week in preparation for when the property goes...

I like your reasoning on that one Chilli. Head it off at the pass and let them deal with it. The cynic in me feels the agent won't want to put any extra terms onto the tenant that could jeopardize the deal so they say no to passing on the fees to start with. I will take your advice and let...

Here's some of what I learnt today about commercial lending... Lesson # 1: Traditional Resi loans are normally subject to a cookie cutter template that is simply populated with the relevant data which then spits out a "yes".."no" or "refer". Yes and no are pretty much self explanatory but...

I had heard from other sources about the tenant paying the management fee's so I'll definitely bring it up when we're announcing our expectations of the future tenant.. We had another interesting day with the bank which I won't go into but needless to say we're now well into a foxtrot and...

Well the lesson for today was... Even when you look great on paper... Even when one member could purchase the property with cash many times over.. and even when the hot-shot business banker gives you the the "I'm so good, I've never lost a loan in 4 years" speech.... never count your...

I figure a good agent will pay for themselves many times over with a great tenant so price will be low on the list of selection criteria me thinks. cheers B.D

When I have more info I'll shoot you a PM CPM as it would be good to get a second opinion.

Thanks for the clarification CPM.. 99% sure we'll be going through a prop manager but with me learning in the background. I'm assuming by your title and reference that you manage properties yeah? Can I ask a few questions then..? I have two agents in mind to list the property and although...

I can't comment authoritatively until the deal is done and we've then found a worthwhile tenant. At the end of the day, I can give all the details in the world but ultimately it will be determined by the first lease so I'll be sure to post my final result when it eventually comes through...