commercial properties

[salsadunes 0]

Hello, ladies and gents.

I have a client who has a residential home and im talking to her about a ca. She also has a commercial property that she wants to put together a deal on. Im wondering if the scenarios are going to work the same way?

 

I do have the MC agreements and program. But, not for sure how this would all play out for a commercail property.

Now, with the ca what exact form would i need, and do i need notorization on any of them?

 

This would be my first ca. And with the ca all signed and accounted for that gives me the right to market and get a buyer?

Im learning as i go, with all of your help of course.

[MichaelC 160]

This would be my first ca. And with the ca all signed and accounted for that gives me the right to market and get a buyer?

Absolutely. You become a principal in the deal with the right to assign.

 

As for the commercial property, can you be more specific? What type of property is it? Any numbers or details you can elaborate on?

[salsadunes 0]

This would be my first ca. And with the ca all signed and accounted for that gives me the right to market and get a buyer?

Absolutely. You become a principal in the deal with the right to assign.

 

As for the commercial property, can you be more specific? What type of property is it? Any numbers or details you can elaborate on?

 

Ok, so what form do i have her sign for the ca? And do i need it notorized? This then gives me the right i need to market etc?

 

The numbers on the commercial are. She wants $499,000 for the building. She wants $160K down and will carry for as long as 24 months. With pmts of $1,600 a month aprox 6%. The building has multiple tennants and has room for more. Office space etc. The income it gets right now is $3,000 mo.

She says the city has expressed interest and would like me to help her present a lease purchase offer.

 

The building is actually the old city hall building, if that make a difference.

[MichaelC 160]

Ok, so what form do i have her sign for the ca? And do i need it notorized?

There are three documents to complete a CA: the CA Residential Lease Agreement, the Option to Purchase Agreement, and the CA Assignment Agreement. If you have any questions about this, email me directly. It's important you use the correct paperwork for the deal you are doing. And, no, the agreements do not need to be notarized.

 

Regarding the commercial building, I don't see any lease purchase deal there. If I'm understanding things, she is asking for $160K option consideration? That's more than 30%. You'll never find a t/b willing to put down that kind of cash.

[salsadunes 0]

Ok, so what form do i have her sign for the ca? And do i need it notorized?

There are three documents to complete a CA: the CA Residential Lease Agreement, the Option to Purchase Agreement, and the CA Assignment Agreement. If you have any questions about this, email me directly. It's important you use the correct paperwork for the deal you are doing. And, no, the agreements do not need to be notarized.

 

Regarding the commercial building, I don't see any lease purchase deal there. If I'm understanding things, she is asking for $160K option consideration? That's more than 30%. You'll never find a t/b willing to put down that kind of cash.

Nice to hear that the option $ is way to much. I beleive the same thing. Now she has no real clue and is just throwing numbers out as a want not a need. Can you give me your thoughts on what you would see as practicle? Again, she has no clue. I have just a little more then her, so your thoughtss are my guiding light.

[MichaelC 160]

I don't know the market, the property, or the homeowner, so on my end it is just speculation and ranting. But I don't see much coming from this homeowner/property for you. She's asking for 30% down and offering seller financing. That may bode well for simply trying to find her a buyer. In which case after doing your due diligence and determining the property's realistic value, get a Pure Option on it and then market like a banshee and find a buyer. Your profit with this approach will come from either assigning the Pure Option, or doing a buy/sell and pocketing the difference between your option price and your selling price.

In the meantime, keep your eye on her residential property. That'll be a quicker, easier deal for you to put in the "Done" column.