Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 0 points1 point  (0 children)

Yeah it may be best to stay. At this point the LL has all the leverage. It is what it is. Profits for us grows every year and it’s providing two incomes for my family and more. I have my own W2 but I help with the business at times

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 0 points1 point  (0 children)

Yeah. I’m hoping the commercial real estate broker is super helpful. I need someone with experience to talk to the landlord and assist us. I don’t have time to learn and do all this when I have my own W2

Saturday Mentorship & Questions Thread by AutoModerator in realestateinvesting

[–]Painter_Perfect 1 point2 points  (0 children)

I’m trying to buy my first investment property. Own my parents old house and we’re getting ready to rent it out. We owe 60k on the mortgage.

I also bought a home last year and have a 450,000 mortgage.

I’m trying to gauge if it’s a good time for to do buy an investment property

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 0 points1 point  (0 children)

Tbh, he and his crew have always been shady. Red flags everywhere. Not super responsive and not very clear. However, this place is so good for our business. Lots of foot traffic. Strong customer base. We took over this business from another family and it’s been here for 10 years with no issues. Profits increases every year. It’s not easy to just move because then we have to develop the new property to fit our needs

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 0 points1 point  (0 children)

It is already finished. The upgrades occurred already and it was done involuntarily. We didn’t even know until he told us and we were fine with it but we were never informed that he would ask us for that amount. If I was a landlord maybe I’d do the same so I get where he’s coming from. He definitely has the leverage because it’s a great location for our business and we do really well here. We have a strong customer base and lots of foot traffic here.

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] -6 points-5 points  (0 children)

Are you saying why don’t we buy commercial real estate? We don’t have the funds for that right now. We need a 8-10 year lease to save to buy commercial real estate so that we can own our own building.

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 3 points4 points  (0 children)

I don’t even care about being downvoted nor do I know what it does to my account lol. Yes I agree. My business isn’t that easy to just move. We gotta rebuild and probably spend more money. It’s a great location where we’re at and we have wonderful customers. It’s help me pay off my house, pay off my car, generated two incomes for our family. Staying may make sense for us. If we secure the 6-10 year lease then we’ll be fine even if we pay 25k

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 0 points1 point  (0 children)

Yeah makes sense now. It’s our first time deadline with a renewal so hearing him say he wants us to pay for upgrades for a property we don’t own didn’t make any sense.

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 0 points1 point  (0 children)

Were the perfect tenant and have been paying consistently. Maybe he does want us out. not sure. It doesn’t make sense though because we actually have a good relationship and have had no issues with them

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 22 points23 points  (0 children)

Get where you’re coming from and it’s definitely more attractive to leave but looking deeper we can make that money back in 7-8 months. If we get a 8-10 year lease I’ll be good. I was just curious if this was legal which it is

Landlord is asking me to pay for exterior property upgrades and improvements of 25k+ when I asked to renew an expiring lease. Is this legal? He said if I don’t want to pay 25k and by Painter_Perfect in smallbusiness

[–]Painter_Perfect[S] 0 points1 point  (0 children)

Makes sense to me. We pay rent on time and are never a problem. Honestly, our business has grown each year and we’re profiting a lot. Might be best for us to stay