Tenants can be a blessing and a curse. While they pay your mortgage, they can also be a real disaster when they stop paying or maintaining your Commercial property. Then you are dealing with evictions and getting the tenant out of your Commercial Property. Screening your tenant to make sure they are financially qualified is very critical. Be tough and establish late fees. This lets the tenant know you mean business and there are consequences for late rental payments. If the tenant stops paying rent, you may not be able to keep up with your Mortgage payments and that spells FORECLOSURE. Let us handle the Tenant and Financial Problems. We pay Cash for Commercial Real Estate in Any Condition and Close Quickly.
It is Important to drive by where the potential commercial tenant lives. How they keep their property is a good indicator of how they will care for your Commercial property.
Make absolutely sure your lease spells out that the tenant cannot make any alterations or changes to the space without the written permission of the landlord. Further, If you allow any Improvements or attached items within the space, they become the property of the landlord once the tenant leaves. This is a normal commercial lease stipulation. The tenant will destroy your property by detaching an item more so than installing it in the first place. They do not understand that then it costs you money to repair their destruction. Make this crystal clear in your lease. Also, If a tenant remains beyond the lease date, ensure you have language for a Hold Over status which means the tenant pays a new specific rental amount.
There are many excuses in regards to lack of lease payments. There are a lot more problems that we personally have heard and had to manage. If you really don’t want the headaches and financial issues that are associated with Commercial Property, give us a call. Does your property have Tenant and Financial Problems? We’ll pay CASH for your COMMERCIAL PROPERTY.