lease

[hithere]

I am going to start to buy existing laundromat and will try to get new lease from landlord(big shopping center).
But the store needs one more signage on the outside and require some remodeling outside.

my question is do I request all these changes with the new lease request?
or, just apply new lease at this time and then request a approval for the outside change after settlement(after lease approval)?

thanks,

--newguy

[Buddy_Amoroso]

I am going to start to buy existing laundromat and will try to get new lease from landlord(big shopping center).
But the store needs one more signage on the outside and require some remodeling outside.

my question is do I request all these changes with the new lease request?
or, just apply new lease at this time and then request a approval for the outside change after settlement(after lease approval)?

thanks,

--newguy

Who is going to pay for the new signage and the repairs? If the landlord is going to pay for these items he will probably raise the rent so that he can recover his expense.

If you are going to pay for the work, you will need to have the landlord's permission.

Either way these issues should be brought out at the first meeting and everything that is agreed to should be in writing.

In most cases (some exceptions) there is no such thing as a verbal contract when dealing with real estate.

PUT EVERYTHING IN WRITTING!

buddy amoroso

[kbc747]

Consider hiring a professional to get your lease done, you pay a liitle for this compared to what they can save you.

[SmartCard]

Check with the city building department regarding any changes to the sign or building, do ths before you negotiate a new lease. Don't sign a new lease until you are sure that the city will allow the changes you want to make. In most areas you are limited to X amount of signage per linear foot of store frontage. Know your local ordinances before you spend any money, or consult with a reputable sign company who sells and installs in your area.

[pete f]

You can put in contingency in your offer that have to be met, ie, the landlord agreeing to more signs, or whatever. As stated, signage is controled by the city, you may or may not be able to get more signs. Also, some shopping center charge more to let you put your name on thier main sign. If it is an issue to you, write it in your offer.

[hithere]

thanks everyone for kind advise....
here is more details....

additional sign on the wall and outside are required to increase sale,but not 'must be' item, in other words, if there, it would be better....
another item such as adding "automatic sliding door", this also not necessarily required, but if I can, I want to add it...
and small modification for outside entrance...
I am willing to do all these items by my expense as long as landlord approval....
The reason for my asking is about 'timing'....

if I request the approval of all these with new lease application, then I think, I might be in good position to get a little lower rent from landlord,maybe...
but on the other hand, it could make the decision delayed and could be longer time to get the lease...
Since I want to settle as soon as possible...I don't want to make it longer....
But I don't know asking all these at once could make it realy longer??
and also in order to request the written approval from landlord, I have to submit all drawings and estimated costs, etc...
so, getting all these papers could take one month...then my lease application should be delayed one more month...

now I am thinking: just apply new lease at this time...and then after settlement, I will contact landlord again and request the approval of all I want to do for myself...
how about this idea?
or do you think, if I tell landlord all these at the same time, then can he/she consider the expense that I would spend and the leasehold improvement that landlord would get, and would give some discount and lower rent for me??

Thanks,

--Newguy

[DuboisLaundry]

put EVERYTHING you want in your offer
sliding doors, signs, etc
they can counter offer a high lease rate, or some items omitted, etc
negotiate from there

[hithere]

hi premium,
I don't want high lease rate...
what approach would be best for me to get lower rate lease? thanks

[fishmanz]

Find out what rates are in your area per square foot first. Go into the interview with confidence and tell him what you are willing to pay. Wishy washy gets walked over every time. Be sure to get long term with multiple extentions. You will need it.

[pete f]

When you buy the business you get the lease assigned to you. You do not get a new lease, generally speaking. Look at the terms and length of the existing lease, that is what you get. If you want more things to be done, or you want to do more things, than write it in your offer contingent on landlord approval. Don't expect the landlord to reduce your rent because you are spending money on his building. That may or may not happen.

[hithere]

thanks, I see :-)

[kbc747]

If you are going to do a new lease, always ask for a purchase option. I like to have first right of refusal on all my properties I rent in. Most landlords are willing to do this and then no one you don't want will ever become your landlord. ie your compeditor for example and if he can't or wont give you one always but in a competition clause that says anyone who competes with you can't buy the facility. This is always a last resort and they can word it how ever they want but it has to excludes any competition from owning the property. I have also got it added to one lease that if the property is sold and the new landlord sets up a competing business within a 30 mile radius I can buy the property at fair market value at a time of my choosing before the end of the present lease. Also included was the space could not be used for a similiar purpose for 10 years should I vacat because we are unable to agree on a new lease. Point here is you can ask and sometimes it is amazing what they will agree to. But always ask.

[TLR]

One way or another you will end up paying for any signage or any extras - it is just a matter of whether you pay for it out of pocket now, or pay for it in a higher lease over time - but you will not get anything for FREE.

TLR

[smokiijas2000]

i have a question and its urgent bc my offer has been acepted but the lease terms isnt want i want. i was told to have the rent increase with the c.p.i but with a cap at 4%. but this landlord cap it off at 10%. is this a problem bc he said he wont lower it to 4%. should i back out of this counter-offer. help please

[laundryboy]

I see this as a problem since we are entering an inflationary period. Get a lower cap to protect yourself. The landlord also sees and inflationary period and wants to make sure 'He' doesn't lose value because of a less valuable dollar.

[mike]

If you are going to pay near his 10% cap,

tell him you want a much longer series of options.

(don't worry about high rents in the future,

your lease renewals are OPTIONAL to you.)