Real Estate ????

[DollaBill]

What happens to tenants in a commercial strip center when the owner of the property owes back taxes of $2MM and can't pay them?

 

[jayboat]

New landlord?

 

[stecz20]

depneds on if the new landlord wants them out...

 

[DollaBill]

I got an answer from cash bar. It really depends on if the property goes into BK

 

[Phantom1]

I got an answer from cash bar. It really depends on if the property goes into BK

#1 rule in real estate - Location, location, location

#2 rule in real estate - Don't believe Cash Bar.........:26:

 

[DollaBill]

I was waiting for that one

 

[Mark]

The County will foreclose on the property.

 

[Cash Bar]

I got an answer from cash bar. It really depends on if the property goes into BK

That's not exactly what I said. :boxing_smiley:

The first thing I said was it depends on the state.

The second thing I said was probably a new landlord.

The third thing I said was that you have to be 2 yrs behind in Fla to lose the property.

The LAST thing I said was if the owner filed BK(depending on corp/personal) FIRST, all contracts should be null and the tenants would be able to bail or re-negotiate.

 

[Cash Bar]

#1 rule in real estate - Location, location, location

#2 rule in real estate - Don't believe Cash Bar.........:26:

Don't you have some porn research to do?

And thanks for my avatar. :sifone:

 

[DollaBill]

That's not exactly what I said. :boxing_smiley:

The first thing I said was it depends on the state.

The second thing I said was probably a new landlord.

The third thing I said was that you have to be 2 yrs behind in Fla to lose the property.

The LAST thing I said was if the owner filed BK(depending on corp/personal) FIRST, all contracts should be null and the tenants would be able to bail or re-negotiate.

I'm sorry thats the way I posted it buddy. I was typing and had to take a cll and didnt get to finish the post.

That is what you said. A few variables apply.

 

[Cash Bar]

I'm sorry thats the way I posted it buddy. I was typing and had to take a cll and didnt get to finish the post.

That is what you said. A few variables apply.

Okay, I'll only backhand you next time I see you. :sifone:

 

[Mark]

We are kind of going through this kind of situation on a retail center we own in OHIO. Long story, but this was a deal we made in which another developer was to build, rent and manage a center for us as a swap for land we owned. The guy did not make all leases tripple net as was in contract and did not pay taxes for the last 1.5 or 2 years. We had no freekin' clue until the County sent us a warning that they would begin forclosure proceedings for the $38,000 in unpaid taxes. The deal was that he paid us a fixed amount each month for five years and then we took everything over. He failed to provide us with a proper accounting, etc., etc. Needless to say, we have filed suit for this and 8 other issues. The guy is a real tool! At least the suit is a near slam dunk.