Hey Hector I really appreciate it! Hope this information helps and if you have any more questions feel free to reach out to me. Cute kid! Happy Holidays my friend.
Wow lot of things to consider specially with the hoods, a/c unit etc, So if it's an existing restaurant space then what is the typical lease? First, last and security? The space is in a shopping center, will the landlord expect a down paymnet as well...or a fee for the..."key"?
Sorry I just saw this Cody. Typical lease on a 2nd gen restaurant space would be a bit higher than the other retail spaces because of the value of the infrastructure. First, last, and security is negotiable. The simple answer is "depends" to the other questions. I have done key and no key money for 2nd gen spaces in shopping centers. Depends on whether it is a vacated space(landlord) or a sublease(tenant) as well. I should do a piece on your questions and I will. Thanks Cody!
I would imagine w that you will need a cleaning station w water hook ups etc. That could incur up front cost. Perhaps the LL would give you a build out allowance? A good strategy would be to show the LL why that location would work for you. Demographics, potential sales projections etc. Thank you for your question. All the Best!
Thank you for the question. I have made a part of my business working with restaurants that want out of their lease. I find a qualified Tenant and then we go to the Landlord or their Broker with next Tenant in hand. Yes, Personal Guarantees are usually asked for when signing a Lease. It does not mean that it always happens. The better your financials and track record the less you usually have to guarantee as a rule. Sometimes you can get limits on that or put a cap in place. I know some who use another LLC as a Guarantor. What the LL is looking for is an avenue to sue you if you walk away with no notice. Most even require your spouse to be on the Lease because you could put all the assets you own in her name to get out of the PG!
It’s all dependent on the language in the lease. Are you responsible according to the lease? It should be clearly defined. Sometimes the ll will kick in to a certain point. Sometimes it is all on you. This is an item I want clearly defined before I let my tenant sign a lease. Nothing worse than being hit with a loss in the 10s of thousands unexpectedly Best of luck and let me know if I can help further. 🙏
Love the C.R.E.A.M. reference, but mostly appreciated the gems you dropped
Hope it helps.
Thank you thank you thank you..about to negotiate a lease in a few weeks..will definitely check in for more pointers
Subscribed after the C.R.E.A.M reference
wu tang forever
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This is the best breakdown I've found. Thank you!!
Really appreciate Blaize. Any other subjects you would like to see a piece on? Thanks again.
C.R.E.A.M. so funny thanks for the knowledge
Thank you! Dolla dolla bill yo!
Thanks for the info.
Hey Hector I really appreciate it! Hope this information helps and if you have any more questions feel free to reach out to me. Cute kid! Happy Holidays my friend.
Great advise
Thank you! I hope it helps.
I looked with pleasure.
Wow lot of things to consider specially with the hoods, a/c unit etc, So if it's an existing restaurant space then what is the typical lease? First, last and security? The space is in a shopping center, will the landlord expect a down paymnet as well...or a fee for the..."key"?
Sorry I just saw this Cody. Typical lease on a 2nd gen restaurant space would be a bit higher than the other retail spaces because of the value of the infrastructure. First, last, and security is negotiable.
The simple answer is "depends" to the other questions. I have done key and no key money for 2nd gen spaces in shopping centers. Depends on whether it is a vacated space(landlord) or a sublease(tenant) as well. I should do a piece on your questions and I will. Thanks Cody!
Would these also apply for a new Sneaker Wash & Shoe Restorer business? I am planning on approaching a new Development to lease as a tenant.
I would imagine w that you will need a cleaning station w water hook ups etc. That could incur up front cost. Perhaps the LL would give you a build out allowance? A good strategy would be to show the LL why that location would work for you. Demographics, potential sales projections etc. Thank you for your question. All the Best!
Awesome.
Thank you for your kind words. Check out some of my other videos as well regarding grease traps etc
very helpful
Thanks you BYO I hope this helps if you are looking for a restaurant.
I’ve seen personal guarantees in the lease. Is that designed to keep the tenant on the hook for the rent until the landlord secures a new tenant?
Thank you for the question. I have made a part of my business working with restaurants that want out of their lease. I find a qualified Tenant and then we go to the Landlord or their Broker with next Tenant in hand. Yes, Personal Guarantees are usually asked for when signing a Lease. It does not mean that it always happens. The better your financials and track record the less you usually have to guarantee as a rule. Sometimes you can get limits on that or put a cap in place. I know some who use another LLC as a Guarantor. What the LL is looking for is an avenue to sue you if you walk away with no notice. Most even require your spouse to be on the Lease because you could put all the assets you own in her name to get out of the PG!
I’m having problem with a/c on my restaurant it’s not working and the landlord don’t want to fixed it . What can I do ? Pls help . Thanks
It’s all dependent on the language in the lease. Are you responsible according to the lease? It should be clearly defined. Sometimes the ll will kick in to a certain point. Sometimes it is all on you. This is an item I want clearly defined before I let my tenant sign a lease. Nothing worse than being hit with a loss in the 10s of thousands unexpectedly
Best of luck and let me know if I can help further. 🙏
Dollar dollar bill yo
Take the money!
Cream😂
Take the money and run...
you sound like a guy i can trust
Thank you Jay. I really appreciate that. Best of luck!
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