|Determine type of property (retail, office, industrial), size and budget. This will help determine location.|
|Location / Region - Get your PFS in order and 2 years tax returns (in case). Find a broker. Plugin in criterion to MLS. Review results in website. Look at properties there first. Pick ones that are a fit.||1 wk to 6 months|
|Set up tours and visit properties. Once you decide on a property move to next step||1 day to 1 week depending on tenant|
|Draft / Submit Letter of Intent. Include PFS / 2 yr tax return (if accepted). Negotiate with Landlord on basic terms.||1-3 days|
|If terms are accepted, move to next step. If no, move back to step 2.||2-5 days|
|Landlord will provide lease draft||1 week|
|Review lease. Recommend engaging an attorney to help with this step.||1 week|
|Send comments back to landlord. Review Landlord response. If all agreed, move to next step. If no, start over on step 2||2-5 days|
|Walk through space, make sure in good condition. Check all mech, elect, HVAC and plumbing systems.||1-5 days|
|If all good, sign lease and give security deposit and 1st month rent. Need renters insurance. Change utilities into your name.||1 day|
Are we a good fit?
- You know what you are looking for and how you’ll use it
- You know the involved hurdles to your use (Building Department, Fire Department, etc.)
- Your search criteria are driven by real needs rather than soft “wants”. This makes it easier to narrow down possibilities.
- Realistic price expectations
- Improved Property: Industrial, Buildings, Special Use, Office Space
- Industrial Space
- Less than 1,000 sq. ft. or $1,000/mo.
- Residential Leases
Of course, these are just guidelines. Let’s chat before ruling anything out.
One of the most common lease types. Tenant pays a base rent, all of their expenses, and their proportionate share of:
- Real Estate Taxes
- Building Insurance
- Common Area Maintenance – lawn care, snow removal, common electric, property clean-up and maintenance, etc
This will be defined in the Lease Agreement. Tenant also pays their gas, electric, water / sewer and any other services specific to their needs (phone, trash, internet, janitorial, etc).
One of the most common lease types. Tenant pays stated rent and utilities and services specific to their use.
One of the most common lease types. Tenant pays stated rent, which includes all expenses, except some services specific to their use.
Least common lease type in Northern Colorado. Tenant pays rent which includes all services and utilities.
Rights of the tenant. Trumps ownership.
For example: If you have a valid lease, a new buyer cannot kick you out as long as you are not in default. WATCH YOUR RENEWAL / TERMINATION DATES!