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marriedup

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Posts posted by marriedup

  1. 2 minutes ago, Fico said:

    This sounds like a ground lease so the 25-year term, is actually rather short. Theoretically, they are leasing the ground and if the ground lease isn't renewed you the vertical improvements would revert back to the land owner. What kind of renewal clauses are included in the LOI?  Although half an acre is too small to support a grocer and retail center.... are they trying to acquire/lease this parcel as part of assemblage. What is the full scale of the project? Is his land going to be used just for parking?

    I know nothing of land values in Alabama, but the dominate retailers and grocers are always going to drive the market. Does your dad own any other adjacent land to this tract or does this deal encompass all of his holdings? If he owns more, the value of the those parcels are sure to increase significantly with the use being proposed.

    this was one of my questions to my dad - is the land going to be a right of way or is it going to be developed on? I dont think he was completely sure of the answer as he just repeated Publix and retail strip. He does own some of the surrounding area with his brother, which is not in this trust, and I'm not sure if its a separate part of this deal that his brother is working on. 

  2. 1 hour ago, troph said:

    Lawyer up and consider the pain of renegotiation - the LOI isn’t enforceable by design most likely but it will be PAIN to renegotiate. Alternatively walk, or take the deal. Leverage outside the LOI is most important what are his other options, what is the tenant’s other options. But you’ve basically got to get in there and assess , figure it out and deal with it. I will say in the best light 10% increases sounds like a loss leader early and possibly market or better later. But it could just be a steal. Make sure you have terms that protect if they want to move down the street 10 years later. Classic issue is percent rent or something and no noncompete type clause and the big box builds new down the street and you've got nothing of a claim. That’s one of a dozen major issues. Not sure the details either maybe it’s a ground lease with build to suit but at the tenant’s cost? That might explain lower rents? I dunno. Absolutely need to lawyer up and negotiate a legit lease agreement. I’d go so far as to evaluate the economics and shame them for taking advantage of a senior if it made sense. Could mean the deal is gone though. 

    this is very helpful - per the LOI  it is a ground lease that gives tenant right to make improvments. tenant has renewal option every five years. 

    56 minutes ago, orange dream said:

    Is this property that will pass to you upon his death?  If so, is it you alone or a group of siblings?  troph is obviously correct but if your old man is of sound mind and determined to "handle" this himself you are probably fairly powerless to implement any of the good advice unfortunately.

    the property is in a trust with my dad as signer. He is, in my opinon of sound mind, but was fairly defiant about signing the LOI. Both my sister and I told him to wait so we could further investiage, so he signed it the next day.

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  3. My 83 year old dad has signed an LOI to lease some property to a developer of a Publix store and associated retail strip. The LOI appears to me to be very one sided- and I told my dad that but he signed it anyway. Details are - a suburb of Birmingham, a little over half an acre, 25 year lease starting at $4k per month and increasing 10% every 5 years. There is currently a car lot on the space. I dont know anything about commericial real estate in Alabama, but 25 years to a major project starting at $4k per month seems grossly low. He says he talked to a commerical realtor but I dont believe him - should I wait to really cause a stink when the actual lease is presented, or is this a fairish deal?

  4. 14 hours ago, RDCanecutter said:

    Nope. Actually pretty well-educated in real life, to add to the annoying factor. Used to be an artsy theater chick from Montevallo. Got a little culted out.

    Ahh, you know Jimmy? Everybody knows Jimmy.

    Jasper is almost Cockney at times. We stopped in the Jasper Mall to eat at Garfields. Girl asked us if we wanted a bay-ooth.

    Surly covers too much ground. My parents are from Jasper and we still have a house there. My Uncle Tommy speaks in a language only the locals can understand, I nod along and laugh when he pauses. Who's up for beers at the Tallulah brewery Thanksgiving weekend?!

     

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  5. I rented a house in Chacras de Coria near Mendoza for a month when my kids were younger. I said at the time that we should have never returned to the US and still kind of think that. There is a TexasEx that is COO at Vines of Mendoza and she was a great resource in setting up wine tours, horseback riding and dinner recs and pretty much anything else. BA is great, but highly recoomend the wine country.

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  6. On 1/2/2024 at 1:00 AM, CoTex said:

    Sat in 328c.  nice - club access, clean restrooms.

    Sat with some cool horn fans and some former Washington football players who played for sark.  Good crew.  About 1 out of 8 Washington fans acted like they either got into the cocaine - Violently high fiving their wives at every little success.  First down costs your wife a sprained wrist.
     

     Or they were football psychopaths that need counseling.  Saw wives trying to tell their husbands to stop drinking.  Adults - not 18 year olds.  I don’t know how you can get that faced drinking bud light but they did.

    Otherwise was a cool experience except for the loss.  

    wife and daughter also were in 328c and that description matches exactly what they experienced. they couldnt stop talking about the coked up asshole in acid washed jeans sitting in front of them.

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  7. My birthday lunch with family is always at the Chili Parlor. When my kids were little they would bitch about it (nothing fried!) but tough shit, it's my birthday. Now that they are grownish they still give me shit about celebrating my birthday at the Chili Parlor, but they love it. I catch them going with their friends, so passing the torch to the next generation and doing my part to keep old Austin alive.

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  8. it's the fact that I gave him shorts - and he's still wearing jeans. I thought I solved the problem, but now I'm irritated he took my shorts and still isnt wearing them!

     

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  9. My building has a workout room - just basic stuff treadmills, ellipticals, some machines and free weights. Its usually empty until this time of year of course. New guy starts coming in and doing 30 secs of everthing, including some wicked kick boxing moves on hanging heavy bag- all while wearing jeans and a long sleeve shirt. Far be it from me to be critical, I'm old and just trying to do basic stuff a few times a week  - but this guy is under my skin and the jeans wearing is killing me. So after I keep encountering the guy, I think maybe he cant help wearing jeans, maybe he doesnt have shorts. So I put an extra pair of shorts in my bag and sure enought the guy is working out in his jeans the next day. When he's walking out, I offer him the shorts and he accepts, so I think the problem is solved. Nope, all three days I see him last week he's still wearing jeans. I can't take it.

  10. there is definitely some confusion here. the top 6% are guaranteed admission.  That doesn't preclude other non-top 6% getting in.  At my kids high school, 36% of his class that applied to UT got accepted, and most of the ones that didnt get accepted were offered CAP of PACE which could put them on campus sophmore year.  The skew is likely due to a much lower acceptance rate for McCombs for example than other UT colleges. And my kid, who may have been in the top 25% got in without me having to buy a building so its possible....

    ut2020.PNG

  11. Daughter did not make HS cheer, so her pivot is to try golf.  She's 14 and has never picked up a club to my knowledge.  Any insights on junior programs around Austin, lessons, clinics, clubs or anything else that may get her interested without breaking the bank. Although I will say with the money flushed down the toilet for cheer related nonsense I may come out ahead! 

  12. Had a David Bryne sighting in the wild last year during ACL.  Was biking home friday afternoon during festival, and DB was stopped in the middle of the pedestrian bridge under Mopac - all white suit with cropped pants, leather satchel, fixie bike, - taking pictures of downtown with an old camera. I hit the brakes and thought - wow this is exactly how I'd picture it.  

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  13. Have the same issue with brainwashed by fox parents. Last year my sister got them a subscription to USA Today - being olds they like having a paper delivered and would have never read news on a computer.  Say what you will about USA Today, but its brought in a different perspective and they have really eased up on the trumpiness.

  14. found the link https://admissions.utexas.edu/enroll/cap/prospective-students/faqs

    its a 3.2 to transfer back to UT- Austin.  Auto admit to COLA, but can apply to other colleges.

    If you request a major outside those guaranteed in the College of Liberal Arts, you’ll need to submit additional items—including two essays, a résumé, official transcripts of any college work you've completed, and any additional items required by the major you selected—to UT Austin by March 1.

    Lucking my kid  got in this year without this program, but it would be a great option if she didnt. My other kid has no shot of getting in right away, but I'll be hitting the CAP option for him for sure.

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  15. Regarding the ACC to UT route.  Not sure how familiar you are with the process, but if you don't get into UT, they are offering the ability to go to a UT system school, meet a certain grade threshold (I think its 3.0) and then are auto admitted into UT their sophomore  year. This basically puts any transfer student that doesn't choose this program in line behind the ones that do, no matter what their grades are.   Hearing that transferring into UT in second year now if you don't do the CAP program is harder than getting in the first time. 

  16. Just finished this process.  Wife did most of the work and it was like a full time job.  However the results were equivalent (if not better) to her peer group who used crazy expensive counselors to do the app work.  My daughter (no pics) was not remotely close to top 6% and did not have a crazy high ACT score but she did get into UT.  Granted she is accepted into general studies and not McCombs,  but dont be intimidated by the top 6% stuff. In fact here is a slide from the high schools college night presentation.  Was surprised that nearly 50% of the kids from her HS who applied to UT in 2018 were accepted IMG-6203.jpgequaling about 25% of the total class being accepted as a whole. Was also shocked that the "holisitic" admissions process really worked in our case as I had thought that was bs.

     

     

     

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