NEW PLAN

Well, it looks like the landlord is definitely going to be breaking the lease, so now it is time to do one of a few things. First thing is, I have to keep up with the bills until I am legally evicted through the courts, because only then can I be clearly NOT breaking my end of the lease agreement. Second, of course, now that the city has come and put a stop work order on the building, and now that they have issued him violations which he has to appear to answer, there is a lot of speculation as to what he is going to do with that property.

So if it is possible, and if the guy has a few brain cells left, he will chose to sell the building. He was asking for way too much money, knowing now what the building is worth, and what needs to be done to make it operational again. I have spoken to a couple different architects and contractors and within the next couple weeks I will be getting a few estimates as to the cost of remodeling the property. When I figure out the remodel cost, and add that to the equipment cost, and deduct that from what I can afford to get a mortgage for, I will have my friend (who doesn't know me) make the guy a low-ball offer to buy the property, as is. That way, I can buy it back from him! I can get a mortgage on my own, or through the SBA, and take the money it will take to remodel, plus the sale price, plus the cost of equipment and beginning working capital and just pay that amount rather than paying rent to someone who isn't going to be looking out for the building in the first place. I will probably have to pay the city penalties now, if I buy the building and have to get permits for the work that needs to be done on the remodel. But it will not be as much as if I were to pay this guy rent for the next 2-6 years before I pay his exhorbinant purchase price and so I think this is the more economical way in the long run.

Figuring on paying what I was planning on paying in rent to cover the mortgage, I will have the building and equipment and remodel and stuff all paid off within 10 years! And I will own the building and the property outright! This guy made such a miserable choice to buy this building in the first place, as he wasn't a restaurant guy, then he left it go to crap and get shut down by the health department, and then he left it deteriorate over the past few years as a vacant building. Now, he has to get out of the lease agreement he made with me, take a loss from the sale of the building and walk away. Hopefully he will do just that and take a low offer or negotiate more reasonably now that he sees what more he has to do (and pay) to make the building operational again. *crosses fingers*