Kicked in the Guts

[Bartman09]

Hi fellow forum members.

TALK ABOUT A KICK IN THE GUTS

Just when i thought after struggling with my business for so long, in the last couple of months and feeling that i may just have found my feet by landing some good contracts with a couple of leading electrical stores (Joyce Mayne x 2 stores & 1 of the local Harvey Norman) as well as the flow on affect of the possibility of further contracts with leading electrical brands such as Blanco, Euromaid, Smeg, Omega etc. i checked my mailbox last Friday to find a letter from the National Australia bank that the owner of the industrial sheds(mine and the 2 others on the same title) has defaulted in his mortgage repayments and that they were going to exercise their power of sale.
They have demanded vacant possession of the property by us by the 31st of January 2010.

Just when i feel it has finally turned for the better this will now cost me thousands of dollars in moving costs practically chewing up most of the money that i have busted my guts out to make in the last few weeks.
Just what i needed 12-16 hours a day six days a week and i still have five more days including today to flog myself silly only to have to cough up the dough to move.
No wonder i am suffering from depression. Just when i thought i was getting on top of it i feel i am back to where i started.

That's my whinge for the day, now i had better get of my ar$e and get to work and finish off as much as i can so i am not finishing at midnight on Christmas eve.

 

[Car61]

Darren,

When is your rent paid to? When does your Lease expire?

I'm not sure they can evict you while your 'current'

If your lease is registered on the title, it HAD to have been consented to, by the bank (to enable it to be registered).

Just because the bank tells you that they 'want' vacant possession... doesn't mean that they have any legal right to evict you.

It must be worth a 30cent call to your solicitor to confirm YOUR 'rights'


At a minimum - you should be able to obtain a longer 'notice' period. Plus. I presume that any purchaser will need tenants???


Make that call to your solicitor!

db

 

[Bartman09]

Have left a message for the bloke concerned at the bank to return my call as i called him at 3.00pm, as soon as i read the letter and he was out of his office (probably having cucumber and caviar sandwiches and washing it down with a cognac or two).

The landlord has also messaged me to say he is waiting to talk to his solicitor as to the lease agreements.

My biggest problem is that my lease has apparently expired and i am on a periodical lease, rent paid on the first of the month.

The other problem is i don't have a solicitor at the moment but one of my jobs a couple of months ago was for a solicitor so i could always get him onboard.
You would think that it would be in their best interest to have tenants when they sell it.

If when i speak to the bank representative he tells me they just want what is owing on the mortgage when they sell it and it's not too high then between myself and the other two tenants we may try and buy it ourselves and then split the title (as it is the one title at the moment)

I must hurry up now and rush to the nearest hospital as my Sense of Humor has just flatlined and is in need of an urgent transplant.[crackup][crackup]

How i can still See the funny side of that i don't know, but in the long run i am still better off than a lot of others in the world and i have some good freinds from this forum that i have met personally.

 

[Convert09]

G'day Darren

Sorry to hear your story mate. I have to honest and say that I don't miss my days in business for myself. I found that an aweful lot needs to go your way (pure luck in most cases) for you to make a big success in small business. Its a credit to you that you remain dedicated and determined. I also understand how you feel when you say that you are depressed by it....I understand that the bad luck does take its toll.

Have a big think about whats happening now, your chances for success in the future, and most importantly, the happiness and health of you and your family. If you keep these things foremost in your mind, you are sure to make the right decisions.

Best wishes, and good luck....and tell the f....n bank to back off and give you some time to resettle.

Regards
Aaron

 

[Car61]

Yeah, you have to see the funny side, cause if you didn't laugh.... you'd cry! (and you don't want to do that [tsk])


Although your lease has 'expired' you still have protection under the terms of that lease (eg. amount of notice given etc).

For a solicitor, if you can't get your 'client' on-board, just check your local yellow pages. Most don't charge anything for an initial consultation/advice session.

keep your chin up mate!

 

[Doug]

Sorry to hear about what appears to be piss poor timing on the bank's behalf.

Not sure what I can do down here but will char to some friends who both own and lease industrial property to see what they think.

Also, if you simply want to vent, just PM me or phone us on 0409 664 701 or 02 4751 6396.

Take care and don't be a stranger!!

 

[Doug]

Hi Darren, have told a friend about your ordeal as he is a licensed realtor and his business buys and sells real estate businesses, this is his response:

Sorry mate, that's legal. But when it comes to the banks, negotiating is very difficult. They are ruthless and don't care about your mates business. However, my experience is these things can work out for the best. Maybe he can find a better and cheaper location?

Mind you if he's only just getting on his feet he prob doesn't have any reserve cash. He's just going to have to take legal advice or get moving but I'd start with talking to the owner and the bank and find out what info he can.

Good luck to him. Some Xmas present huh.....

Kev

sorry to bear the bad news but at least it might clarify what steps you now need to take.

Cheers and please take care, Doug

 

[Bartman09]

Thanks for the support guys.
Will see what happens when i speak to the bloke from the bank but till then i will just look forward and hope this makes me stronger.

As the great man Dicky J would say "There's no point in looking back as you only get a sore neck"

 

[Gerry]

Things happen for strange reasons.
Whether it's to give you the opportunity to really be in charge of your business destiny and own your building or whether there's something else in the offing who knows.
I understand (having been in similar situations) that it's hard to see the big picture but you just have to keep up a positive outlook and work through the processes put in front of you.

Keep your chin up and good luck.

 

[TS-50]

It always hurts when this kind of shit happens, for seemingly no reason.
If you aren't in control there is no sence in worrying, and I think by the sounds you are already being proactive, good start.

Commercial property is always a good investment in the long term, your current rent is likely to be pretty close to the amount you'll need to service your share of the purchase because commercial rents are worked on a percentage of the annual costs and vica verse, selling price is worked on a multiple of the current turnover.

these things always seem to happen around Christmas. [help]

 

[ROB17]

Stay strong Darren. As they say, "when the goin' get's tough, the tough get goin'"!

Hang in there mate. You will look back on this one-day with a sense of accomplishment when you get through it.

If you need anything, let me know.

Cheers,
Rob

 

[bjr22n]

Sorry to read this thread Darren.

I hope it works out for the better mate.

 

[Nascar12]

Hate seeing anyone in these situations that are really the end result of mismanagement by others and fairly powerless to do much about it - it would seem.

Hope it sorts itself out and you come out the otherside not too adversly effected.

 

[Bartman09]

After speaking to the other two parties involved the waman in shed#3 spoke to the bloke fromn the bank and has got us a repreive till at least the middle of Feb.
She asked him why they wanted to get rid of us and they said it was easier to show perspective buyers whilst they are empty, to which she told him they could get access at any time whilst we are there and that it would be better for them to sell fully tenanted.
The bloke in shed #1's daughter works in real estate and arranged for an appraisal of the property this afternoon and we have discussed the possibility of forming a company between us and making an offer to the bank to purchase the property. We figure with the amount of rent we are paying a month it would surely be enough to cover any repayments.

If the bank wants a fight then they have got themselves one.

ITS NOT THE SIZE OF THE DOG IN THE FIGHT, BUT THE SIZE OF THE FIGHT IN THE DOG.

 

[Poita]

Good luck with it Darren, don't go down without a fight or you'll regret it for a long time, as others have said it could be a blessing in disguise.

 

[Convert09]

Well done Darren.

Its a big commitment first up, but the cashflow savings will make it easy to service the loan. Make sure you get a clear understanding of what the place is worth.....not what the place is worth to you not having to move out. That way, if you need to move it on, its still in the market.

Best Wishes...Merrry Christmas...now go have a beer and stop thinking about it hahaha.

Cheers
A

 

[Car61]

its not the size of the dog in the fight, but the size of the fight in the dog.

woof !

.

 

[Bartman09]

BARTMAN & CO...... 1
NAB .......0.....[f]

Received news today that the bank will not be kicking us out and that we will just pay the rent straight to the bank.
Will still have to see as to whether the property will be sold and if so whether we are able to buy it ourselves.

 

[HSV Raiders]

BARTMAN & CO...... 1
NAB .......0.....[f]

Received news today that the bank will not be kicking us out and that we will just pay the rent straight to the bank.
Will still have to see as to whether the property will be sold and if so whether we are able to buy it ourselves.

Thats good to hear. Good luck with it moving forward hopefully you guys can have another win [sc]

 

[Gerry]

That's a great step in the right direction for you and the other tenants.
Good hunting with the next phase. [sc]