My friend, we'll call him Tom, mentioned that he got an unexpected bill in the mail from his landlord for $3,500. Tom further explained that when he assumed the lease for his office he didn't understand what triple net or (NNN) meant. Unexpected costs like this can be avoided. I could elaborate
Tom will be renewing the lease in the next couple of months, and I have encouraged him to hire a real estate broker to guide him through the renewal process to assist with real estate terminology, common practice and procedures, and most importantly to ensure fair market rent or better and assist in finding an adequate attorney who practices real estate law, who will be able to review and revise the lease to ensure fairness.
Next post I'll explain triple net (NNN), so no one else reading this blog will make the same mistake.
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