2009 November | Miami Real Estate Properties

Archive for November, 2009

Commercial Real Estate Tips

Monday, November 30th, 2009

If you are in the real estate investing business and there are people in your area that aren’t aware of it you’re not doing enough to be successful. In real estate, marketing can make or break your efforts. Making the public aware of what you do and what you have to offer greatly increases the chances of you increasing your profits. Establishing a reputation, one of experience and client care will greatly increase the amount of business that you are able to do. There are a great number of ways to increase your marketing presence, and thereby your profits in the real estate market. This list of suggestions below are by no means all inclusive but it will give you a starting point that will enable you to get your name out there. Start with the suggestions below and then apply your own marketing imagination and come up with additional ways to increase your community visibility.

• The Internet is a fabulous way to get your name out not only to your local community but to the entire world. Anyone involved in buying and selling commercial real estate should have a website, designed by a professional that will give viewers a detailed picture of what types of properties your company deals with, photos and descriptions of properties available and even free giveaways to entice new business to your site. Real Estate articles made available for free, especially those with a local tilt, free eBooks on real estate, even blogs for customers will demonstrate not only your professionalism but your devotion to your client’s education about real estate.

• Using the classified ads not only in the local newspapers but in national magazines or online services that use classified ads, can generate a great deal of calls and hits to your website. It is always a good idea to list your website along with you telephone number in you classified ad to give everyone as many options to contact you as possible.

Tags: Commercial, Tips
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Purchasing Commercial Real Estate

Monday, November 30th, 2009

The SBA 504 Loan Program enables 90% financing of the total project costs to preserve more capital for an appreciable asset while lowering current real estate expenses up to 40% instead of leasing, and up to 25-year fully amortizing terms to lessen the impact on cash flow while obtaining below-market, long-term fixed interest rates. Maturities of 10 and 20 years are also available. A great bonus: it allows the financing of closing costs and other normally out-of-pocket fees to be financed as part of the loan amount. Better yet, on top of all of this is a fantastic boon: the loan is assumable! You get long-term, fixed-rate financing for real estate and/or equipment purchases through SBA-licensed Certified Development Companies (CDCs). The proceeds from 504 loans must be used for purchasing fixed assets like land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment with a useful life of at least 10 years.

The loan is secured with a senior lien from a private-sector lender covering up to 50% of the project cost, a fixed rate loan secured with a junior lien from the CDC (backed by a 100% SBA-guaranteed debenture) covering up to 40% of the cost, and at least 10% equity from the small business. Soft costs like architectural and legal fees, environmental studies, appraisals, and interest and fees on the construction and/or interim bank loan can also be rolled into the note. The 504 Program cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing existing debt.

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Tags: Commercial
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Preparing Closing Day

Monday, November 30th, 2009

Before you get overly excited to move in to your newly purchased homes, you have to deal with the closing day. When you buy a home, transfer of ownerships is not as easy as paying the seller and in return he or she gives the key to your house. There are titles, mortgage and some other legal stuff involved so that ownership can be legally transpired to you. Therefore, the closing day poses as a very important day because this marks the beginning of real ownership. However, there could be last minute problems that you want to avoid during closing day. It is necessary that all documents needed and all fees will be settled on this day. The occurrence of such problems could end up delaying the transfer.

Preparing for Closing

The only key to avoid delays to closing is through careful preparation. Even if you think, you have everything covered, you still need to do some follow-ups, monitoring and double-checking things, to make sure it meets the requirements for the closing day.

Here are some tips for preparation:

1. Obtain Insurance for homes- Most lenders would require this. Homeowner’s Insurance protects you from incurring overwhelming expenses caused by hazards or things that are beyond your control. A more specific kind of insurance may be required if the house is located in areas prone to a particular kind of natural disaster.

2. Check your Truth in lending Act and your Good Faith Estimate. These two documents can be the cause of delay in closing. Right after you apply for mortgage, banks are required to deliver these two documents as part of the new disclosure procedures. Until everything is confirmed correct, the banks can go on with the application process. However, re-disclosure will be required if discrepancies exist. When this happens, the application process cannot proceed until the 3rd day from re-disclosure is done. Therefore, it is necessary that you check everything. The sooner discrepancies are discovered the more time you have to correct it and make it on time for the set closing date.

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Buy Or Lease

Monday, November 30th, 2009

The basic rule of thumb is that, if you can buy for the same monthly price as your rent, it makes sense to buy. Even if the mortgage payment is a little higher (less than 25 percent higher), the additional expense is offset by the tax advantages and wealth building that owning the building gives you. Even if you are leasing, it’s often a good idea to include an option to purchase the property. Personally, I am debt adverse so entering into a mortgage for my business would be very uncomfortable for me. I would probably try to save as much as I could so I could purchase a building in full and then run the business rent free.

In the process of planning and starting up your martial arts school, few decisions will have as much impact on your prospects for success as choosing a good location and negotiating a favorable lease. Be careful not to get emotionally tied to any one location. Keep running the numbers to keep you focused on the potential upside and downside throughout the process. Stay cool, and most of all, don’t forget to just ask.

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Purchasing Commercial Property

Saturday, November 28th, 2009

If you wish to purchase a commercial property, you should be very careful as this is a big investment which should sooner or later give you returns. Before sealing the deal, there are several issues you should ask yourself, otherwise you’ll end up regretting or making a decision which can make you loose out your investment or otherwise else fail to produce the targeted results. Below, we are going to go over the steps to purchase a bank owned commercial property.

Among the things one should consider, is the amount of disposable cash for the property. In other words, one should ask himself how much he is wiling to give out or can afford to commit to the investment and where is the cash coming from. If you are to get a loan, the important things are your credit worth which is supported by your recent copies of bank statements and any other document that may be required from you by the bank. The property you are purchasing should be able to pay back the loan if it’s for commercial use. This is gauged by the income it can generate thus if it’s property for renting, you should consider the tenants who are financially stable or have the ability to pay the rental charges.

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Tags: Commercial, Property
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Value of Using the Right Real Estate Agent

Saturday, November 28th, 2009

When working with a real estate agent, whether for buying or selling a home, some are highly skilled and can complete a sale quickly while others lack in experience and determination. In this market, you do not have the luxury of having an agent that does not work hard to get the home sold or to help you find one to buy. You need to prepare specific questions and then go through each one with several real estate agents until you find the one you are most comfortable with and who has the most knowledge of the real estate market.

One thing would be asking about the amount of commission charged. Although it is rare to find an agent that charges only 2%, they do exist. Typically, most agents charge 6% but you need to know for sure. If you are in a position of money being tight, you can always try to negotiate a lower commission rate. Because agents are struggling along with buyers and sellers, some will take a reduction.

It is also important to choose a real estate agent that locks into a specific amount of time when the listing would be on their books. In other words, when you sign a contract to work with a particular agent, you are agreeing to a certain period in which that agent would represent you. However, if you lock into a long contract and the agent is not doing a good job, you would find yourself in a big mess. Therefore, we suggest you go with four weeks for the initial contract.

Of course, if the agent is doing a great job but the house being sold is simply taking some time, you could have the initial contract revised and extended. Remember, you are the agent’s customer so just because you are quoted a certain commission rate or contract period does not mean you are obligated to accept. You can negotiate the agent’s contract and establish it to renew at certain times, if you elect to do so.

Unfortunately, some agents will try to sell a fast-track scheme, which means for an additional cost to you, that agent would put your home ahead of others, meaning potential buyers would know about your property first. Although there are times when this can work, you need to look at the cost being charged to determine if the extra money works for your or not.

Legal fees associated with buying and selling a home also needs to be considered. Most real estate agents have a legal representative or attorney they use but you can go with anyone. Since prices can vary dramatically, it would be worth the time and effort to look at services and prices so you can choose the one that is going to benefit you most.

The person handling any legal issues should be available when needed, especially if some type of obstacle arises during the transaction. This individual would also be present during closing on the house or anytime when legal documents were signed to make sure you are not signing something that should be researched more or not signed at all. Obviously, having a good business relationship with the legal representative would make it easier to speak to them when needed, which makes the process of buying or selling a home less complicated.

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Tags: Agent, Value
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Will Harnessing Solar Put New Value in My Home?

Saturday, November 28th, 2009

Will installing a solar power energy system in my home improve the property value for potential buyers? It is a fact, do the market research, USING SOLAR POWER RAISES THE VALUE OF ANY HOME.

The Shuffle To Make Improvements

Let’s be honest, when you are thinking about selling your home you start looking for ways to spruce it up for potential buyers.

Your looking in home improvement magazines, talking to a Realtor,(big mistake), looking for workshops at the local builders supply. All for the purpose of making substantial upgrades to make the house more appealing to buyers. This is all part of YOUR marketing strategy. Right!

Everyone wants to make a quick sale when it comes to a large item like your home. Instead of excessive painting, building a deck out back and generally doing all the projects you should have done over the years within the span of one month, STOP! Those things cost $1,000.00s of dollars. And most buyers don’t appreciate it anyway.

Selling Point Number 1

The new owners will be reducing their carbon footprint and contributing to a cleaner America.

While helping the environment does not add up to much financial gain in a real estate contract, giving the buyer this peace of mind coupled with federal and local tax credits and rebate incentives certainly would ensure them of increased equity for years to come.

Solar power places no demand on the utility companies to strip the earth of coal to burn and create steam to fire up turbines which produce electricity. And unlike nuclear power that produces tons of toxic waste, there is no poison emissions form using solar power.

Hydrogen, Geothermal, Solar from sun and wind are the only energy resources that can make this claim. As a seller you will be offering a cutting edge amenity today by installing even a small solar harnessing system in your home. What a politically correct selling point.

Most people with walking around sense don’t want to harm the delicate ecological balance between us and the environment. It would be the equivalent of sleeping on the same set of bed linens your whole life and expecting to feel refreshed every morning. We protect the environment and it protects us.

Everyone must do their part, it’s important now and into the future. An environmentally friendly attitude will inadvertently draw like minded buyers out of the woodwork.

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Tags: Green, Solar, Value
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Rent to Own

Saturday, November 28th, 2009

What does a Rent to Own mean? This lease typically means you will be renting or leasing a property for a period of time with one addition-you can opt to buy the home or property you are renting. Many owners and real estate investors have started offering rent to purchase opportunities and in the past year, there has been a considerably increase in this area.

You can see more signs in front of either homes that state that you could “lease to buy” or “rent to own” the home. Now, you might be wondering if this is something that will work for you.

A rent to own may have many structure options, most contain these types of items:

1. In this kind of rental agreement, you would be paying the rent just like any normal rent. All the standard items are applicable, such as fees for late payments and failure to pay could lead to an eviction.

2. Option price is the purchase price of the property. This will be stated in the lease agreement between you and the owner of the property.

3. In this type, you will have an option payment. This is also known as the down payment, an upfront fee to the owner or the caretaker of the property. This payment is credited to the purchase price of the property and in most cases, non-refundable in case you do not exercise your option to buy the home.

4. A rent credit is typically applied towards the purchase price, only if you exercise your option to buy the home. The Rent Credits are not actual money in a bank account, but it is a fund essential in lessening the purchase price or to be used for the costs of closing.

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Updates Before Selling Your Home

Saturday, November 28th, 2009

Selling your home has several reasons. Carefully explore all your reasons before you start putting your home up for sale. Most people sell in order to buy another home. It could be an exciting experience but it entails a lot of work. You have to fix little problems you have ignored for many years. Most importantly, you should also be able to decide if you are going to sell your home or use a professional real estate broker to do it for you. Patience is important since selling may take some time, depending on the real estate market.

Here are some home selling tips to bear in mind when you decide to sell:

1. You can contact a real estate agent to help you in preparing your home for sale. Try to compare suggestions. Ask each listing agent to give you a marketing plan detailing what he or she would do to market your home.

2. Do not do major remodelling to prepare your home. If possible, stick with the less expensive and simpler options rather than doing a major one since most buying price do not end up covering the cost of such improvements.

3. Enhance the curb appeal of your property. This is the first thing a buyer sees, and could create a good first impression on your property. Keep the lawn and other landscaping well trimmed, watered and weeded. Clean the exterior of the house and check for any signs of wear and damage. A fresh coat of paint should do the trick.

4. Keep your home spick and span. Remove all clutter from all the rooms and closets. Try to organize the attic and the basement. Keep the bathrooms squeaky clean, and inspect and make necessary repairs to the plumbing, cooling and heating before you show your home to prospective buyers. Make sure you maintain the new and improved home inside and out until you sell it successfully. It is difficult but necessary in your selling process. Occasional visits from a professional cleaning service could help you maintain your home.

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Tags: Home
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Tips on Approval For Commercial Loans

Wednesday, November 25th, 2009

If you are in the market to buy commercial real estate as an investment, you are more than likely also in the market for a commercial mortgage. Some necessary items you’ll need to get approved for your investment are listed below:

1) Be sure to have your recent financial documents such as the property’s income and expense records, pro forma statements, your financial statements, and a solid business plan. Remember, the lender is taking a risk when they lend you money so you need to demonstrate that their risk is low and that you and the property are a good candidate for financing.

2) Investors will need to have a down payment to invest in property. At a minimum it is at least twenty percent plus adequate reserves, closing costs, title, and lender fees. Lenders do wan to finance you but feel better when you share the risk as well as it demonstrates you have confidence in the investment.

3) It is recommended that you have a recent appraisal or formal estimation of value when you visit the bank. However, the lender may require you to get another appraisal for their records. An appraisal presents you with an unbiased estimate of the current market value and it will assist you to determine the amount of risk before any money is put out as a earnest money deposit.

4) You need to be sure that you are able to keep your current business running smoothly. If you are unable to achieve this, or not certain, then investing a large sum of money and time into a commercial property investment may not be right for you.

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Tags: Tips
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