RENTAL PROPERTY / COMMERCIAL REAL ESTATE / COMMERCIAL LEASE
Tips for Making Solid Business Agreements and Contracts
Steps to Determining the Space You Need for Your Business
First, before you plunge headlong into the search for suitable commercial space, think carefully about whether you really need to find space now. It may make more
sense to run your business from your home.
If you’re just starting out in a business that doesn’t require significant space or ready access to the public, maybe you can keep expenses low by working out of your
house or apartment.
Tips for Making Solid Business Agreements and Contracts
Steps to Determining the Space You Need for Your Business
First, before you plunge headlong into the search for suitable commercial space, think carefully about whether you really need to find space now. It may make more
sense to run your business from your home.
If you’re just starting out in a business that doesn’t require significant space or ready access to the public, maybe you can keep expenses low by working out of your
house or apartment.
Welcome to:
KNOWLEDGEFINANCIALGROUP.COM
KNOWLEDGEFINANCIALGROUP.COM
Ten Tips for Making Solid Business Agreements
and Contracts
Follow these guidelines to make an enforceable, plain-English business
agreement or contract.
1. Get it in writing.
Although oral agreements are legal and binding in many situations, they're
often difficult to enforce in court (and in some situations, they aren't
enforceable at all). In the business world, most agreements should be in
writing even if the law doesn't require it. A written agreement is less risky
than an oral agreement, because you have a document that clearly spells out
each party's rights and obligations in case of confusion or disagreement.
2. Keep it simple.
Contrary to what most lawyers think, you don't need a lot of "heretofores" and
"party of the first part" legalese to make a contract enforceable. Instead,
create short, clear sentences with simple, numbered paragraph headings that
alert the reader to what's in the paragraph.
3. Deal with the right person.
Don't waste time negotiating a business agreement with a junior person who
has to okay everything with the boss. If you sense that this is happening,
politely but firmly request to be put in touch with the person in charge. Make
sure the person you negotiate with has the authority to bind the business and
has a vested interest in making sure the business performs its obligations
under the agreement. If you're not sure who that is, ask. In a smaller
business, it might be one of the owners; in a larger organization it might be a
chief executive officer or chief operating officer.
4. Identify each party correctly.
You'd be surprised how often businesspeople get this wrong and how
important it is. You need to include the correct legal names of the parties to
the contract so it's clear who is responsible for performing the obligations
under the agreement (and who you have legal rights against if things go
wrong). For instance, if a business is organized as an LLC or a corporation,
identify it by its correct legal name --including the Inc. or LLC suffix -- not by
the names of the people who are signing the agreement for the business.
5. Spell out all of the details.
The body of the agreement should spell out the rights and obligations of each
party in detail. Don't leave anything out; if you discuss something verbally and
shake on it but it's not in the contract, it will be next to impossible to enforce.
In the world of contract law, judges (with a few exceptions) may only interpret
a contract from its "four corners," not from what the parties said to each
other. If you forget to include something, you can always create a short
written amendment. Or, if you haven't signed the agreement, you can
handwrite the change into the contract. If parties initial the change, it
becomes part of the contract.
6. Specify payment obligations.
Specify who pays whom, when the payments must be made, and the
conditions for making payments. As you might guess, money is often a
contentious issue, so this part should be very detailed. If you're going to pay
in installments or only when work is completed to your satisfaction, say so
and list dates, times, and requirements. Consider including the method of
payment as well. While some people might be okay with a business check or
business charge card, others might want a cashier's check or even cash.
7. Agree on circumstances that terminate the contract.
It makes sense to set out the circumstances under which the parties can
terminate the contract. For instance, if one party misses too many important
deadlines, the other party should have the right to terminate the contract
without being on the hook legally for breaching (violating) the agreement.
8. Agree on a way to resolve disputes.
Write into your agreement what you and the other party will do if something
goes wrong. You can decide that you will handle your dispute through
arbitration or mediation instead of going to court, which takes up a lot of time
and money.
9. Pick a state law to govern the contract.
If you and the other party are located in different states, you should choose
only one of your state's laws to apply to the contract to avoid sticky legal
wrangling later. In addition, you may want to specify where you will mediate,
arbitrate, or bring legal actions under the contract. This will simplify your life
if a dispute does crop up.
10. Keep it confidential.
Often, when one business hires another to perform a service, the other
business will become privy to sensitive business information. Your
agreement should contain mutual promises that each party will keep strictly
confidential any business information it learns of while performing the
contract.
and Contracts
Follow these guidelines to make an enforceable, plain-English business
agreement or contract.
1. Get it in writing.
Although oral agreements are legal and binding in many situations, they're
often difficult to enforce in court (and in some situations, they aren't
enforceable at all). In the business world, most agreements should be in
writing even if the law doesn't require it. A written agreement is less risky
than an oral agreement, because you have a document that clearly spells out
each party's rights and obligations in case of confusion or disagreement.
2. Keep it simple.
Contrary to what most lawyers think, you don't need a lot of "heretofores" and
"party of the first part" legalese to make a contract enforceable. Instead,
create short, clear sentences with simple, numbered paragraph headings that
alert the reader to what's in the paragraph.
3. Deal with the right person.
Don't waste time negotiating a business agreement with a junior person who
has to okay everything with the boss. If you sense that this is happening,
politely but firmly request to be put in touch with the person in charge. Make
sure the person you negotiate with has the authority to bind the business and
has a vested interest in making sure the business performs its obligations
under the agreement. If you're not sure who that is, ask. In a smaller
business, it might be one of the owners; in a larger organization it might be a
chief executive officer or chief operating officer.
4. Identify each party correctly.
You'd be surprised how often businesspeople get this wrong and how
important it is. You need to include the correct legal names of the parties to
the contract so it's clear who is responsible for performing the obligations
under the agreement (and who you have legal rights against if things go
wrong). For instance, if a business is organized as an LLC or a corporation,
identify it by its correct legal name --including the Inc. or LLC suffix -- not by
the names of the people who are signing the agreement for the business.
5. Spell out all of the details.
The body of the agreement should spell out the rights and obligations of each
party in detail. Don't leave anything out; if you discuss something verbally and
shake on it but it's not in the contract, it will be next to impossible to enforce.
In the world of contract law, judges (with a few exceptions) may only interpret
a contract from its "four corners," not from what the parties said to each
other. If you forget to include something, you can always create a short
written amendment. Or, if you haven't signed the agreement, you can
handwrite the change into the contract. If parties initial the change, it
becomes part of the contract.
6. Specify payment obligations.
Specify who pays whom, when the payments must be made, and the
conditions for making payments. As you might guess, money is often a
contentious issue, so this part should be very detailed. If you're going to pay
in installments or only when work is completed to your satisfaction, say so
and list dates, times, and requirements. Consider including the method of
payment as well. While some people might be okay with a business check or
business charge card, others might want a cashier's check or even cash.
7. Agree on circumstances that terminate the contract.
It makes sense to set out the circumstances under which the parties can
terminate the contract. For instance, if one party misses too many important
deadlines, the other party should have the right to terminate the contract
without being on the hook legally for breaching (violating) the agreement.
8. Agree on a way to resolve disputes.
Write into your agreement what you and the other party will do if something
goes wrong. You can decide that you will handle your dispute through
arbitration or mediation instead of going to court, which takes up a lot of time
and money.
9. Pick a state law to govern the contract.
If you and the other party are located in different states, you should choose
only one of your state's laws to apply to the contract to avoid sticky legal
wrangling later. In addition, you may want to specify where you will mediate,
arbitrate, or bring legal actions under the contract. This will simplify your life
if a dispute does crop up.
10. Keep it confidential.
Often, when one business hires another to perform a service, the other
business will become privy to sensitive business information. Your
agreement should contain mutual promises that each party will keep strictly
confidential any business information it learns of while performing the
contract.
| How Commercial Leases Are Made A landlord’s proposed lease is just the starting point from which you can negotiate changes. The lease that you and your landlord sign defines your legal relationship. Along with your insurance policy and your loan documents, your lease will be one of the most important legal documents in your filing cabinet. What does the lease do? The lease is a contract in which: You agree to pay rent for a certain period of time. You agree to abide by other conditions (such as using the space for a consulting business only, or not displaying outside signs unless the landlord first approves them). Your landlord agrees to let your business occupy the space for a set amount of time. Your landlord may agree to physically alter the space to fit your business, or provide amenities such as on-site parking and weekly janitorial service. The landlord usually starts the process. Typically, you’ll be working with a lease form that’s been written by the landlord or the landlord’s lawyer -- and you can bet that neither one of them will be looking out for your best legal or business interests. In order to level the playing field, you need to learn a bit about the terms of a business lease, so that the landlord’s proposed lease is just the starting point from which you’ll negotiate changes. There are no standard leases. Contrary to what a landlord may have you believe, there is no such thing as a “standard” commercial lease. Even if the landlord brings out a form that’s widely used in your community or printed by a legal forms publisher, it can always be modified. The only constraints on your landlord’s ability to negotiate come from pre-existing promises to other tenants in the building and obligations to lenders or insurers. There’s always room to negotiate. No matter how official-looking the document that comes out of the landlord’s or broker’s briefcase, keep in mind that it’s negotiable. Just how negotiable depends on decidedly non-legal issues such as how tight the market is for your desired space, how badly the landlord wants to rent the space to you, and how badly you want it. Within the range of negotiability, however, your knowledge of lease clauses and the market will determine the success of the lease negotiation. You'll need to decipher the meaning of lease clauses. Leases are full of legalese. Lawyers often dress up lease clauses in dense legal verbiage or burden them with mile-long sentences.The chart below may help you match a clause title to its subject matter. |
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| YOU’VE PROPERTY FOR SALE? CONTACT US: 305-784-6554 COMMERCIAL, OR RESIDENTIAL, WE’LL BUY IT FROM YOU, OR WE’LL SELL IT FOR YOU; FAST, QUICK & FOR THE TOP PRICE! SOUTH FL. PLEASE CONTACT US… |
A licensed professional Realtor from Fortune International or
an investor, who represents a Florida real estate investment
Corporation will contact you within 24 hour.
an investor, who represents a Florida real estate investment
Corporation will contact you within 24 hour.
 | |  | |  | |  | |  |
Ten Steps to Determining the Space You Need for Your
Business
Prioritize your needs before you look for commercial space to rent.
Whether you’re a small start-up or an established business, you should begin each search by
carefully thinking through your needs. A clear understanding of what you do (and don’t) want
for your business will save precious time and money, commodities that you undoubtedly want
to plow into the business itself. So before you hit the pavement or engage a broker to help you
find the right spot, go through the points below and analyze what’s most important to you in a
business rental.
First, before you plunge headlong into the search for suitable commercial space, think
carefully about whether you really need to find space now. It may make more sense to run
your business from your home. If you’re just starting out in a business that doesn’t require
significant space or ready access to the public, maybe you can keep expenses low by
working out of your house or apartment.
Or, if you’re already renting space but looking to move, you might consider ways to improve
your current lease situation and avoid the expense and inconvenience of relocating. Take
another look at your lease -- does it have an option clause, enabling you to expand into
available space?
1. Priorities. If you’re convinced that now is the time to move, think carefully about what you
need, would like, and won’t abide. Take out a sheet of paper and list items in three columns:
"Must Have," "Nice to Have," and "Won’t Have." Your goal is to end up with a concise
statement expressed in words (“downtown area”) or numbers (“maximum $3,000 rent”). When
you begin to consider available space, you can use this list to quickly and concisely evaluate
its suitability.
2. Rent. The first issues to consider are the most obvious and, for many, the most important.
Figure out the maximum rent your business can afford to pay per month. And if the landlord
asks you to put down a security deposit before you move in, think about whether your
reserves can handle a particularly big hit in the first month. Finally, consider how much
money you can afford to spend to alter the space to fit your needs and tastes.
3. Location. The physical location of your business is likely to be important to you, your
employees, your customers or clients, and/or your suppliers. The more people and groups you
need to please, the smaller the number of possible rentals that will fit the bill. Consider the
neighborhood, commuting time, and access to public transportation.
4. Length of the lease. It may be important for you to secure a space that will be yours for a
long time to come -- or you might want the flexibility of a shorter lease. Do you need to find a
place right away? Or do you have the luxury of shopping around until you see the perfect
spot? You need to assign a value -- a priority -- to the length of the lease and when it’s
available.
5. Size and physical features. Almost every tenant is concerned about the size of the rental.
You’ll want enough space, but to keep the rent down, limit the size to what you really need.
You’ll want the space to be well laid-out, comfortable, and welcoming to employees, clients,
and customers.
6. Parking. For many businesses, it’s essential to have ample parking -- whether in a
designated lot on the building site, on the street, or in a nearby parking garage. Parking may
be a high priority for several reasons. If public transit is inadequate, people will need to drive
to your business. If your business involves selling or servicing large items such as stereo
equipment, customers will need nearby parking.
7. Building security. If crime is a known problem in the neighborhood and customers or
employees are assaulted or robbed, you may be found partially responsible if you have not
taken reasonable steps to prevent criminal incidents, or at least warn of them. Your landlord,
too, may ultimately bear some responsibility, but the portion of a jury award or settlement
figure that you end up paying is hardly the point. You never want to be in a position of worrying
about customers’ and employees’ safety. So think carefully about the security of the
neighborhood, and if you conclude that the risk is too high, look elsewhere.
8. Image and maintenance. The way a building looks -- and how it’s maintained -- will be
important to some and practically irrelevant to others. In general, the more your business
serves the public, the more important is the building’s appearance. If no one ever sees or
visits your business, it may not matter much, except to you and your employees.
9. Expansion or purchase potential. If you plan on growing your business or would like to own
your building in the future, you may want to rent space that has the potential for expansion or
purchase. You’ll save yourself the hassle and expense of another search and move to new
space, and you may be able to lock in favorable expansion or purchase terms now, in your
lease. Look for a a lease with an option to renew or an option to buy.
10. Neighboring tenants. It may be important to be in a building with certain types of tenants --
for example, businesses that complement yours or provide a needed service. Lawyers, for
example, may want to locate in a building where there are accountants or title insurance
providers. Healthcare professionals may want to be near a hospital, pharmacy, or lab.
Whatever your business, you may want to find a building that houses a health club, coffee
shop, or a fast copy service that you, your employees, or customers will find handy.
-----------------------------------------------------------------
Tips for Assessing the Cost of the Rental
The true cost of a rental is not always the monthly rent.
Once you’ve found space that looks promising and worth pursuing, it’s time to figure out the
true cost of the rental. You might ask, isn’t the monthly rent all you need to know?
Unfortunately, it’s not that simple. For starters, with commercial space, the monthly rent can
be a complicated figure, composed of various factors and calculated in downright Byzantine
ways. And there are other expenses, which may not be called rent, but nevertheless feel like
rent when you pay them on a regular basis. On the positive side, if you’re lucky, there may
even be some savings -- like free rent for the first month or two -- that should be taken into
account.
There are at least two important reasons to determine the true cost of leasing a given space.
First, you need to make sure that the cost fits your budget. Second, if you’re comparing two or
three different spaces, you need to know the true cost of each space if your comparisons are
to mean anything. Once you understand how a prospective landlord measured the space and
what kind of rent computation you’re being offered, you’ll be ready to roughly compare the
rental costs for two or more places you’re considering.
The following tips cover important steps to take determine the true cost of the rental.
1. Determine how the landlord has measured the square feet. Commercial space is often
advertised and rented on a cost-per-square-foot basis, rather than a descriptive basis (such
as “the first floor”). For example, an ad might describe space as “2,000-Square-Foot Office
Suite in New Building” or “2,000 Square Feet of Prime Retail Space.” However, 2,000 square
feet doesn’t always mean that you’ll pay for and occupy exactly 2,000 square feet.
Strange as it may seem, many landlords -- especially in office buildings -- take their
measurements from the middle or even the outside of exterior walls. It’s a bit like the butcher
who charges you for the bone and fat as well as the edible portion of the steak. Obviously, if a
landlord uses this method of measurement, you’ll wind up paying not only for usable space but
also for some or all of the thickness of the walls.
2. Determine whether and how much you’ll be paying for common areas.
In many buildings, there are parts of the structure or grounds that you’ll share with other
tenants. For example, you and other tenants may share lobbies, hallways, elevator shafts,
bathrooms, and parking lots. When you add these spaces up, they can amount to a hefty chunk
of the property. Don’t assume that the landlord is going to let you use these shared facilities
for free.
3. Don’t discount the importance of the layout. The way that a space is laid out -- not just its
size -- will have a lot to do with whether you’re getting your money’s worth. For example,
awkward angles, interrupted workspaces, or narrow corridors will be less useful than wide-
open areas and passageways that can accommodate bookshelves, office equipment,
dividers, and well-designed work areas. Your rental cost may be less for a $20-per-square-
foot space that’s efficiently laid out than for an $18-per-square-foot space with an awkward
configuration, simply because you’ll need less of the $20-per-square-foot space.
4. Ask whether you will be required to pay for extras. If this is your first foray into the world of
commercial leasing, you may be surprised to learn that the rent doesn’t necessarily mean
what it does when you rent an apartment or house. In a residential situation, rent is normally
one fixed amount. You’re rarely asked to pay additional rent -- sums to cover operating
expenses such as building insurance, maintenance, or real estate taxes. These costs are, of
course, taken into consideration when the landlord sets the rent for an apartment, but they’re
not added on as separate charges. In a commercial situation, however, you may be asked to
pay for some or all of these additional sums.
Ask if the landlord will want a percentage of your profits. Shopping center landlords often
demand a share of a retail tenant’s profits in addition to the monthly rent. If you have a retail
business and are headed for the mall, you may be asked to pay what’s known as "percentage
rent." --------
Business
Prioritize your needs before you look for commercial space to rent.
Whether you’re a small start-up or an established business, you should begin each search by
carefully thinking through your needs. A clear understanding of what you do (and don’t) want
for your business will save precious time and money, commodities that you undoubtedly want
to plow into the business itself. So before you hit the pavement or engage a broker to help you
find the right spot, go through the points below and analyze what’s most important to you in a
business rental.
First, before you plunge headlong into the search for suitable commercial space, think
carefully about whether you really need to find space now. It may make more sense to run
your business from your home. If you’re just starting out in a business that doesn’t require
significant space or ready access to the public, maybe you can keep expenses low by
working out of your house or apartment.
Or, if you’re already renting space but looking to move, you might consider ways to improve
your current lease situation and avoid the expense and inconvenience of relocating. Take
another look at your lease -- does it have an option clause, enabling you to expand into
available space?
1. Priorities. If you’re convinced that now is the time to move, think carefully about what you
need, would like, and won’t abide. Take out a sheet of paper and list items in three columns:
"Must Have," "Nice to Have," and "Won’t Have." Your goal is to end up with a concise
statement expressed in words (“downtown area”) or numbers (“maximum $3,000 rent”). When
you begin to consider available space, you can use this list to quickly and concisely evaluate
its suitability.
2. Rent. The first issues to consider are the most obvious and, for many, the most important.
Figure out the maximum rent your business can afford to pay per month. And if the landlord
asks you to put down a security deposit before you move in, think about whether your
reserves can handle a particularly big hit in the first month. Finally, consider how much
money you can afford to spend to alter the space to fit your needs and tastes.
3. Location. The physical location of your business is likely to be important to you, your
employees, your customers or clients, and/or your suppliers. The more people and groups you
need to please, the smaller the number of possible rentals that will fit the bill. Consider the
neighborhood, commuting time, and access to public transportation.
4. Length of the lease. It may be important for you to secure a space that will be yours for a
long time to come -- or you might want the flexibility of a shorter lease. Do you need to find a
place right away? Or do you have the luxury of shopping around until you see the perfect
spot? You need to assign a value -- a priority -- to the length of the lease and when it’s
available.
5. Size and physical features. Almost every tenant is concerned about the size of the rental.
You’ll want enough space, but to keep the rent down, limit the size to what you really need.
You’ll want the space to be well laid-out, comfortable, and welcoming to employees, clients,
and customers.
6. Parking. For many businesses, it’s essential to have ample parking -- whether in a
designated lot on the building site, on the street, or in a nearby parking garage. Parking may
be a high priority for several reasons. If public transit is inadequate, people will need to drive
to your business. If your business involves selling or servicing large items such as stereo
equipment, customers will need nearby parking.
7. Building security. If crime is a known problem in the neighborhood and customers or
employees are assaulted or robbed, you may be found partially responsible if you have not
taken reasonable steps to prevent criminal incidents, or at least warn of them. Your landlord,
too, may ultimately bear some responsibility, but the portion of a jury award or settlement
figure that you end up paying is hardly the point. You never want to be in a position of worrying
about customers’ and employees’ safety. So think carefully about the security of the
neighborhood, and if you conclude that the risk is too high, look elsewhere.
8. Image and maintenance. The way a building looks -- and how it’s maintained -- will be
important to some and practically irrelevant to others. In general, the more your business
serves the public, the more important is the building’s appearance. If no one ever sees or
visits your business, it may not matter much, except to you and your employees.
9. Expansion or purchase potential. If you plan on growing your business or would like to own
your building in the future, you may want to rent space that has the potential for expansion or
purchase. You’ll save yourself the hassle and expense of another search and move to new
space, and you may be able to lock in favorable expansion or purchase terms now, in your
lease. Look for a a lease with an option to renew or an option to buy.
10. Neighboring tenants. It may be important to be in a building with certain types of tenants --
for example, businesses that complement yours or provide a needed service. Lawyers, for
example, may want to locate in a building where there are accountants or title insurance
providers. Healthcare professionals may want to be near a hospital, pharmacy, or lab.
Whatever your business, you may want to find a building that houses a health club, coffee
shop, or a fast copy service that you, your employees, or customers will find handy.
-----------------------------------------------------------------
Tips for Assessing the Cost of the Rental
The true cost of a rental is not always the monthly rent.
Once you’ve found space that looks promising and worth pursuing, it’s time to figure out the
true cost of the rental. You might ask, isn’t the monthly rent all you need to know?
Unfortunately, it’s not that simple. For starters, with commercial space, the monthly rent can
be a complicated figure, composed of various factors and calculated in downright Byzantine
ways. And there are other expenses, which may not be called rent, but nevertheless feel like
rent when you pay them on a regular basis. On the positive side, if you’re lucky, there may
even be some savings -- like free rent for the first month or two -- that should be taken into
account.
There are at least two important reasons to determine the true cost of leasing a given space.
First, you need to make sure that the cost fits your budget. Second, if you’re comparing two or
three different spaces, you need to know the true cost of each space if your comparisons are
to mean anything. Once you understand how a prospective landlord measured the space and
what kind of rent computation you’re being offered, you’ll be ready to roughly compare the
rental costs for two or more places you’re considering.
The following tips cover important steps to take determine the true cost of the rental.
1. Determine how the landlord has measured the square feet. Commercial space is often
advertised and rented on a cost-per-square-foot basis, rather than a descriptive basis (such
as “the first floor”). For example, an ad might describe space as “2,000-Square-Foot Office
Suite in New Building” or “2,000 Square Feet of Prime Retail Space.” However, 2,000 square
feet doesn’t always mean that you’ll pay for and occupy exactly 2,000 square feet.
Strange as it may seem, many landlords -- especially in office buildings -- take their
measurements from the middle or even the outside of exterior walls. It’s a bit like the butcher
who charges you for the bone and fat as well as the edible portion of the steak. Obviously, if a
landlord uses this method of measurement, you’ll wind up paying not only for usable space but
also for some or all of the thickness of the walls.
2. Determine whether and how much you’ll be paying for common areas.
In many buildings, there are parts of the structure or grounds that you’ll share with other
tenants. For example, you and other tenants may share lobbies, hallways, elevator shafts,
bathrooms, and parking lots. When you add these spaces up, they can amount to a hefty chunk
of the property. Don’t assume that the landlord is going to let you use these shared facilities
for free.
3. Don’t discount the importance of the layout. The way that a space is laid out -- not just its
size -- will have a lot to do with whether you’re getting your money’s worth. For example,
awkward angles, interrupted workspaces, or narrow corridors will be less useful than wide-
open areas and passageways that can accommodate bookshelves, office equipment,
dividers, and well-designed work areas. Your rental cost may be less for a $20-per-square-
foot space that’s efficiently laid out than for an $18-per-square-foot space with an awkward
configuration, simply because you’ll need less of the $20-per-square-foot space.
4. Ask whether you will be required to pay for extras. If this is your first foray into the world of
commercial leasing, you may be surprised to learn that the rent doesn’t necessarily mean
what it does when you rent an apartment or house. In a residential situation, rent is normally
one fixed amount. You’re rarely asked to pay additional rent -- sums to cover operating
expenses such as building insurance, maintenance, or real estate taxes. These costs are, of
course, taken into consideration when the landlord sets the rent for an apartment, but they’re
not added on as separate charges. In a commercial situation, however, you may be asked to
pay for some or all of these additional sums.
Ask if the landlord will want a percentage of your profits. Shopping center landlords often
demand a share of a retail tenant’s profits in addition to the monthly rent. If you have a retail
business and are headed for the mall, you may be asked to pay what’s known as "percentage
rent." --------
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Timeshares: How to find timeshare resales...
One of the difficulties in purchasing timeshare resales is locating and contacting owners of timeshare weeks that you might be interested in purchasing.
Some of the principal ways of locating timeshare resales are summarized below:
• Contact resorts at which you are interested in owning. The resort management may know of owners who are willing to sell, or they may be willing to
post a notice indicating your interest in buying at the resort or in their newsletter to owners. Some resorts also have repossessed units that they are willing
to sell.
• Contact a resale broker. There are resale brokers who specialize in the timeshare industry. Resort areas with many timeshare projects will often have
local brokers who specialize in handling timeshare resales in that area.
• Search the Internet. Many Internet sites (including TUG) have advertising sections that list timeshare units available for resale. Many timeshare
brokers also post their listings on the Internet.
• Check newspaper classified ads. People interested in selling a timeshare may place a classified ad in a principal newspaper close to the resort. Many
newspapers now post their classified ads on the Internet, enabling buyers to search those ads on-line.
• Check on-line auctions. Some of the on-line auctions have listings from owners interested in selling timeshares. The eBay and Yahoo auction sites are
the most popular timeshare auction sites.
One of the difficulties in purchasing timeshare resales is locating and contacting owners of timeshare weeks that you might be interested in purchasing.
Some of the principal ways of locating timeshare resales are summarized below:
• Contact resorts at which you are interested in owning. The resort management may know of owners who are willing to sell, or they may be willing to
post a notice indicating your interest in buying at the resort or in their newsletter to owners. Some resorts also have repossessed units that they are willing
to sell.
• Contact a resale broker. There are resale brokers who specialize in the timeshare industry. Resort areas with many timeshare projects will often have
local brokers who specialize in handling timeshare resales in that area.
• Search the Internet. Many Internet sites (including TUG) have advertising sections that list timeshare units available for resale. Many timeshare
brokers also post their listings on the Internet.
• Check newspaper classified ads. People interested in selling a timeshare may place a classified ad in a principal newspaper close to the resort. Many
newspapers now post their classified ads on the Internet, enabling buyers to search those ads on-line.
• Check on-line auctions. Some of the on-line auctions have listings from owners interested in selling timeshares. The eBay and Yahoo auction sites are
the most popular timeshare auction sites.
Deciding what timeshare to buy..
In deciding to purchase a timeshare, you should evaluate the different types of ownership options to select the type of timeshare that will work best for you.
This section discusses some items to help you start your evaluation.
1. Fixed weeks, floating weeks or membership in a vacation club or points program
A key decision you face is whether to purchase a fixed week, a floating week, or a membership in a vacation club or points program. As you make this
decision, you should consider the following items:
- The ability to make long-range vacation plans.
Because you know the week the unit will be available to you and what unit you will occupy, fixed weeks work best if you usually vacation at the same time
every year and are interested in returning to the same location frequently.
Conversely, if you want to vacation in the same location frequently but your vacation times change from year to year, a floating week or membership program
would probably work well.
- Exchange value.
Exchange value is the ability of a timeshare week to exchange for another timeshare week. Some weeks are more valuable and desirable than others. If you
want to regularly use your week for exchanging, you need to be aware of the exchange value of the weeks you want to obtain and be sure that you buy a week
that will have the needed value to complete these exchanges.
Generally, exchanges are completed using weeks of comparable value. If the week you own is a lower value week than the areas you want to exchange into,
you need to understand this and plan your exchanges accordingly. (Lesson 3 discusses exchange value more completely.) Being able to predict the
exchange value of your timeshare aids in making long-range vacation plans.
To be able to plan your exchanges, you need to able to predict reasonably well the exchange value of your week. The highest exchange value predictability
occurs with a points program.
In a points program you know exactly what your exchange value is in points, and how many points are required to complete exchanges to other resorts in
which you are interested.
Most vacation clubs also have a high degree of predictability, at least for exchanges completed within the club.
With fixed weeks, the use period is the same every year.
Thus, the portion of exchange value that is associated with the season will generally be the same from year to year; some variations in this can occur, though,
if the week periodically includes a major holiday. The actual exchange value will also vary with how far in advance of the use date you deposit the unit with an
exchange company.
With floating weeks, the exchange value will depend on the demand for the week that you receive to deposit into your account. As explained in Lesson 3, in
many floating week resorts owners may have little or no ability to select the week that assigned to them for exchanging.
In deciding to purchase a timeshare, you should evaluate the different types of ownership options to select the type of timeshare that will work best for you.
This section discusses some items to help you start your evaluation.
1. Fixed weeks, floating weeks or membership in a vacation club or points program
A key decision you face is whether to purchase a fixed week, a floating week, or a membership in a vacation club or points program. As you make this
decision, you should consider the following items:
- The ability to make long-range vacation plans.
Because you know the week the unit will be available to you and what unit you will occupy, fixed weeks work best if you usually vacation at the same time
every year and are interested in returning to the same location frequently.
Conversely, if you want to vacation in the same location frequently but your vacation times change from year to year, a floating week or membership program
would probably work well.
- Exchange value.
Exchange value is the ability of a timeshare week to exchange for another timeshare week. Some weeks are more valuable and desirable than others. If you
want to regularly use your week for exchanging, you need to be aware of the exchange value of the weeks you want to obtain and be sure that you buy a week
that will have the needed value to complete these exchanges.
Generally, exchanges are completed using weeks of comparable value. If the week you own is a lower value week than the areas you want to exchange into,
you need to understand this and plan your exchanges accordingly. (Lesson 3 discusses exchange value more completely.) Being able to predict the
exchange value of your timeshare aids in making long-range vacation plans.
To be able to plan your exchanges, you need to able to predict reasonably well the exchange value of your week. The highest exchange value predictability
occurs with a points program.
In a points program you know exactly what your exchange value is in points, and how many points are required to complete exchanges to other resorts in
which you are interested.
Most vacation clubs also have a high degree of predictability, at least for exchanges completed within the club.
With fixed weeks, the use period is the same every year.
Thus, the portion of exchange value that is associated with the season will generally be the same from year to year; some variations in this can occur, though,
if the week periodically includes a major holiday. The actual exchange value will also vary with how far in advance of the use date you deposit the unit with an
exchange company.
With floating weeks, the exchange value will depend on the demand for the week that you receive to deposit into your account. As explained in Lesson 3, in
many floating week resorts owners may have little or no ability to select the week that assigned to them for exchanging.
Deciding where to own...
A good general rule is to buy a timeshare you would like to use regularly. By doing so, you are guaranteeing that you will be able to take vacations that you will enjoy,
and you will avoid paying exchange fees to obtain accommodations in the area. Furthermore, if you have little flexibility in vacation arrangements
-------------
Estimating the cost of owning a timeshare
When evaluating a timeshare purchase (or considering whether to sell a timeshare you own), estimating the annual cost of owning a timeshare will make it easier to
decide whether or not you should buy a timeshare and if so, how much you should be willing to pay for a timeshare. You can compare this estimate with the cost of
renting similar accommodations to see if you are better off buying (or continuing to own) versus renting.
-----------
Recommendations for people purchasing timeshares
My advice to people just being exposed to timesharing is to control the urge to buy a timeshare now and take time to get educated. If you’re like most people, you’ve sat
through a timeshare presentation that has excited you about timesharing, and you are anxious to start making all of those good things happen for you and your family
--------------
When to purchase from a developer
After reading the previous portions of this lesson you may wonder if there is ever a good reason to purchase from a developer. Some situations in which I think a
person may want to purchase from a developer are outlined below.
• When you want to own a timeshare at a new resort
• It usually takes several years for resales to become available from a new resort. If you have decided that you want to own at such a resort and you don’t want to
wait until a resale market develops, your only option might be to purchase from the developer.
• When you want to purchase specific weeks at a specific resort
• If you are restricted in the specific weeks you can use for vacations, a developer purchase may be the only way to assure that you can purchase the particular
weeks you need for a specific resort.
• When you want to purchase a timeshare that has low availability
• Some timeshare projects are so small that there are few units available. Even in some larger projects, certain weeks might be in such high demand that few owners
consider selling them. In these circumstances, purchasing from the developer may be the only realistic way of acquiring these weeks.
• When you want to purchase a timeshare that has valuable amenities available only through the developer
• Sometimes, developers include incentives with their sales that you won't get in a resale. Bonus weeks (extra exchange weeks) are provided for a set number of
years by some developers. Marriott sometimes credits purchasers with Marriott points that are good for hotel stays. Fairfield has paid for lifetime RCI membership for
purchasers.
• In addition, some developers try to “penalize” buyers of resale units by not allowing them full access to timeshare program features.
'' REAL ESTATE TIMESHARE, MORE INFORMATION.. READ MORE!
A good general rule is to buy a timeshare you would like to use regularly. By doing so, you are guaranteeing that you will be able to take vacations that you will enjoy,
and you will avoid paying exchange fees to obtain accommodations in the area. Furthermore, if you have little flexibility in vacation arrangements
-------------
Estimating the cost of owning a timeshare
When evaluating a timeshare purchase (or considering whether to sell a timeshare you own), estimating the annual cost of owning a timeshare will make it easier to
decide whether or not you should buy a timeshare and if so, how much you should be willing to pay for a timeshare. You can compare this estimate with the cost of
renting similar accommodations to see if you are better off buying (or continuing to own) versus renting.
-----------
Recommendations for people purchasing timeshares
My advice to people just being exposed to timesharing is to control the urge to buy a timeshare now and take time to get educated. If you’re like most people, you’ve sat
through a timeshare presentation that has excited you about timesharing, and you are anxious to start making all of those good things happen for you and your family
--------------
When to purchase from a developer
After reading the previous portions of this lesson you may wonder if there is ever a good reason to purchase from a developer. Some situations in which I think a
person may want to purchase from a developer are outlined below.
• When you want to own a timeshare at a new resort
• It usually takes several years for resales to become available from a new resort. If you have decided that you want to own at such a resort and you don’t want to
wait until a resale market develops, your only option might be to purchase from the developer.
• When you want to purchase specific weeks at a specific resort
• If you are restricted in the specific weeks you can use for vacations, a developer purchase may be the only way to assure that you can purchase the particular
weeks you need for a specific resort.
• When you want to purchase a timeshare that has low availability
• Some timeshare projects are so small that there are few units available. Even in some larger projects, certain weeks might be in such high demand that few owners
consider selling them. In these circumstances, purchasing from the developer may be the only realistic way of acquiring these weeks.
• When you want to purchase a timeshare that has valuable amenities available only through the developer
• Sometimes, developers include incentives with their sales that you won't get in a resale. Bonus weeks (extra exchange weeks) are provided for a set number of
years by some developers. Marriott sometimes credits purchasers with Marriott points that are good for hotel stays. Fairfield has paid for lifetime RCI membership for
purchasers.
• In addition, some developers try to “penalize” buyers of resale units by not allowing them full access to timeshare program features.
'' REAL ESTATE TIMESHARE, MORE INFORMATION.. READ MORE!
The Pros & Cons of Timeshare Ownership
Timeshare, or “vacation ownership,” is a lifetime of vacations a buyer purchases in advance. There are two types of timeshare ownership: fee simple, which is the
deeded ownership of real estate, and certificate, which is a lease that allows use of the property under terms the lease specifies.
Timeshare buyers may purchase fixed or floating weeks, or purchase points that can be redeemed for a choice of weeks or locations. Whatever type of ownership and
membership you choose, carefully consider the pros and cons of timeshare ownership before you buy.
Pro: Affordability
Compared to a lifetime’s worth of vacation-hotel stays, timeshares are a bargain. This is true even after you add in maintenance fees and assessments. Although
timeshare prices vary widely according to the week purchased and the resort location, the resale market has deeply discounted weeks available for the price of just a
few years’ worth of hotel stays. A value-added feature is that timeshare units are usually fully equipped condominium-type apartments comparable to luxury hotel suites.
Pro: Year-Round Travel Discounts
Timeshare agreements often include discounts for stays at other resorts within the network, any week of the year. It’s not unusual for timeshare owners to save 50
percent or more of the rack rate for a standard hotel room in the same location. The timeshare, remember, is likely to be equivalent to a hotel suite.
Pro: Flexibility
Although you buy a specific week, timeshare exchanges make it possible to trade one week for another, or even one resort for another. You’ll have to look for an
exchange well ahead of time in most cases, and there’s no guaranty that you’ll find a willing partner. However, if worse comes to worst, you may rent your week and use
the money to take a vacation at a time or location that’s more convenient.
Con: Questionable Sales Tactics
According to Red Week, a timeshare resale company, the American Resort Development Association has created ethics standards that many of the brand-name timeshare
developers adhere to. However, timeshare presentations are notoriously long on pressure and short on consumer education. If you’re considering a timeshare
purchase, do your homework.
Con: Depreciation
Timeshares depreciate--that is, their value drops over time. A primary reason is that developers have very high marketing costs to recoup. These costs add no value to
the timeshare, but they're passed on to consumers. So even with a fee-simple timeshare, in which you have fractional ownership of actual real estate, you generally pay
far more than 1/52 of the cost of comparable, non-timeshare real estate. In addition, the number of units on the resale market drives prices down.
Con: Difficult Resale
The timeshare resale market is consistently flooded. Not only does the competition make it tough for your unit to stand out, it also deflates the price. Although there are a
lot of venues through which to sell your timeshare--eBay and timeshare reseller and sale-by-owner websites, for example--it’s not unusual to find units for a fraction of
their original price with current-year fees already paid, or even to find units available for the price of the current-year maintenance alone.
''TIMESHARE REAL ESTATE GENERAL INFORMATION.. CONTINUE READING!
Timeshare, or “vacation ownership,” is a lifetime of vacations a buyer purchases in advance. There are two types of timeshare ownership: fee simple, which is the
deeded ownership of real estate, and certificate, which is a lease that allows use of the property under terms the lease specifies.
Timeshare buyers may purchase fixed or floating weeks, or purchase points that can be redeemed for a choice of weeks or locations. Whatever type of ownership and
membership you choose, carefully consider the pros and cons of timeshare ownership before you buy.
Pro: Affordability
Compared to a lifetime’s worth of vacation-hotel stays, timeshares are a bargain. This is true even after you add in maintenance fees and assessments. Although
timeshare prices vary widely according to the week purchased and the resort location, the resale market has deeply discounted weeks available for the price of just a
few years’ worth of hotel stays. A value-added feature is that timeshare units are usually fully equipped condominium-type apartments comparable to luxury hotel suites.
Pro: Year-Round Travel Discounts
Timeshare agreements often include discounts for stays at other resorts within the network, any week of the year. It’s not unusual for timeshare owners to save 50
percent or more of the rack rate for a standard hotel room in the same location. The timeshare, remember, is likely to be equivalent to a hotel suite.
Pro: Flexibility
Although you buy a specific week, timeshare exchanges make it possible to trade one week for another, or even one resort for another. You’ll have to look for an
exchange well ahead of time in most cases, and there’s no guaranty that you’ll find a willing partner. However, if worse comes to worst, you may rent your week and use
the money to take a vacation at a time or location that’s more convenient.
Con: Questionable Sales Tactics
According to Red Week, a timeshare resale company, the American Resort Development Association has created ethics standards that many of the brand-name timeshare
developers adhere to. However, timeshare presentations are notoriously long on pressure and short on consumer education. If you’re considering a timeshare
purchase, do your homework.
Con: Depreciation
Timeshares depreciate--that is, their value drops over time. A primary reason is that developers have very high marketing costs to recoup. These costs add no value to
the timeshare, but they're passed on to consumers. So even with a fee-simple timeshare, in which you have fractional ownership of actual real estate, you generally pay
far more than 1/52 of the cost of comparable, non-timeshare real estate. In addition, the number of units on the resale market drives prices down.
Con: Difficult Resale
The timeshare resale market is consistently flooded. Not only does the competition make it tough for your unit to stand out, it also deflates the price. Although there are a
lot of venues through which to sell your timeshare--eBay and timeshare reseller and sale-by-owner websites, for example--it’s not unusual to find units for a fraction of
their original price with current-year fees already paid, or even to find units available for the price of the current-year maintenance alone.
''TIMESHARE REAL ESTATE GENERAL INFORMATION.. CONTINUE READING!
| Timeshares: How to find timeshare? Below The Page. |
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| ''Insurance Blog // Real Estate Blog // Business Blog // Networkmarketing Blog // Entrepreneurship Blog // Nursing Blog // Financial Blog // Social Media Blog // Academy Blog // Knowledge Financial Group Blog // Visionone Holding Blog // Vision-Goals&Dreams - |
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How to Invest In Real Estate without Having to Buy Houses, No Mortgage?
WWW.FACEBOOK.COM/KNOWLEDGEFINANCIAL
Real estate is a very lucrative asset classes and should be a component of every well-diversified investment portfolio.
Real estate investments offer capital gains and investment income while having a low correlation with the traditional asset classes stocks and bonds.
That makes real estate an excellent alternative asset class for portfolio diversification, but also aids in boosting your portfolio returns.
Nonetheless, many small investors stay clear of real estate as an investment because of the need to take out a mortgage on an investment property and then
having to deal with tenants and property maintenance.
Nowadays, however, if you want to invest in real estate but you don't want to have .
--------------------------------
Real Estate Related Stocks == WWW.TWITTER.COM/FINANCIALSCHOOL
You can receive exposure to real estate by holding real estate related stocks in your investment portfolio. Real estate related stocks are stocks of large
companies that engage in real estate related business..
-----------------
REITs --= WWW.KNOWLEDGEFINANCIAL.BLOGSPOT.COM
REITs; Real Estate Investment Trust are another great way to gain exposure to the real estate sector. REITs (real estate
investments trusts) are companies that own investment properties. They are listed on the stock exchange and shares in REITS can be bought and sold just
like stocks. REITs traditionally hold a range of real estate including apartments, offices, shopping malls, warehouses, etc.
-----------------------
Real Estate Funds
Real estate funds are mutual funds that invest in REITs, real estate related stocks and in properties directly. They are an excellent way for investors to hold a
diversified portfolio of real estate investments without the need for a large amount of capital to get started.
The difference between REITs and real estate mutual funds is that real estate funds invest in REITs, real estate related stocks and in property directly, while
REITs will only hold direct property investments. Hence, you receive more diversification with Real Estate Funds.
--------------- WWW.KNOWLED GEFINANCIAL GROUP - KNOWLEDGEFINANCIALGROUP.COM
Real Estate Crowdfunding
Real estate crowdfunding is a new innovative way to invest in real estate that has emerged in recent years. Crowdfunding refers to funding large projects
using small contributions by a large number of individuals, usually through the use of online platforms.
In the U.S., there are several real estate crowdfunding platforms, such as Fundrise and RealtyShares for example, which offer small investors to gain
exposure to real estate investments using the concept of crowdfunding.
Nowadays, there are enough possibilities to gain investment exposure to the real estate sector without having to purchase costly physical properties. REITS,
real estate stocks and funds and real estate crowdfunding make it possible. ==
WWW.FACEBOOK.COM/KNOWLEDGEFINANCIALGROUP
WWW.FACEBOOK.COM/KNOWLEDGEFINANCIAL
Real estate is a very lucrative asset classes and should be a component of every well-diversified investment portfolio.
Real estate investments offer capital gains and investment income while having a low correlation with the traditional asset classes stocks and bonds.
That makes real estate an excellent alternative asset class for portfolio diversification, but also aids in boosting your portfolio returns.
Nonetheless, many small investors stay clear of real estate as an investment because of the need to take out a mortgage on an investment property and then
having to deal with tenants and property maintenance.
Nowadays, however, if you want to invest in real estate but you don't want to have .
--------------------------------
Real Estate Related Stocks == WWW.TWITTER.COM/FINANCIALSCHOOL
You can receive exposure to real estate by holding real estate related stocks in your investment portfolio. Real estate related stocks are stocks of large
companies that engage in real estate related business..
-----------------
REITs --= WWW.KNOWLEDGEFINANCIAL.BLOGSPOT.COM
REITs; Real Estate Investment Trust are another great way to gain exposure to the real estate sector. REITs (real estate
investments trusts) are companies that own investment properties. They are listed on the stock exchange and shares in REITS can be bought and sold just
like stocks. REITs traditionally hold a range of real estate including apartments, offices, shopping malls, warehouses, etc.
-----------------------
Real Estate Funds
Real estate funds are mutual funds that invest in REITs, real estate related stocks and in properties directly. They are an excellent way for investors to hold a
diversified portfolio of real estate investments without the need for a large amount of capital to get started.
The difference between REITs and real estate mutual funds is that real estate funds invest in REITs, real estate related stocks and in property directly, while
REITs will only hold direct property investments. Hence, you receive more diversification with Real Estate Funds.
--------------- WWW.KNOWLED GEFINANCIAL GROUP - KNOWLEDGEFINANCIALGROUP.COM
Real Estate Crowdfunding
Real estate crowdfunding is a new innovative way to invest in real estate that has emerged in recent years. Crowdfunding refers to funding large projects
using small contributions by a large number of individuals, usually through the use of online platforms.
In the U.S., there are several real estate crowdfunding platforms, such as Fundrise and RealtyShares for example, which offer small investors to gain
exposure to real estate investments using the concept of crowdfunding.
Nowadays, there are enough possibilities to gain investment exposure to the real estate sector without having to purchase costly physical properties. REITS,
real estate stocks and funds and real estate crowdfunding make it possible. ==
WWW.FACEBOOK.COM/KNOWLEDGEFINANCIALGROUP
| '' Rental Properties: RENTING IS THROWING MONEY AWAY … IN THE DRAIN WHILE YOU CAN BUY YOUR OWN? WHY NOT HELPING YOURSELF BUILDING WEALTH INSTEAD OF HELPING OTHERS LANDLORDS? ------- KNOWLEDGE FINANCIAL GROUP AND WEALTH MANAGEMENT SUGGESTS YOU TO Build wealth and live on your terms.. “Very often, Rent is more expenses than having a mortgage and , guess what? Mortgages build equity.” Rent doesn't'' Equity is an asset. - Assets are wealth. - Therefore, owning is better than renting. ================== The American dream has long been about a big loving family, retirement, and most importantly homeownership. Homeownership is still a top five priority in Americans mind. LEARN MORE BELOW... |
| Realtor like Anthony is capable to give sellers homes tons of exposure. Whether it’s online exposure or exposure in the local real estate section of the newspaper, blogs, Realtor like Anthony has the tools to provide exposure that FSBOs do not. The use of cutting-edge technology and a comprehensive marketing plan are just a couple things that sellers should expect when they hire a Realtor like Anthony Jeanty in south Florida to sell their homes |
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| Rental Properties: RENTING IS THROWING MONEY AWAY … IN THE DRAIN WHILE YOU CAN BUY YOUR OWN? WHY NOT HELPING YOURSELF BUILDING WEALTH INSTEAD OF HELPING OTHERS LANDLORDS? ------- KNOWLEDGE FINANCIAL GROUP AND WEALTH MANAGEMENT SUGGESTS YOU TO Build wealth and live on your terms.. “Very often, Rent is more expense than having a mortgage and , guess what? Mortgages build equity.” Rent doesn't'' Equity is an asset. - Assets are wealth. - Therefore, owning is better than renting. ================== The American dream has long been about a big loving family, retirement, and most importantly homeownership is still a top five priority in Americans mind. |
| What are the best ways to make money in real estate? Some of the best ways using which you can make money in real estate are-. 1. Rental income-. Buying property and giving it on rent is one of the best ways which real estate investors choose to earn extra income. People usually invest in properties and further give it on rent. --------- Rental Property Investing Basics -- KNOWLEDGE FINANCIAL GROUP Want to start investing in rental property but not sure where to start? Everything People Need To Know About Rental Property... KNOWLEDGEFINANCIALGROUP.BLOGSPOT.COM While it can be a lucrative method of real estate investing, there's a lot to know before investing in rental properties. This comprehensive guide will show you how to start investing in rental properties as a beginner. We'll go over what it takes to invest in rental properties, common mistakes to avoid, and things to know before you buy your first rental. --------------- What is a rental property? Everything People Need To Know About Rental Property... A rental property is a residential or commercial property that's leased or rented to a tenant over a set period of time. There are short-term rentals, like vacation rentals, and long-term ones, like those under a one-to-three-year lease. Residential rental properties are one- to four-family homes, which include: single-family homes, duplexes, triplexes, and quadplexes. = FACEBOOK.COM/KNOWLEDGEFINANCIALGROUP --------------- Types of commercial rental properties include: multifamily (apartment complexes), industrial (such as a warehouse or self-storage), office space, retail space, and multi-use. ----------------- Residential rental properties are often more accessible to beginners because they're less expensive. Less money is required upfront and that often means that it's easier to get financing. While there are exceptions, residential rental properties are also typically easier to manage. In most cases, managing one tenant is easier than managing twenty. For these reasons, this comprehensive guide to investing in rental properties is focused on residential rentals. Most investors buy a rental property with the goal of producing positive cash flow ''' TWITTER.COM/KNOWLEDGEGROUP1 |
| Owning a rental property is an active form of real estate investing and requires time, dedication, and involvement. Being a landlord isn't for everyone. As you'll see, there's much work involved in identifying, analyzing, buying, and managing a quality rental property. While there are options for outsourcing some of these active tasks, it's rarely 100% passive, and there are always risks. Do you think investing in a rental property might be a good idea for you? Keep reading to find out where to start and how to best prepare yourself for the project at hand. |
Let's take a look at the seven steps you'll need to take to invest in rental property:
1. Determine where you want to invest
Beginning real estate investors often want to purchase rental properties in their
backyard.
That could mean in the same ZIP code as their current residence, the same city, or the same state. However, this may not be an option depending on the
market you live in, nor is it always the best choice.
If you live in a neighborhood where property values are on the upper end of the market, rent may not support a positive cash-flowing rental property.
------
While it may be easier to manage a rental that's only 10 minutes from your home instead of two states away, you can invest in any market. If you're not going to
invest in your backyard, take a high-level view at other markets, looking for areas that meet these criteria:
The demand for rental properties is high -- housing supply and vacancy rates are low.
Job growth is stable or growing. Economic expansion, job growth, and population growth are good indicators.
-------
Determine what you want to invest in
While single-family rental properties are one avenue of investing, they're not the only option. You could own a
duplex, triplex, quadplex, or something even larger (if you're interested in commercial rentals). Decide if you'd like to own vacation rentals or long-term rental
properties, too.
No matter what property type you choose, it’s essential to know what qualities of that property type are in demand. This includes the size of the unit or home,
the number of bedrooms and bathrooms, or possible amenities such as a pool or fireplace.
Find out if there's an oversaturation or undersupply of a specific property type. You might find, for example, that an area has too many one-bedrooms and few
two-bedrooms available for rent.
--------
Make sure you know what you're looking for in a rental property, including:
square footage, number of bedrooms or bathrooms, type of build (e.g., wood or concrete),
type of parking available, and property type (e.g., single-family residence, condo, townhome, duplex, triplex, or fourplex).
It’s not uncommon to have different sets of criteria for different neighborhoods.
3. Find potential rental properties to invest in
Once you’ve narrowed down your market and know your criteria, you can search for properties to invest in. There are several ways to find investment
properties.
-------
Work with a wholesaler
A real estate wholesaler finds off-market investment opportunities at below-market prices. They negotiate a low
purchase price with the seller and assign the contract to a third-party buyer at a higher price. The wholesaler makes a profit from the difference between the
purchase price and the sales price.
Typically, wholesale properties require a 100% cash payment to close. They often need renovations or improvements, too, so they might not qualify for
financing. There are alternative lenders, like hard money and private lenders, that can help with cash for closing and funds for repairing the property. These
lenders, however, can charge high interest rates and only loan money for a short period of time.
----------
Analyze the rental property and run the numbers
Figuring out the net cash flow for a rental property is crucial. This is the rental income minus expenses and mortgage
payments. This is especially important if your goal is to have positive cash flow (which it almost certainly is).
To do this, first determine what you'll be able to collect in rental income. Rentometer is a free tool that lets you analyze the average and median rental rates
based on your property's location, size, and property type. If the property already has a tenant in place, confirm that the tenant is paying market rental rates --
there may be potential to increase the rent.
Always verify that the comparable rentals are in a similar condition to your property. If your rental is outdated or lacking amenities compared to other homes in
the neighborhood, you may not be able to reach market rent without doing some upgrades or renovations.
After determining the market rent for the property, identify the average vacancy rate for your specific market based on the property type you're buying.
-----------------
Identify all costs that may be associated with the property, which can include:
Taxes,
property insurance (flood insurance may also be required),
water and sewer, garbage, electric, gas, homeowners association (HOA) fees, advertising,
maintenance (the industry standard is 1%–3% of the property value), lawn care, and property management (if you use a third-party manager).
Sparkrental has a free online rental property ROI calculator that analyzes the investment and provides the total return on investment using cash-on-cash
return and cap rate. You can also calculate this on your own using the formulas below.
----------------------
Most rental properties use a cash-on-cash return when determining a return on investment. However, the cap rate is beneficial when investing in a property
that has more than one rental unit.
---------
Manage the property - Managing the property includes:
screening new tenants; handling leases and move-ins; coordinating tenant maintenance requests; communicating with tenants;
collecting rent; sending notices, including late payment and eviction notices; move-out inspections; and disbursement of any deposit fees after move-out.
There are two options when it comes to property management: hiring a third party or doing it yourself.
--------
Use a third party-management company
If the goal of the rental property is to create passive income, hiring a property management company will likely be best. They handle everything involved with
managing the rental in exchange for monthly payments.
--------------
Each management company has a different structure for their fees and services, which could be a flat rate or a percentage of the gross rents. You'll often pay
8%–12% of your rents.
Interview the management company before hiring them. Ask for referrals from other clients, visit other properties they manage, and look for online reviews to
ensure they deliver on what they promise.
Manage the property yourself
If you do decide to manage the property yourself, consider using a free online rental service such as Cozy or Avail, which let you:
collect deposits and rent online, manage the lease (including sending it for electronic signatures),
send automatic text or email reminders that rent is due or payment is late, automatically calculate if a fee is owed for being past due, and
deposit all payments directly to your bank account.
One of the last active roles that go into managing a rental property is handling repairs and maintenance. As a landlord, it’s better to be proactive with
maintenance so you're not dealing with emergency repairs. Before the tenant moves in, ensure the property is in good working order. Check out:
plumbing, electrical, the roof, HVAC systems, the water heater,
fans, lights, and appliances.
---------------------
Use a third party-management company
If the goal of the rental property is to create passive income, hiring a property management company will likely be best. They handle everything involved with
managing the rental in exchange for monthly payments.
Each management company has a different structure for their fees and services, which could be a flat rate or a percentage of the gross rents. You'll often pay
8%–12% of your rents.
Interview the management company before hiring them. Ask for referrals from other clients, visit other properties they manage, and look for online reviews to
ensure they deliver on what they promise.
----------------
Manage the property yourself
If you do decide to manage the property yourself, consider using a free online rental service such as Cozy or Avail, which let you:
collect deposits and rent online, manage the lease (including sending it for electronic signatures),
send automatic text or email reminders that rent is due or payment is late, automatically calculate if a fee is owed for being past due, and
deposit all payments directly to your bank account.
----------
One of the last active roles that go into managing a rental property is handling repairs and maintenance. As a landlord, it’s better to be proactive with
maintenance so you're not dealing with emergency repairs. Before the tenant moves in, ensure the property is in good working order. Check out:
plumbing, electrical, the roof, HVAC systems, the water heater, fans, lights, and appliances.
----------
Many landlords create a list of local service professionals such as handymen, plumbers, electricians, and contractors. If an unexpected repair arises, the
landlord knows exactly who to call to solve the problem quickly
----------
WARNING: Before the tenant moves in, do a walkthrough of the property. Take time-stamped pictures of each room and
note the condition of the property in an inspection report. The tenant and landlord should sign this agreement upon move-in and move-out.
This agreement shows the tenant your expectations for the rental's condition upon move out and lets you refer to the initial condition if there are disparities.
Upon move-out, use this same checklist to reassess conditions and determine the portion of the tenant's deposit they get back.
---------
NOTE - WARNING:
Underestimating expenses and overestimating rents
Beginner investors often get excited at the prospect of owning a rental property and overestimate the net rent. It’s best to err on the side of caution and run
your numbers with a slightly lower than average rental rate.
If your calculations look good with this number, a market rent will be even better. Doing this leaves flexibility in your rental price in the event of market shifts or
if there's more supply than demand for your rental type in that area.
Before buying a rental, confirm your estimated expenses.
Research the annual tax rate, get a quote for rental property insurance, and look at historical utility bills. If it's your first rental
investment, consider adding a 5%–10% expense buffer, too.
Not keeping up with maintenance and underestimating repair costs
Even if you save money for unexpected repairs and routine maintenance, you may not have enough saved when a major item needs to be replaced.
Keep a few thousand dollars in a savings account as a contingency. This ensures you have additional cash in the event of a costly emergency repair.
Not starting eviction quickly enough
Eviction isn't fun. However, there's always the risk that the tenant stops paying, forcing you to evict.
Know the laws for eviction in your state and don’t wait too long before beginning the eviction process. Often,
beginner landlords give the tenant multiple chances and, before they know it, several months have passed with no
rent.
They still end up evicting. If the lease says you'll give a 30-day notice after a set number of days of no payment, follow
through with your lease agreement.
Investing in rental property can be lucrative. But you need to do your due diligence on properties, markets, and
tenants.
============
1. Determine where you want to invest
Beginning real estate investors often want to purchase rental properties in their
backyard.
That could mean in the same ZIP code as their current residence, the same city, or the same state. However, this may not be an option depending on the
market you live in, nor is it always the best choice.
If you live in a neighborhood where property values are on the upper end of the market, rent may not support a positive cash-flowing rental property.
------
While it may be easier to manage a rental that's only 10 minutes from your home instead of two states away, you can invest in any market. If you're not going to
invest in your backyard, take a high-level view at other markets, looking for areas that meet these criteria:
The demand for rental properties is high -- housing supply and vacancy rates are low.
Job growth is stable or growing. Economic expansion, job growth, and population growth are good indicators.
-------
Determine what you want to invest in
While single-family rental properties are one avenue of investing, they're not the only option. You could own a
duplex, triplex, quadplex, or something even larger (if you're interested in commercial rentals). Decide if you'd like to own vacation rentals or long-term rental
properties, too.
No matter what property type you choose, it’s essential to know what qualities of that property type are in demand. This includes the size of the unit or home,
the number of bedrooms and bathrooms, or possible amenities such as a pool or fireplace.
Find out if there's an oversaturation or undersupply of a specific property type. You might find, for example, that an area has too many one-bedrooms and few
two-bedrooms available for rent.
--------
Make sure you know what you're looking for in a rental property, including:
square footage, number of bedrooms or bathrooms, type of build (e.g., wood or concrete),
type of parking available, and property type (e.g., single-family residence, condo, townhome, duplex, triplex, or fourplex).
It’s not uncommon to have different sets of criteria for different neighborhoods.
3. Find potential rental properties to invest in
Once you’ve narrowed down your market and know your criteria, you can search for properties to invest in. There are several ways to find investment
properties.
-------
Work with a wholesaler
A real estate wholesaler finds off-market investment opportunities at below-market prices. They negotiate a low
purchase price with the seller and assign the contract to a third-party buyer at a higher price. The wholesaler makes a profit from the difference between the
purchase price and the sales price.
Typically, wholesale properties require a 100% cash payment to close. They often need renovations or improvements, too, so they might not qualify for
financing. There are alternative lenders, like hard money and private lenders, that can help with cash for closing and funds for repairing the property. These
lenders, however, can charge high interest rates and only loan money for a short period of time.
----------
Analyze the rental property and run the numbers
Figuring out the net cash flow for a rental property is crucial. This is the rental income minus expenses and mortgage
payments. This is especially important if your goal is to have positive cash flow (which it almost certainly is).
To do this, first determine what you'll be able to collect in rental income. Rentometer is a free tool that lets you analyze the average and median rental rates
based on your property's location, size, and property type. If the property already has a tenant in place, confirm that the tenant is paying market rental rates --
there may be potential to increase the rent.
Always verify that the comparable rentals are in a similar condition to your property. If your rental is outdated or lacking amenities compared to other homes in
the neighborhood, you may not be able to reach market rent without doing some upgrades or renovations.
After determining the market rent for the property, identify the average vacancy rate for your specific market based on the property type you're buying.
-----------------
Identify all costs that may be associated with the property, which can include:
Taxes,
property insurance (flood insurance may also be required),
water and sewer, garbage, electric, gas, homeowners association (HOA) fees, advertising,
maintenance (the industry standard is 1%–3% of the property value), lawn care, and property management (if you use a third-party manager).
Sparkrental has a free online rental property ROI calculator that analyzes the investment and provides the total return on investment using cash-on-cash
return and cap rate. You can also calculate this on your own using the formulas below.
----------------------
Most rental properties use a cash-on-cash return when determining a return on investment. However, the cap rate is beneficial when investing in a property
that has more than one rental unit.
---------
Manage the property - Managing the property includes:
screening new tenants; handling leases and move-ins; coordinating tenant maintenance requests; communicating with tenants;
collecting rent; sending notices, including late payment and eviction notices; move-out inspections; and disbursement of any deposit fees after move-out.
There are two options when it comes to property management: hiring a third party or doing it yourself.
--------
Use a third party-management company
If the goal of the rental property is to create passive income, hiring a property management company will likely be best. They handle everything involved with
managing the rental in exchange for monthly payments.
--------------
Each management company has a different structure for their fees and services, which could be a flat rate or a percentage of the gross rents. You'll often pay
8%–12% of your rents.
Interview the management company before hiring them. Ask for referrals from other clients, visit other properties they manage, and look for online reviews to
ensure they deliver on what they promise.
Manage the property yourself
If you do decide to manage the property yourself, consider using a free online rental service such as Cozy or Avail, which let you:
collect deposits and rent online, manage the lease (including sending it for electronic signatures),
send automatic text or email reminders that rent is due or payment is late, automatically calculate if a fee is owed for being past due, and
deposit all payments directly to your bank account.
One of the last active roles that go into managing a rental property is handling repairs and maintenance. As a landlord, it’s better to be proactive with
maintenance so you're not dealing with emergency repairs. Before the tenant moves in, ensure the property is in good working order. Check out:
plumbing, electrical, the roof, HVAC systems, the water heater,
fans, lights, and appliances.
---------------------
Use a third party-management company
If the goal of the rental property is to create passive income, hiring a property management company will likely be best. They handle everything involved with
managing the rental in exchange for monthly payments.
Each management company has a different structure for their fees and services, which could be a flat rate or a percentage of the gross rents. You'll often pay
8%–12% of your rents.
Interview the management company before hiring them. Ask for referrals from other clients, visit other properties they manage, and look for online reviews to
ensure they deliver on what they promise.
----------------
Manage the property yourself
If you do decide to manage the property yourself, consider using a free online rental service such as Cozy or Avail, which let you:
collect deposits and rent online, manage the lease (including sending it for electronic signatures),
send automatic text or email reminders that rent is due or payment is late, automatically calculate if a fee is owed for being past due, and
deposit all payments directly to your bank account.
----------
One of the last active roles that go into managing a rental property is handling repairs and maintenance. As a landlord, it’s better to be proactive with
maintenance so you're not dealing with emergency repairs. Before the tenant moves in, ensure the property is in good working order. Check out:
plumbing, electrical, the roof, HVAC systems, the water heater, fans, lights, and appliances.
----------
Many landlords create a list of local service professionals such as handymen, plumbers, electricians, and contractors. If an unexpected repair arises, the
landlord knows exactly who to call to solve the problem quickly
----------
WARNING: Before the tenant moves in, do a walkthrough of the property. Take time-stamped pictures of each room and
note the condition of the property in an inspection report. The tenant and landlord should sign this agreement upon move-in and move-out.
This agreement shows the tenant your expectations for the rental's condition upon move out and lets you refer to the initial condition if there are disparities.
Upon move-out, use this same checklist to reassess conditions and determine the portion of the tenant's deposit they get back.
---------
NOTE - WARNING:
Underestimating expenses and overestimating rents
Beginner investors often get excited at the prospect of owning a rental property and overestimate the net rent. It’s best to err on the side of caution and run
your numbers with a slightly lower than average rental rate.
If your calculations look good with this number, a market rent will be even better. Doing this leaves flexibility in your rental price in the event of market shifts or
if there's more supply than demand for your rental type in that area.
Before buying a rental, confirm your estimated expenses.
Research the annual tax rate, get a quote for rental property insurance, and look at historical utility bills. If it's your first rental
investment, consider adding a 5%–10% expense buffer, too.
Not keeping up with maintenance and underestimating repair costs
Even if you save money for unexpected repairs and routine maintenance, you may not have enough saved when a major item needs to be replaced.
Keep a few thousand dollars in a savings account as a contingency. This ensures you have additional cash in the event of a costly emergency repair.
Not starting eviction quickly enough
Eviction isn't fun. However, there's always the risk that the tenant stops paying, forcing you to evict.
Know the laws for eviction in your state and don’t wait too long before beginning the eviction process. Often,
beginner landlords give the tenant multiple chances and, before they know it, several months have passed with no
rent.
They still end up evicting. If the lease says you'll give a 30-day notice after a set number of days of no payment, follow
through with your lease agreement.
Investing in rental property can be lucrative. But you need to do your due diligence on properties, markets, and
tenants.
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| '' Investment Properties Knowledge And Useful Information... Everything To Know About Rental Property For Monthly Cash-flow From A To Z. ... |
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