No Picture
General Article

How To Make A Profitable Commercial Real Estate Investment

Commercial investments are both interesting and risky. It can make you big profits, but it may also be financially devastating. You need to choose wisely about what property to buy and how to get the funds to do so. This article is packed full of tips that will help you to navigate the commercial real estate market.

Some factors to consider before making a big investment into real estate are the expanding or contracting of nearby employers, local income levels, and the rate of unemployment. Commercial property near hospitals or schools have higher property values; these properties are also easier to sell.

When you are picking a broker, make sure you know if they are experienced within the commercial real estate market. It is important that their experience fall in line with your buying and/or selling goals, so make sure to ask what their specialty is. Most brokers will require you to have an agreement to work exclusively with them.

NOI, also known as Net Operating Income, is a crucial metric to understand in the world of commercial real estate dealings. Make sure you are staying in the black to be successful.

Double-check that you are seeking a realistic amount of money for your property. There are a number of variables that can affect the realistic value of your property.

Take a tour of properties you are considering. Even better, have someone who knows commercial real estate tour the properties with you. Put forth your initial proposals, then open the table for negotiations. Before you choose, make sure you look over your offers a few times.

When you are looking at multiple properties, get a tour site checklist. Accept the proposal responses during the first round, but before going further, notify all the property owners involved. Make sure that the owners are aware that you have other options available. Telling the property owner that he has competition for your money might inspire him to offer a better price to encourage you to buy from him.

Before you can start using the property you’ve purchased, you might need to make some improvements. These changes could simply be cosmetic ones as simple as a new coat of paint or moving the furniture around. Normally, however, it may be something a little more involved like walls being moved. Negotiate in advance who pays for these improvements or try to get the landlord to pay for at least a portion of the costs.

It’s critical to have emergency maintenance contact information very accessible. Speak with the landlord about handling of emergency repairs just so you know who to call in that situation. Have the phone numbers on speed dial, and know how long it generally takes stuff to get fixed. Protect your employees, customers, merchandise, and even your reputation by having a good emergency plan in place that will allow you to handle unexpected events without chaos.

As previously noted, the business of commercial real estate can be challenging to succeed in. It takes money to make money in this industry, not to mention a fair time and work investment too. Even if you do all that, you might still end up losing money.…

No Picture
General Article

Landlords – Four Items You Must Include in Your Lease

Landlords – Four Items You Must Include in Your Lease

Every time a landlord rents their property, they should have a tenant that signs a lease. This lease determines what will be done during the time the tenant is renting the property. A landlord can include almost anything they want in the lease. Every lease should include these 4 items in the lease.

#1 – Rent Amount

Every lease should clearly spell out the amount of the rent. If you do not include the amount in the lease then it becomes a case of he says and she says when you end up in court. In most cases like this the court will rule in favor of the tenant. If you lease covers more than a 12 month period, you should include a phrase that includes an automatic rent increase after 12 months.

#2 – All Fees

The lease should state the amount of any fees that need to be paid by the tenant and when those fees are incurred. If you charge a late fee when the rent is paid late, both the amount of the late fee and the date it becomes due should be included in the lease. If you charge a cleaning fee at move out this needs to be included. If you need to evict a tenant and you want to charge for the cost of filing the dispossessory and for an attorney, this needs to be included in the lease.

#3 – Who Pays for Maintenance

Sometimes landlords will require tenants to handle repairs under a fixed dollar amount. This dollar amount is usually small like $50. The landlord tells the tenant that if they perform any repair that costs under $50 then the tenant is responsible for paying for the bill. This prevents the tenants from calling the landlord for every pity repair that they will come up with. Another item is to require the tenant to pay for any repairs that are caused by the tenant or their guests. For example if the tenant has friends over for a party and one of them breaks the window then the tenant is responsible for repairing the window.

#4 – Security

Your lease should specify that the tenant is responsible for their own security. Sometimes you will have tenants that will get into fights with other tenants. When this happens the tenants will start to call the landlord and try and get you to choose sides between the two. If a tenant is playing their music to loud, other tenants may call you asking you to contact the tenant to turn down the music. Your lease needs to let the tenants know that you are not responsible for security. If they have an issue with loud music being played then they need to call the police.

A lease is your best protection against disputes that might arise. If you include the key 4 issues in your lease, you can prevent most of the problems that occur when you rent a property to a tenant.…

No Picture
General Article

Closing of the Real Estate Contract

Closing of the Real Estate Contract

A real estate transaction can be initiated in two ways. Either the buyer makes an offer to the seller to buy his house or the seller makes a proposal to the buyer to sell his house. This is how a real estate transaction starts and is closed when the expectations of the buyer and the seller involved in the real estate deal are fulfilled. There can be the two results of initiating a real estate contract. Either the contract is closed successfully or it is terminated because of the conditions not satisfied. There are some important facts regarding closing of the contract that need to be understood by both the parties.

Important facts regarding successful closing of the contract

The date at which a real estate contract is closed is known as the closing date. At the closing date, both the parties agree to perform all their promises as written in the agreement. A buyer pays the total price to the seller that includes the price of the property and of any other personal property if included with the main property. In return, the seller signs the agreement to transfer his ownership of the property to the buyer and from then the buyer will be considered as the legal owner of the property.

The buyer could take possession of the property at any time after deal is closed successfully but a definite time and date to take possession by the buyer should be specified in the contract. The buyer can give time of few days to the seller to take possession after the closing date so that the seller can use this time to shift to some other place with his family. The exact time and date of possession wrote in the agreement should be agreed to both the parties.

Termination of the contract

Leaving out those cases when the buyer enters a contract with an intention of terminating, all the other contracts of the real estate industry expects a successful closing. The successful closing of the contract is expected by the buyer and the seller in the beginning but it is not possible for all the contracts to close successfully. Many contracts do not reach a successful closing point but are terminated because the conditions of the contract are not satisfied. The condition of the termination arises when the views of the seller and the buyer conflicts on an issue. Termination of the contract is not easy and the parties must take help of a real estate lawyer in this matter.…

No Picture
General Article

Renovating The Wedding Cake House in Melrose MA

Renovating The Wedding Cake House in Melrose MA

Sometimes two forces meet and the outcome is pure perfection. This property, which garnered a lot of attention in its state of disrepair in 2001, met the current owners and the result has birthed an architectural experience and one of the finest restorations Metro Boston has ever known. Its late 19th-century elegance was completely renewed but more importantly, the current owners created ideal, high-end kitchen and baths for living in the 21st century while being mindful of the architectural history.

This home carries a mystique and amazing attraction to those who discover it. Named for the dripping details of the columns, porches, balustrade and moldings that decorate the exterior like frosting, the “Wedding Cake House” has a sister in Kennebunk, Maine, which is considered one of the most photographed homes in the country, but the locals know that our Wedding Cake House is, well, more sensuous, though perhaps less renowned.

To say that the exterior curb appeal is exquisite feels like an understatement, but it is important to note that the owners stress that this is a very livable house. Truly no expense has been spared in the complete restoration of this Neoclassical Revival. We should note that there is over 5000 sq/ft of living space – 4 floors, 14 rooms, 5-6 bedrooms, 7 Fireplaces, 3-car garage, 4 full and 1 half bath on a nearly A� acre lot. It goes without saying that all of the systems and updates have been done, but the devil is in the details, from re-brassing all of the original hardware and fixtures to the careful restoration of both murals and the exquisite woodwork.

A description simply can’t do justice to the experience of walking through. When you walk through the vestibule into the grand entrance there is a dessert buffet of panoramic views from the ornate, gold leaf-touched music room, to the impressive foyer with hand-painting and opulent details, to the multi-level staircase with two Juliet balconies, to the living room decked out in all natural woodwork of American Chestnut. Every nuance and fixture has been carefully selected and finish work dresses every corner. The study with the foxhunt murals transports visitors to the English country side. In fact, every room in this stately home has its own story and experience.

The current owners are ardent cooks, and the kitchen reflects their talents with Wolf, Sub-Zero and Bosch appliances paired with custom cabinetry, granite and moldings that are appropriate for this inviting space. Wine connoisseurs will love not only the Sub-Zero wine chiller in the kitchen that properly stores red and white wines at separate temperatures but the dedicated wine cellar with temperature and humidity control.

This home has been featured in various media outlets from television programs like Chronicle, to print media, most recently as the Boston Herald’s Home of the Week, in addition to Boston Magazine, Boston Globe and local papers. Noise has been made that it would be an ideal Governor’s Mansion, as the perfect entertaining home, close to Boston. Why, the Governor could walk to the train from this pristine East Side Country Club neighborhood.…