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Commercial Real Estate Michigan

Commercial real estate listings in Michigan area are
available for your review and purchase. You can
purchase a commercial site that is already
established, or you can purchase a commercial lot that
is just waiting for you to build, develop and bring in
the people to make the sales. The average family
income in Michigan during the year 1999 was about
$42,000. For the business, this means there is money
available in the family units to support various types
of industry, such as pools, spas, camping, and many
other types of hobbies and sports as well.

Commercial real estate listings are those that will
include retail centers, doctor’s offices, business
settings and similar retail situations. Commercial
listings are wide ranging, from the small lots, to the
huge office buildings where hundreds of employees
could be located. Commercial real estate in Michigan
is one that you should consider if you are thinking
about relocating your business, or if you are
contemplating starting a new business venture.
Mortgage rates are always changing, and for the prime
locations in Michigan you will find your real estate
investment is well worth the mortgage you will be
paying. If you have completed a business plan,
detailing your business ideas, your business traffic
needs, and the demographics of who your customer base
will be, you can find a real estate investment in
Michigan that will fit this requirement. Many
commercial real estate settings in Michigan will
service many functions in promoting your industry.

When you are looking for commercial real estate
listings in Michigan, there are many different ways to
go about it. You may have a pacific idea to where you
are looking for the commercial property. If you know
where you want to have your company that is a big
advantage because you will be able to narrow down your
search a little because of where you are looking.
Some of the listing areas are the Lakefront Real
Estate Michigan or Waterfront Real estate but there
are many more areas that you may be looking at for the
commercial real estate that you whish to have your
company at for business, some are considered prime
locations, while others are commercial settings thatdo not have the heavy traffic. One thing that you are
going to want to do is check out what area in Michigan
would be the best for your companies business and for
the consumers as well. If you need heavy traffic to
get the high numbers of customers, you should seek out
some of the prime locations, which can be a bit higher
in cost, but well worth the investment.

Once you have done some of the work on checking out of
the different locations, you will notice that there
are areas of the state that is going to be a great
location for your business of operation. Many
companies may choose to have their business location
near the lakes so that they have some easy access for
shipment and deliveries in many different ways beside
vehicle. If you are checking out the lakefront real
estate in Michigan, you may notice that you are going
to need to be ready to pay a little more for the
property because of its location but it could be a big
benefit in the long run when you think about the
different ways that you are going to be able to ship
and receive deliveries and even the possibility of how
many consumers that would be available if you are in
the business of sales because of the visitors that
could come to your shop some supplies or needs for
their vacation. That right there would be a great
advantage to acquiring some Michigan waterfront real
estate when you are going to start up a business of
sales that would be a benefit for the vacationers. If
you have, a product or service that would benefit the
many who love to vacation you should search commercial
real estate in the Waterfront Real Estate Michigan
listings.

Michigan waterfront real estate is a prime location
for many types of business, not only because of the
high number of tourist that come to this area, but
also because of the high number of traffic daily that
will see your business in this area. Grand Blanc
Michigan Real Estate is also a prime location for
commercial real estate, as this is an area that is
growing yearly, with new residential areas expanding
around the commercial area. About seventy percent of
the homes in Michigan are two and three bedroom homes,
housing families that are available to support the
commercial sales needs.

About the Author

Jennifer Hershey has more than twenty years of experience as a mortgage loan officer. Her site http://www.explainingmortgages.com - a real estate investing and mortgage resource devoted to making mortgage types and home loan programs easy to understand.

Real Estate

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Commercial Real Estate Strategies: The andquot;columboandquot; Questions

For the astute commercial real estate investor, the cap rate AKA Capitalization Rate is an important financial number to consider. Here?s why:

Commercial Real Estate Earns Income

One main identifier that defines commercial real estate from other types of real estate is that it earns income for its owner. Commercial real estate values are typically based on these current (and/or future) income streams from the property under evaluation.

While there are many types of commercial real estate, such as strip malls, office buildings, condo projects, industrial sites, and several other property types, each is supposed to produce net income.

Each of these commercial real estate properties will normally have an income stream and associated expenses. It doesn?t matter if it is a mall, hotel or a trailer park. All commercial real estate properties typically have both income coming in and expenses going out.

The Raw Land Exception

The one exception to this typical ?rule of thumb? is raw land. Raw land will many times not have any income stream, so it has to be evaluated differently for commercial purposes

Evaluating the Cap Rate

When a commercial real estate property is evaluated, the buyer does his or her best to ascertain the accurate and sustainable income stream the property is currently producing. The cap rate is based upon current financial numbers, not future. And if it is not being used to its highest and best use at the moment, an adjustment will also be made as to its income stream once any problems are corrected.

Income Streams
Income streams can come from a variety of places, so I won?t make any attempt to list all the various forms here. There are some common ones and some unique to a given property. Just remember that the income stream is made up of all money received through the property.

Expenses Paid Out

The other side of the cap rate equation is the expenses that must be paid on the prospective property. There can be literally scores of different expenses, which can be found in any reasonable accounting course, so we won?t go into them here.

The Cap Rate Configuration

Now that we understand that the cap rate is determined by comparing income and expenses, the final part we need to factor in is the selling price of the commercial real estate. We?ll use an example below:

Income $100,000.00

- Expenses $50,000.00

= Remaining $50,000.00

Selling Price $500,000.00

Cap Rate = Remaining / Selling Price = $50,000 / $500,000 = 10%

Conclusion

Now you understand all the pieces of the cap rate formula and how to determine it. Again, the cap rate is very important in commercial real estate transactions because it puts a number or ?grade? on the value of the deal in simple and consistent terms for the investor.

The larger the cap rate, the better the deal is for the investor, so you can draw the conclusion that investors prefer high cap rates, and the higher the cap rate is, the more the investor likes the deal.

In fact, some investors set minimum cap rates before they?re interested in a commercial real estate deal. So you understand why ?Cap Rate is King? in commercial real state transactions.

About the Author:

Tony Seruga, Yolanda Seruga and Yolanda Bishop of http://www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.

Real Estate

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Real Estate

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Commercial Real Estate: Raising Equity

Those researching the subject of commercial real estate investment are likely to encounter the term ?OPM? on a regular basis. OPM is an acronym for ?Other People?s Money.? I?ve covered this topic in general in an earlier article, but today I want to focus on raising ?equity? for your commercial purchase transactions.

To review, the reason many people are reluctant to invest in commercial real estate is that the property values are often so high that it takes a great deal of money to complete a transaction, even using75% to 80% loan to value commercial loan. Few individuals have the financial resources needed to buy suitable properties for cash, let alone the $1,000,000 or so you would need to purchase even a moderately priced $4,000,000 building. This is where the concept of using other people?s money comes into play. The idea is to pool the funds of like-minded investors to purchase a property and then duplicate the process to build a portfolio.

The difficulties facing most investors are finding the other people with the money and proactively structuring the transaction. Everyone needs to be clear on their role in the transaction, how profits (or losses) are distributed, how results are reported, and how the project ends successfully. The process is not as difficult as it may seem at first and it even has a name: ?Syndication.? Potentially, even commercial real estate syndicators with little or no credit history have access to hundreds of thousands of dollars, all as close as the people they already know. One word of advice here, though: Start making a serious effort to clean up your credit if you are challenged in this manner. You may have to guarantee some loans and you don?t want your credit history to be a stumbling block.

Before you start telling everyone you know that you are raising money for a commercial real estate investment, there are some things you need to know and that you?ll likely have to research:

First, you need to understand investment entities, such as Limited Liability Companies. You need to know how they are formed, operated, taxed, and unwound because they will be your primary investment vehicle. They also establish who is responsible for what actions through the life of the investment.

Second, you need to learn about and understand a document called a ?Private Placement Memorandum.? It has other names like ?Investment Circular,? ?Investment Disclosure,? etc. This is the document that discloses all of the potential risks inherent in your proposed investment. You need to be extremely thorough in discussing those risks because should something go wrong with the investment and you don?t cover it here, you could be subject to a lawsuit. One key aspect of this part of the process is having a good attorney working for you with experience in these types of transactions.

Third, you need to have good analysis and presentation skills. You should know the ins and outs of spreadsheets (or know someone who does) so that you can dissect a transaction completely and put together a good case for making the investment to your potential investor partners.

Fourth, you need to find the investors. Start with busy, successful people whom you know, who have more money than time: Your doctor, dentist, psychologist, veterinarian, accountant (who is really good for knowing OTHER busy, successful people with more money than time), attorney, dry cleaner, golf pro, etc. You?d also be surprised how many people you know who have I.R.A.?s or 401k plans full of under-performing money who are looking for a good investment vehicle. You can advertise for investors, but be VERY careful before doing this. You MUST talk to your attorney about local securities laws and how they affect what you say and to whom you say it. You want calls from investors, not regulatory agencies!

The process of raising commercial real estate investment equity isn?t rocket science, but it does involve some study and the help of some knowledgeable professionals. Take your time to do it right and you?ll be making more money (your own, this time) than you thought possible.

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The market for mini blinds has expanded well past those traditional aluminum blinds that break, bend, and warp. A lot of homeowners are now electing to install a 2 inch blind made from either wood or …

Guide to Commercial La Grange real estate investments

The recognition of La Grange Real estate auctions, real estate properties is growing at a fast rate in the USA. Both money-making and residential real estate property are easily available these days to upper and middle class people as well. It is no longer required to maintain hefty bank balances to be able to bid on the real estate properties.

Real estate properties in LA, MO are a thriving business and have become very popular. La grange real estate is one of the most sought after properties. Similarly, LA Grange MO Real Estate, LA Grange TN Real Estate and LA Grange Park Real Estate are other properties that you could take a look at before making a decision.

Buying property in La Grange has become very common in the past few years and moreover, people are more than willing to invest in real estate as a way to cash in on the LA Grange real estate housing market. One may be surprised to know, within three months two most popular areas of la grange - grange la nc and grange la have sold up more than 700 homes and apartments! Within these two popular areas of la grange, over 57 % and 42% of the homes were sold as it relates to lot of flipping in the last two years which has combined for 99% of those two real estate markets in la grange housing sales.

There is major problem associated with the La Grange Real Estate investors, they lack the knowledge and the information and do not understand the pitfalls associated with La Grange real estate exchanges. Many estate grange la park real estate investors get caught up in buying small family homes, then reselling them for a profit. Some of the best real estate agents can help you out to make your deal more profitable and guide you sincerely all through the deal.

The main reason that people do not invest in commercial real estate is because they think that they do not have the necessary skills to do so, but there is nothing to worry if you have the support of some of the best brokers in the market. La Grange Texas Real Estate is another most flourishing market for real estate investors and brokers. It would be unwise to get in the flow, rather carefully choose your property before you decide. But when it comes down to it, investing in commercial real estate is pretty much the same as single family homes. Sure, there are a few details that are a bit different, but all in all everything works out the same in the end.

La grange il real estate, real estate la grange ca and la grange ky real estate are some other places for investors. Check out all the resources for real estate brokers, agents and properties on www.lagrangerealestate.ixzc.com

About the Author

Randell Rogfend is a father of three children who has had a long and fulfilling writing career. His passion is writing and he has contributed to countless newspapers, magazines and books. www.lagrangerealestate.ixzc.com The following site is his collection of articles about his latest interest: www.lagrangerealestate.ixzc.com/La_grange_texas_real_estate

Real Estate

Pikesville Homes

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The cost of not shopping around could end up being thousands of dollars.

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Winning The Commercial Real Estate Game

The game of commercial real estate can be won in many ways. It?s more of an essay test than true or false. There?s definitely more than one correct answer. A large percentage of the world?s millionaires earned their wealth through real estate investment. While nothing is a sure thing, real estate offers many opportunities for the savvy investor. Whether you want to build wealth or simply maintain it, there are several strategies that you can implement to get where you want to be. Where should you begin? You don?t want to put your hard earned money into a dead market. You want to protect what you?ve worked so hard for. Let?s look at a few of the more popular methods for investing in commercial real estate.

One of the more classic approaches to commercial real estate investment is the buy and hold strategy. In this maneuver, you buy property that is valued at a fair price. It may be a few miles away from town or outside of a development area. You then simply hold the land for a number of years. While you do this, the city comes to you. Developments are going up all around you. Yours is the last piece of raw land around and every developer in the state wants a piece of it. You, the genius entrepreneur, then sell the land for millions more than you pay for it. It couldn?t get much better than this. While this is obviously the ideal scenario, it can work like this. As you know, land is the only commodity that they don?t produce any more of. Therefore the price of your land will eventually go up.

While there is a great deal of money to be made in this sort of venture, it can take a long time to mature. This is great for someone who has a big chunk of money that they want to sit on for a few years. There is no set time limit as to how long it will take you to win. You basically have to go with your gut on this one. Should you sell it five years from now for twice what you paid for it? What if in year six, Wal-Mart wants to move in and pay you 10 times what you paid? There is really no way to know. You have to get out when you feel the time is right. Look for the signs around you. If the trends of development in your area are coming towards you, wait for a while. If you?ve had the land for ten years and the city that you just knew would be the next boomtown turned into a ghost town, you might want to get out. This strategy can produce a great return and it?s a pretty passive source. You don?t really have to do anything except buy the land and wait.

Another great way to invest in commercial property is through the rehab market. This is where you buy a run-down property that needs a lot of work done. You fix it up with a little elbow grease. Then after it?s up to par, you put it back on the market and make a tidy profit. This is a growing segment in the real estate industry. There is a definite need for this as property is always getting old. The most important thing to remember in this type of venture is you make your money when you buy the property, not when you sell it.

You must find properties that are undervalued. If you overpay, no matter what you do to the property, you?ll still come out behind. You need to find properties that need a lot of work. This has the highest potential for a great return. Don?t get involved with a property that just needs a new coat of paint and the yard mowed. This will not make you any money. In fact, you?ll most likely lose money. Stick with the properties that need the most TLC and you?ll come out on top.

Another popular strategy is that of quick turning a property. This involves finding distressed properties. You search for a great deal that is extremely undervalued. This could be a property that is facing foreclosure or a bankruptcy. Someone may take a significant cut in the price in order to get out fast. This can benefit you, the investor, greatly. You then take the distressed property and put it back on the market quickly. Since you don?t have to sell quickly, the property will get fair market value and you can make thousands of dollars in profit. As with rehabbing property, the key is finding cheap properties that you know are worth more. This is where all of the money comes from in this type of transaction. If you know the market, you can do very well with this type of deal.

For investors that already have a good sum of money saved up, there is another form of investment that is very appealing. Professionals who want another steady income can invest in expensive real estate that is already a great performing asset. This could be a luxury apartment complex or condos or any number of properties. The investor then takes over the cash flow that is generated by the subject property. They will most likely leave the existing property management in place and just take the steady cash flow. This is a great form of investment for those that are looking for a passive source of income from their investment. People who would benefit from this are usually very busy and already successful in some other walk of life. They understand that the only way to create wealth is through multiple sources of income. Diversification is the key.

Whichever method of commercial real estate investment you decide on, make sure it?s the right one for you. Consider all the factors carefully before making your decision. Just remember that you too can succeed in real estate investment.

About the Author:

Tony Seruga, Yolanda Seruga and Yolanda Bishop of http://www.maverickrei.com specialize in commercial and investment real estate. As of May, 2006, they and their partners are managing over $600 million dollars worth of new projects.

Real Estate

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Puerto Vallarta Commercial Property is Key to Puerto Vallarta Real Estate Boom

When you think of Puerto Vallarta real estate, you may think of the lovely homes and well-appointed vacation villas that have been housing residents and visitors for years. While these Puerto Vallarta vacation homes are an important part of the real estate scene, Puerto Vallarta commercial property is also an essential part of this beautiful destination.

From the shops that hold treasures for every visitor to the fine restaurants that offer some of Puerto Vallarta?s most delicious food, Puerto Vallarta real estate can be a solid investment for anyone who is serious about investing in the real estate market. When you make an investment in the Puerto Vallarta commercial property market, you?re making an investment that is likely to grow with time as the beaches and cultural attractions of this beautiful destination become more popular. While nothing is ever guaranteed in the Puerto Vallarta real estate market, purchasing commercial property in Puerto Vallarta may help you to grow your portfolio so that you are able to see a nice return on your initial investment. If you want to purchase an investment property in the Puerto Vallarta commercial property market, there are several things for you to consider before you make your investment decision.

One of the first things to consider is what you will be using the property for once it is purchased. Will you be using half of the property as a store and renting the other half? Do you want to rent out each area of the property to tenants so you can collect rental income? Knowing what you want to do with your Puerto Vallarta real estate investment will help you when you?re ready to look at properties and make a buying decision. You?ll also need to consider the size of the property you want to invest in before you can look at the number of commercial properties available. This means deciding what purpose the property will serve and then choosing a property size that will help you accomplish those goals. Once you have outlined your basic requirements, you can view many properties until you find the one that will best meet your needs. Remember to check each property carefully for structural soundness and review all of the points on your list of requirements. If you find several properties that don?t have what you need, this will help narrow your list so it is more manageable. Once you find the best property for you, all you need to do is complete the paperwork and any other requirements and you?ll be well on your way to becoming a Puerto Vallarta commercial property investor.

Real Estate

Flathead Lake Real Estate

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These variable rates usually have a cap to limit how high of an interest rate can be charged and some have limits as to how low the interest rate can get.

Commercial Real Estate ? Hard, Hard, Hard Money Loans

Financing for commercial real estate is a completely different game when compared to residential mortgage loans. It moves much faster and is much more flexible.

Commercial Real Estate ? Hard, Hard, Hard Money Loans

When purchasing commercial real estate, financing is the most significant factor in determining whether the project is worth pursuing. Although there are a variety of commercial real estate loans on the market, we are going to look at hard money loans in this article.

Hard money loans for commercial real estate are often a matter of last resort. They aren?t good deals, but they can save a financing situation that has gone critical. Most hard money loans come with significant upfront costs and astronomical interest rates. When you are facing the prospect of losing a commercial property, however, they can be a godsend because they also are granted very quickly.

Hard money loans are considered very risky and are issued by private financing groups, not banks or lenders. The loans tend to be only available as the primary loan on the property, which isn?t that rare a situation in commercial property.

Unlike home loans, hard money loans are all about the potential sales price of a piece of commercial real estate. The party considering lending you money is not going to look at the appraised value of the property. They are going to look at the probably sales price if the commercial real estate has to be sold a few months after making the loan. Depending on the condition of the property, this figure will typically be between 50 and 75 percent of the appraised valued of the commercial property.

Put another way, a hard money loan is a short-term loan designed to get you past an immediate problem. It is undeniably a loan of last resort and is not an ultimate solution to a financing problem with a commercial property. It does nothing other than buy you time, and at a fairly hefty cost. If you are in a tight spot and can resolve the problem with a few extra months time, a hard money loan may be the answer.

About the Author:

Dan Lewis is with http://www.gwhomeloans.com - a San Diego mortgage brokers providing San Diego home loans. Visit http://www.gwhomeloans.com/services.html to learn more about options on San Diego mortgages from a San Diego mortgage broker company.

Real Estate

Chandler Real Estate

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Commercial Real Estate Loan Strategies - The Value of Using Stated Income

The use of “Stated Income” (no tax returns and no income verification) commercial loans is a critical strategy to avoid several commercial mortgage loan problems. For example, many borrowers will simply not qualify for a commercial real estate loan if tax returns are used due to high business expenses (and low net income). This article will describe what differentiates a Stated Income business loan from a conventional or traditional business loan.

Very few traditional banks use Stated Income for a commercial real estate loan. Many/most commercial lenders will perform a thorough income verification as part of their underwriting process. Most non-traditional commercial lenders do not require tax returns or any income verification for a Stated Income commercial loan. Traditional bank commercial loan underwriting conditions will typically include copies of tax returns as well as a requirement to sign IRS Form 4506 which authorizes the lender to obtain tax returns directly from the IRS. Some lenders require this form in addition to current tax returns. The more devious use of this form is when lenders make a point of not requiring tax returns but separately ask the commercial borrower to sign this form. The most common explanation in asking for this form will involve the words “routine request”. This will usually occur just before the final closing and be further characterized as “one final small detail”. In reality IRS Form 4506 is neither “routine” nor a “small detail”. The use of this form is a lending practice that can have a potentially detrimental impact on a commercial borrower’s financial interests. In contrast, for most non-traditional commercial lenders, IRS Form 4506 is not required for their Stated Income business loans.

The value of using Stated Income does not end when the commercial loan closes. Many/most traditional banks require income verification/audits even after the commercial real estate loan closes. Most commercial borrowers won’t believe this until it happens, but many traditional commercial loans will have covenants stipulating that the lender must receive financial data even after the loan closing and that the loan can be recalled (forcing the commercial borrower to pay the bank back early) if the audit of this data is not satisfactory to the lender. Most non-traditional commercial lenders do not verify income either before or after the Stated Income commercial loan closes.

I have prepared a Special Report entitled “The Top 5 Reasons that Banks Decline Business Loan Applications and the Top 5 Strategies for Converting a Declined Loan into an Approved Loan”. One of those five reasons is that loan underwriters find something on a tax return that disqualifies a borrower under the bank’s lending guidelines. This “something” will frequently be insufficient net income, but when loan underwriters look at tax returns, there are many other possibilities which produce a similar result. If the commercial borrower is applying for a Stated Income business loan, this situation will not occur because tax returns will not be included in the commercial loan underwriting process.

Many commercial borrowers should be interested in strategies for preventing a lender from obtaining their tax returns directly from the IRS or preventing a lender from forcing a long-term loan to be repaid early. Stated Income commercial real estate loans provide a viable commercial financing strategy to alleviate concerns about these issues. Stated Income business loans are no longer just a strategy to help a commercial borrower that could not obtain a commercial loan any other way. Stated Income commercial loans are now increasingly viewed as a a vital method to protect the commercial real estate borrower’s overall financial interests, both before and after the loan has closed.

Copyright 2005-2006 AEX Commercial Financing Group, LLC. All Rights Reserved.

Wood-Ridge NJ Real Estate

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OPEN HOUSE: Saturday October 3rd, 2009 2-4pm Joshua Creek Oakville

I will be hosting an open house Saturday October 3rd, 2009 from 2-4pm in Joshua Creek. This is the neighborhood I grew up in and speaking from experience this is one of the best communities in all of Oakville. I would love you to come by 1413 Arrowhead Road and I can give you some more information about Joshua Creek and why it is such a great area to livein. To book a private tour, more information about 1413 Arrowhead Road or directions please contact me directly at 905 3345537. mls2009

Real Estate

Insurance and Commercial Real Estate

One of the least considered, but perhaps most important aspects of successful real estate investment is insurance against losses. Even though the market for residential real estate has begun to cool, commercial real estate investment opportunities abound. Commercial properties have additional risks that need to be mitigated and in today?s litigious society, it is important for investors to take the steps necessary to protect themselves and their investments.

As the housing market begins to cool off, the investment risk of real estate has increased somewhat. Residential and commercial real estate investors can no longer rely on a continually increasing market to bail them out of mediocre or bad purchases. The only real insurance you have here is to study investment analysis further and to really check your market before committing funds to a transaction.

There are other risks in commercial real estate that you can mitigate through third party insurance policies. The most common form is title insurance. Most real estate professionals recommend that buyers obtain title insurance on any property they purchase and if a loan is involved, the lender will make it a condition of obtaining the loan. The purpose of title insurance is to protect the buyer in the event that problems are found with the title after the close. Even though all sales of real estate include a title search, it is a good idea for the buyer to purchase separate title insurance as an extra measure of protection against mistakes in the search. This extra insurance will help protect the buyer in the event of any undiscovered liens, disputes over property lines, or other matters affecting title.

Another common, but important form of insurance for investment property is liability insurance. This provides the investor protection from liability in the event an individual is injured while on the property. It is all too common for individual property owners to be sued for seemingly frivolous reasons, so it is vital for all property owners to carry a sufficient amount of liability insurance to protect themselves and their personal assets. It may also help to have your insurance professional ?walk? the property with you to point out potential hazards before they become law suits.

Hazard insurance provides protection in the event of damage from fire, accidents, theft, and vandalism. Depending upon where you live, you might want to look into adding protection from storms and natural disasters. All owners of real estate should have this insurance and again, if a loan is involved, the lender will require you to purchase it and name them as an additional insured.

Environmental insurance is a new form of risk management that is gaining in popularity with lenders. Instead of performing Phase 1 and Phase 2 environmental studies, more lenders are opting for insurance against this type of loss. Because lender liability is limited in current law, the focus is on paying the outstanding loan balance or the cost of clean up, whichever is less. A word of caution here: Make the lender get the insurance (you?ll still have to pay for it) ? it?s not your job to understand the intricacies of environmental pollution and its risks.

In addition to these basic forms of real estate insurance there are other types of coverage that you may wish to consider. For instance, those properties located in or near flood zones may wish to purchase flood insurance, while those in earthquake prone regions may want to consider the purchase of additional earthquake insurance. And in the wake of 9/11, there is even the opportunity to purchase terrorism insurance!

In the final analysis, each real estate investor has to look at his or her own level of risk tolerance and what might actually affect the real estate investment. From there, with the help of an experienced commercial hazard insurance broker, you can then purchase the right mix of insurance needed to adequately address and mitigate those risks.

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Some lenders make up for the lack of a mortgage down payment in a higher interest rate.

CRW_9677_nifiltered

Commercial Real Estate Investment Decisions

WEIGH YOUR RISKS CAREFULLY

When you decide to embark on a commercial real estate investment program, how do you get your start? We know that there is no such thing as 100% financing for commercial property, so where do you get your initial capital for that first purchase? One method which I have discussed before is to use Other People?s Money as your initial ?stake.? Perhaps having partners is not the path you wish to follow in your investment program. That makes the other option using your own funds. Before you dip into your resources, however, consider some of the risks you face.

First, you are embarking on an investment program about which you have little practical experience. You may have read every book on commercial real estate investing ever printed and gone to every seminar ever produced in a hotel for a year, but you have no experience in the business. Do you really know what can go wrong? Do you realize what additional reserves you might need in case things don?t go as planned?

Second, consider the source of your equity. For most people who have done some real estate investing, they have probably focused on residential investment properties. Residential properties usually enjoy a large number of comparables to easily estimate value, financing programs for residential properties allow potential buyers to facilitate sales with little equity investment, and residential properties are usually less expensive, and therefore more accessible, to most people. If you are such an investor, then you probably have a pretty good pool of equity to tap. But how do you access it? Sell them outright and pay your capital gains? Sell them in a 1031 Exchange? Refinance them? Each option has its advantages and disadvantages.

Third, if you are like most people, your biggest chunk of equity is sitting in your home. There may be a great temptation to go get yourself an equity line, suck out the equity, and go buy a commercial property somewhere. Before you do, make sure to consider how the increased debt service of the equity line will affect your finances. Can you truly afford the payments if something doesn?t work out with your commercial investment? Yes, your commercial property will be producing income. However, the majority of that income will be used to pay its operating expenses and paying off the loan you arranged to acquire it. That doesn?t leave a lot left over for you in the initial years of the investment to pay down the equity line, which will most likely have a rate somewhere above the Prime rate (8.25% today).

The point is to consider your investment goals, your tolerance for risk, and your ability to live without the funds you are using for your commercial investment. Over time, your commercial portfolio should provide you with significant current income, a hedge against inflation, and net appreciation. You need to pay careful attention to how you structure your commercial real estate financing to minimize unforeseen risks and increase your chances of success. In your quest to achieve your commercial investment goals you need to carefully asses the impact of the financing decisions you make.

Real Estate

West Los Angeles Real Estate

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Real Estate

Whether you need to purchase a home for the first time, relocate to a new home, or would like to refinance your current home, rest assured that there is a loan program available for you.

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What Commercial Real Estate Investors Should Know About Cap Rate

CAP rate or capitalization rate is the ratio of annual rental income of the property over the purchase price. This number is often shown on commercial property listings. So you must know this jargon if you want to invest in commercial real estate. It?s commonly a number between 3% to 10%.

For those who invest in the stock market, cap rate is the equivalence of the inverse of P/E ratio. So a cap rate of 5% is equivalent to P/E ratio of 20. The main difference is in real estate the earning is real while it’s accounting earning in the stock market where earning can be reinstated years down the road!

The higher the CAP rate the higher rental income the property produces and thus the less money you need for down payment. Experienced investors often look at the CAP rate to screen out properties with low rental income. Some investors prefer properties with the cap rate that is higher than the interest rate they pay for the loan. That way they know they collect more from the tenants than they pay the bank.

When the property has high vacancy rate, listing brokers often show proforma (or potential) CAP rate instead to catch investors? attention. Let?s use the following example to illustrate the point. A property is listed for $1M and is 90% leased. It has gross leases with an actual gross income of $90K/year and $30K of annual expense. Assuming the proforma income is $110K/year when it?s 100% leased at higher market rent. So 3 different listing brokers could display 3 different CAP rates for the same property:

? The first broker may use NOI (Net Operating Income) of $60K/year ($90K of gross income less $30K of expenses) and thus the net CAP rate is 6%. This broker calculates the cap the way it should be.

? The second broker may use the gross income of $90K and so the gross CAP rate is 9%.

? The third broker may want to use the proforma income of $110K to get investors? attention and thus the proforma CAP rate is 11%!

So as an investor, you need to know what CAP rate, e.g. net, gross or proforma the broker uses. Otherwise you may offer too much for the property. At the same time, when you tell your broker to look for properties with a certain CAP rate, make sure the broker knows what CAP rate you have in mind.

The returns of a commercial property investment come from 4 sources: appreciation, cash flow, i.e. cap rate, depreciation (tax writeoffs), and principal reduction from your mortgage payments. If you invest in the ?right? property, the biggest chunk of your investment return should come from appreciation. There is often a conflict between cap rate and potential for strong appreciation. Properties that offer potential for strong appreciation, e.g. newer properties or ones in good location tend to have lower cap rate. On the other hand, properties that are in poor condition, or have ground lease are much harder to sell. As a result, seller will try to attract the buyers with a higher cap rate. If you see a property with unusually high cap rate in California, e.g. more than 7%, you should ask yourself ?what?s wrong with this property?? Chances are you will find a compelling reason why it is so high.

Is the property with highest cap rate the ?best? property? The short answer is no. If investment was that simple, you would not need an investment advisor. Cap rate should be one of the various other factors you consider whether you should invest in a property. It should not be the only factor. Besides, you can improve the cap rate by

? Increase the occupancy rate.

? Raise the rent when the current leases expire.

? Negotiate for leases with annual rent increase.

? Bring in tenants willing to pay higher rent.

? Improve the property to attract more upscale tenants.

? Reduce the expenses not reimbursed by the tenants.

By doing so, you can increase the cap rate and consequently the value of your investment.

Bozeman Realtors

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Real Estate

Equitywork.com, a company dedicated to providing commercial real estate information and superior solutions

Equitywork.com, a company dedicated to providing commercial real estate information and superior solutions that meet the needs of Commercial real estate agents and brokers, is pleased to announce the launch of its new and updated resource-focused Commercial real estate information website and web portal.

The new website features specialized resources including up-to-date industry news links, regulatory information and white papers. Equitywork.com existing customers will benefit from a new Customer Support section with an extensive knowledgebase, user groups, user tutorials and the latest Commercial real estate reports and commentaries.

“We are in the business advancing Commercial real estate information to commercial real estate agents and brokers. Our new website and partners illustrates our commitment to provide empowering tools and resources that will not only serve our existing and future clients, but all commercial real estate agents and brokers and commercial real estate retail agents and brokers in the industries we serve,” states Matt Davis, Equitywork.com Executive Vice President.

The new Equitywork.com website features specialized resources including up-to-date industry news links, regulatory information and white papers. Equitywork.com existing customers will benefit from a new Customer Support section with an extensive knowledgebase, user groups, user tutorials and the latest Commercial real estate reports and commentaries in Equitywork.com

If you have further question, please do not hesitate to contact our broker support team. We look forward to hearing from you. Enjoy using Equitywork.com.

About the Author

Matt Davis

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Design Consultant - Thomasville Home Furnishings - Naperville, IL

furnishing from our famous quality wood and upholstery products to lamps, rugs, bedding, top-of-bed, accessories and soft goods. It shapes and guides your…

From WorkInRetail - 18 Sep 2009 21:12:33 GMT - save job, email, more…

Design Consultant - Thomasville Home Furnishings - Manchester, CT

furnishing from our famous quality wood and upholstery products to lamps, rugs, bedding, top-of-bed, accessories and soft goods. It shapes and guides your…

From WorkInRetail - 18 Sep 2009 21:12:33 GMT - save job, email, more…

Design Consultant - Thomasville Home Furnishings - Orange, CT

furnishing from our famous quality wood and upholstery products to lamps, rugs, bedding, top-of-bed, accessories and soft goods. It shapes and guides your…

From WorkInRetail - 18 Sep 2009 21:12:33 GMT - save job, email, more…

Commercial Real Estate Developers Go Condo

If you drive down the street of many suburbs or pristine residential neighborhoods, it?s likely you will see people holding signs and waving. Whether they are dressed as clowns or just wearing shades, the human directional advertisers are trying to lead people to the many commercial real estate properties on the market today.

Converting apartment buildings

A growing number of commercial real estate developers are investing in old and new apartment complexes. They are converting the buildings into condominiums. Condo conversion became hot in the past two years as interest rates were low and so many people wanted the live the dream of becoming a homeowner. As the price of homes throughout the United States began to skyrocket, commercial real estate developers saw a need. People could not afford expensive single-family homes, but they could scrap up the money needed for a more affordable and smaller condominium. Taking advantage of low interest rates, a number of people purchased condos. But now, it?s a buyer?s market and a number of condos remain unoccupied. Some commercial real estate investors have decided to try to rent out some of the units until more buyers come onto the scene. If you are interested in investing in commercial real estate for the purpose of turning apartments into condominiums, do your research first. Find out whether the community already has plenty of condominiums or if it?s flooded with other investors. Find out how much people are spending on rent. If they can rent for less money than it costs to buy a unit, many people would rather rent, especially if it?s a college town or transient area.

Buying versus renting

If you are thinking about buying a condominium, make sure you find out what kind of fees you will be paying in addition to the mortgage, home owner?s association fees and taxes. Some communities have community development district fees, maintenance fees and fees for using the swimming pools.

Some of the hottest areas to invest in terms of commercial real estate include North Texas, Naples, Fla. and Tucson, Ariz. A growing number of commercial real estate investors are not just purchasing office complexes to rent out to tenants. Many tenants would rather own their own office suite rather than rent it out.

Finally, it?s a wise idea to invest in commercial real estate in areas where professionals can live close to their office. Many new subdivisions or master-planned communities are being built right next door to commercial real estate properties geared for the professional who wants an extremely short commute.

Real Estate

Huntsville Housevalues

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Adjustable rate mortgage is fixed too (in a sense), albeit not for the entire life of the mortgage loan.

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55 Waiaka Ln #44-202, Wailuku, HI 96793, $242,900 3 beds 2 baths
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Real Estate

Lease Vs Own - Commercial Real Estate Ownership Advantages And Disadvantages - Part 1

As with any business decision, there are certain advantages and disadvantages of leasing as well as owning commercial real estate. The right solution depends on each property’s location and features as well as the user’s personal financial and tax situation. Let’s first discuss ownership.

From the user’s perspective, ownership means to obtain the full economic and physical use of a property. Their are several advantages of this approach not the least of which is that it gives the user complete control to operate the building as they see fit. Being able to change the appearance of a property and take advantage of the prestige of its location can be important to many users. The financial benefits of owning include tax savings, potential appreciation and additional rental income. Tax savings come from cost-recovery rules and and mortgage interest paid during the holding period and when the property is sold. As the owner of the property the user is entitled to any appreciation in the value of the property during the time period that the property is held. Lastly, if a portion of the property is rented, income from the other users can be used to pay a portion of the mortgage on the property, fund the owner’s principal business or be used for any other use as the owner see fit.

There are disadvantages to ownership and these should be weighed before making a decision to purchase rather than lease. The initial cash down payment to acquire the property is cash that could otherwise be used to fund the user’s principal business or for other investment opportunities that are available at the time of purchase. Financing for commercial real estate purchases require strong financial statements on the company and may sometimes require personal guarantees from the principals of the company. Often times, the addition of long-term debt on the balance sheet can make it difficult for some companies to even qualify for a mortgage under the lender’s debt ratio restrictions. As the owner of the property, the user bears substantial risk in the form of property damage, functional obsolescence, illiquidity, safety of the building’s occupants and visitors, and changes in codes or zoning ordinances that may be unforeseen.

I’ll discuss the advantages and disadvantages of leasing commercial real estate in Part 2 which will soon follow.

Bozeman Real Estate MLS

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This could affect any sales contracts you have negotiated based on the mortgage quote you received.

N.Y. Times on Ordering Appraisals - ” . . Lenders Now Control the Entire Process”

The New York Times story “In Appraisal Shift, Lenders Gain Powers and Critics”, by David Streitfeld, the author does an excellent job of taking its readers through the HVCC time-line and illuminating the current issues with appraisal ordering and pressure….

FHA Adopts Some HVCC Guidelines - Mortgagee Letter 09-28: Appraiser Independence

The Federal Housing Administration (FHA) today announced several significant policy changes that are intended to improve their exposure to risk. The changes, effective January 1, include: Modification of Procedures for Streamline Refinance Transactions Adoption of Home Valuation Code of Conduct…

Get a “Leg Up” On Planning Your Commercial Real Estate Investment Activities in 2007

The holidays are rapidly approaching and I?ve managed to do most of my Christmas cards and gifts on time this year! I still have a few to go, but for me most of the pre-holiday madness is over. It is now time to focus on a strategic plan for next year and I?m actually going to take a day out of ?regular? work to get it done.

I?m going to go week by week, all 52 of them, for 2007. On the plan will be my goals for the Year, the Quarters, the Months, and the Weeks. I?m taking a top-down approach that will ultimately drive my daily activities. And I will include plenty of vacation time! As I contemplate this process, I can see that I?m going to have to get very good at several things:

1. Delegating - You have to ?let go? to grow.

2. Following Up - While you do have to let go, you don?t ?assume? that what you give to others will be done the way you want it, when you want it. Accountability is a key to successful delegation.

3. Flexibility - No plan is perfect, nor does it survive the first play of the game (to mangle a football analogy). Plans need room to adjust to changing conditions, so setting aside ?update time? is critical to the process.

4. Measurement - As mentioned in #3, a plan is a living thing and needs to be reviewed constantly to see if you?re on track to meet your goals. A plan without measurement is only a dream.

I?ve never done this before in this manner, so I?m planning on using some visual aids. One of them will be one of those desktop calendars ? actually a couple of them. I?m going to use one to do the initial planning, so I can scribble, scratch out, take notes, and make changes. I?ll copy the final plan to the other one when I?m done marking up the first. I?m also going to use colored pens to clearly mark certain types of activities. When I?m done I?m going to post it on the wall, so everyone can see it. That way, we can literally be on the ?same? page. I think I?ll also use some kind of thermometer-type graphics or a series of bar charts to visually express key elements of the plan and the progress we make.

What about you? What will you do, besides enjoy a really excellent vacation with your family in some great ski area or warm tropical setting, to further your goals during the holiday down-time? This might be a good time to approach your commercial real estate investment program in the same manner.

? You can set up some categories of things to do, like ?Real Estate Education,? ?Property Analysis Tools,? ?Days Driving Neighborhoods,? ?Commercial Properties Owned,? ?Net Equity,? etc.

? Write down where you want to be in each category at the end of 2007.

? From there, break each category down by Quarter and work backwards to see where you?d have to be to reach that goal by Year?s end.

? Now do the same process by Month to see what you have to do to hit each Quarter?s goal.

? Break your Months into Weeks and repeat the process. I suggest setting aside time in your plan each month to review your progress and allow for adjustments in the plan.

? Now take a single Week and write down what you have to do each Day to hit a Week?s goal.

? These become your ?Important-High Priority? activities ? not to be confused with the Urgent ones that you think you have to do ahead of everything else.

? The Final Step is to set aside time during every day to spend time on these ?Important? activities. This is time when no one can find you, the cell phone goes off, the GPS is dropped in a drawer, and the Radar is silent. It doesn?t have to be a long time ? as little as 15 minutes, really. And it has to be done consistently.

This process is called ?Chunking Down.? If you do this, and really, really focus on setting aside that special time for your ?Important-High Priority? activities every day (OK ? we?ll allow you some flexibility!), you have to succeed. It?s a wonderfully simple process and if combined with easy to see visual references, it will catapult you to success in whatever you choose to accomplish. This applies to commercial real estate investing, as well as your personal life. Consistency and focus is an unbeatable combination. I?m looking forward to implementing this process in 2007 and I hope that you will, too!

Real Estate

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Real Estate

Many people who have bad credit may feel that a home loan is out of reach for them.

Commercial Real Estate Appraisal

Probably most of you are informed about the nature of commercial real estate appraisal, but the fact that some of us are ignorant of what the commercial real estate appraisal is all about, the need for thorough explanation about this matter must be given attention.

So for that reason, I would like to discuss some important considerations about the nature of commercial real estate appraisal. Just remember that this information is just some of the fundamentals for a successful commercial real estate appraisal.

According to many resources, the commercial real estate appraisal is just like some forms of home appraisals that most of the people need when buying or selling a home. For that alone, the commercial real estate appraisal is therefore an estimate of the value of the commercial real estate property. It is important to note that the commercial real estate appraisal is not just done by any person, but the commercial real estate appraisal is performed by a qualified and certified professional called an appraiser. Along with that fact, the commercial real estate appraisal is generally recognized with one of three approaches, which include a cost approach, a comparison approach, and an income approach.

With a cost approach of commercial real estate appraisal, the appraiser investigates what would be the cost for a replacement or improvement of the commercial real estate as of the date of the commercial real estate appraisal. In the sense of the second approach of commercial real estate appraisal which is the comparison approach, the appraiser in this sense of commercial real estate appraisal approach really make some comparisons with the value among other commercial real estate properties of the same size, quality, and location that has been currently sold. On the other, the use of the commercial real estate appraisal?s third approach, which is the income approach of commercial real estate appraisal, the appraiser then identifies the value of the commercial real estate property based on the estimate of what an investor would pay with respect to the net income that the commercial real estate property contributes. Nevertheless, the income approach of the commercial real estate appraisal is said to be only available for income producing commercial real estate properties.

Finally, the commercial real estate appraisal will be only made successful if the commercial real estate appraisal includes the estimate value, the effective date of the appraisal, the purpose of the appraisal, the identification of the commercial real estate property and its ownership. Aside from that, the commercial real estate appraisal must also include the condition of the neighborhood, factual data, qualifying conditions, analysis and interpretation of the data and the assumptions made the processing of the data by a single or more of the three approaches to commercial real estate appraisal to value and the certification and the signature. Such considerations must be given attention when doing a commercial real estate appraisal for the benefit of the parties involved in the commercial real estate appraisal.

About the Author:

Before going into the buying process you should first ask yourself if your are already ready for home buying. Find out more on the free website at: www.the-commercial-real-estate-business-website.com

Vancouver Realtor

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Real Estate

You can merge your payments into one payment and help manage your monthly cash flow.

Commercial Real Estate Investing

Real estate investing has been made out in the media to seem like it’s the best thing since sliced bread. This in no small part due to late night cable television infomercials espousing the high deals of no money down or next to nothing down real estate investing. They make it look like anybody can do these commercial real estate investing deals easily. You will be shown, how by just writing things down on the back of napkins, you have the makings of a real estate fortune. Things will reach boiling point when supposedly real interviews are held with people who have succeeded wildly after using the promoter’s commercial real estate investing system.

It is a fact that real estate fortunes can be made. More often however, the person who’s making it is the guru owner of the real estate course! Truth be told, real estate investing is a lot harder than what you are led to believe. Every buy, sell or renting of real estate involves dealing with people directly. Unlike stock transactions, there are no organized exchanges to keep things standardized. Furthermore, the courts are more sympathetic and protective toward delinquent family tenants. Another common problem is many real estate rehabbers take on drifters to do odd jobs. Instead of fixing up the properties, they do more damage than good and usually end up disappearing after getting paid an initial amount. Lots of real estate investors are burned this way.

You still have to take many years to learn how to assess the value of properties in a town or neighborhood. You also need the street experience in negotiations so that you don’t lose out the profits that you originally thought you had. The main point here is real estate investing, whether commercial or residential, is best thought of as a business. It needs your dedication and constant education. Moreover, if you are working full time and you invest in real estates, you will be losing your free time to collecting rentals and doing rehabs. You will need to cover the mortgage out of your own pocket if the property does not sell, or when tenants are not able to pay up on time. You want to enjoy the fruits of your labor, not leaking out your time and salary to patching up hiccups in your real estate investments. If you enjoy cookouts and trips to the beaches, you might want to consider the stock market rather than real estate investment. Both are part-time businesses, but which one leaves you with more free time and less income fluctuation?

About the Author:

Jim Banks has over 15 years investing experience investing in everything from real estate to commodity futures and is a frequent contributor to http://www.profit-mountain.com

Hershey PA real estate

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If the homeowner is lucky, then the credit score will be increased and the interest rate for the desired home equity line of credit will be lowered.

Real Estate

How to Start Commercial Real Estate

In my Commercial newsgroup and at seminars, people often ask me, How I start my career dealing from small to larger properties? The inquiry is frequently followed by a recital of how the depositor has tried and failed to acquire a bigger property or is uncertain of the steps needed to acquire larger revenue properties. Some have yet to do their first transaction and be unsure if they can initiate in commercial real estate without first acquiring smaller properties.

Realtors first start their profession by buying a rental house, then small flats or apartment building. More quickly, they capture their position in the market. The wall is when you are bank tells you they cannot give you any more single-family mortgages or that your range is outside their lending parameters.

It is a common aspect and a real trouble. Realtors have too big to transact with the residential lending individuals and they are like a man without air when it comes to know how to move toward the commercial side of the bank.

The other familiar aspect is that the realtors who deal in an income property deal, perhaps assumes the present mortgage or negotiates seller financing. The property proves to be a successful; the realtors fetch a nice profit, and then look for another deal.Why you feel easy when the first property proves difficult to reproduce. Then you ask, How to know the worth of the property? How to trust the seller that he is telling the truth about the cash flow? How to raise down payment? These uncertainties are irresistible.

The realtor wakes in the middle of the night setting problems in his dreams. When he wakes up in the morning, his eyes still fuzzy with sleep and sees in the alarm clock flashing SALE

Real estate is the best ways for everyday, people to build wealth. Real estate can create whatever life you desire, but it swallows you if you are not aware of what you acquired and how you acquired.

As we know, experience is a right one every body needed. I read the law of accidental consequences. Since life is uncertain, we never know what happen, but we can shrink the downside by forecast for the unforeseen.

Through many years, I have a great chance to see many plans come to reality. The deals I made turned out great profits and it fetches a good reputation in the market. Lastly, I learned that the higher attention paid, will bring success in our life at the end.hen you are just starting, trying to get superior, or even trying to get away, the job becomes easier through the lots of choices, when you have proper guidance.

Preferably, that guides you personally, leverages your strengths, and desires by avoiding your weakness. Shortly, strategy is defined as, A plan of action projected to achieve a particular goal. If we wish to have a particular outcome, then we must be eager to work, to think in all way before we begin. We should start the goal, by identifying it.

A four-intelligent point to investing To build considerable wealth investing in commercial real estate, you require time to think things through. Recognize that the real estate is generally is a kind of business where one can get rich lastly, and for that one requires planning, patience, and persistence.

Guiding without a strategy obtains an undesired result what we never think. How does such a strategy look like? It is easier than you may think.

Firstly, obtain your personal financial house. Adjust your financial dealings to serve your purpose of building wealth. Lacking capacity with an opportunity is an illusion one.

Then form criterion for assets type, size, and location. Each type needs a different set of skills and offers different levels of return. It is better to make the property fit to the investor, than trying to make the investor fit the property.

There is no general real estate market. By observing your local market you can identify the opportunities within your capacity to act on.f you recognized a possible transaction, learn perfectly to value a property based on its condition, your return necessities and borrowing power.

Finally, learn to develop the deals and make good offers. Prepare yourself not only to obtain the profits, but also how to invest the profit in a proper way. The best key factor of building wealth is Tax planning and asset protection.

The above four steps are the four modules topic in my new book, to Guide Commercial Real Estate. This book has been printed for the investor who failed and looking for another way around it. The book has been printed for the realtors who want to move to or start with bigger properties.

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“Thanks for the info on my tx condo…wow!”

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A document that many financial institutions request when you are applying for first time loans is a copy of your income tax return.

Real Estate

Commercial Real Estate Jargons Investors Should Know

Commercial real estate investment is a new territory for many real estate investors. The following is the alphabetical list of most commonly used terms in this area.

Anchored tenants: big brand-name national tenants, e.g. Albertsons, Longs Drug, Walmart that bring in lots of traffic to the shopping center.

CAM: Common Area Maintenance. Associated with CAM is CAM fees. For NNN leases, the term CAM fees refer to the money tenants pay landlord to cover property taxes, insurance and maintenance.

Cap rate: Capitalization rate or the ratio of Net Operating Income over purchase price. The higher the cap rate, the higher the rental income in term of percentage. For people who invest in the stock market, cap rate is the inverse of P/E ratio.
Cash on cash: annual percentage return of your down payment not including appreciation.

Conduit loan: also called Commercial Mortgage Backed Securities (CMBS) loan often with the lower rate than traditional commercial loan but either has high pre-payment penalty (called defeasance or Yield Maintenance Penalty) or does not have payoff flexibility.

CPD: Car Per Day or traffic volume on a road.

CPI: Consumer Price Index. It’s often used to calculate annual rental increase to compensate for inflation.

Due Diligence Period: the duration after acceptance normally 15-30 days to allow buyer to investigate about the property. Buyer can cancel the contract during this time for any reasons and get full refund of the deposit.

Estoppel Certificate: a letter provided and signed by tenant confirming the current rent and terms.

Full-service lease: lease in which tenant pays rent that covers everything including utilities.

Gross income: total annual income before any expenses.

Gross lease: lease in which tenants just pay rent. Landlord pays tax, insurance, & maintenance.

GLA: Gross Leaseable Area or total rentable area. This is the space that can be leased and receive rental income. It does not include spaces for utilities room, elevator, etc.

GRM: Gross Rent Multiplier for apartment. Ratio of purchase price over annual income.

LLC: Limited Liabilities Company. A legal entity many investors formed to own commercial properties.

LOI: Letter of Intent/Interest or the normally non-binding offer letter used to make an offer to buy a commercial property.

MAI appraiser: Member Appraisal Institute commercial appraiser.

Master lease: lease signed by the seller to rent the vacant space to provide rent guarantee.

Mixed Use: commercial properties with retail on 1st floor and apartment on upper floors.

Triple Net (NNN) lease: lease in which tenants pay base rent plus property tax, insurance & CAM fees. Absolute NNN lease is NNN lease that tenants also pay property management fee.

NOI: Net Operating Income. Annual income minus Property Taxes, insurance & CAM fees.

Pad: stand alone building in a prime location of a big shopping center.

Pass Thru: see reimbursement.

Percentage lease: lease in which tenant pays base rent plus a percentage of tenant’s revenue.

Phase I Report: inspection report that provides an assessment for soil/environment contamination. It’s normally required by the lender as part of loan approval process for a commercial property.

Phase II Report: inspection report for soil & groundwater subsurface investigation. This inspection is more extensive which involves testing to see if there is any soil and water contamination.

Proforma income: potential, i.e. higher, income when the property is 100% leased.

Proforma Cap rate: potential cap rate assuming property is 100% leased at market rent.

Reimbursement: the share of property tax, insurance & CAM fees that a tenant has to pay the landlord besides the base rent.

Rent guarantee: rent paid by the seller to buyer for vacant spaces until they are leased.

SBA Loan: a government-guaranteed loan for owner-occupied properties.

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