Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Get Up to Speed on O-Zones

I’m super proud of my friend Danny being interviewed for this article with NAR regarding the O-Zones “Opportunity Zones” and their benefits. Want to know more? Message me…

https://magazine.realtor/commercial/feature/article/2019/02/get-up-to-speed-on-o-zones

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Florida Law now allows self-driving vehicles without human passengers on the road

They are here and they are LEGAL…. and it is only the beginning! Check this article out to find more information about this topic

https://www.orlandoweekly.com/Blogs/archives/2019/06/13/florida-law-now-allows-self-driving-vehicles-without-human-passengers-on-the-road

 

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

GrowthX Founding Partner, Sean Sheppard, to Keynote SUP-X: The StartUp Expo

For all my Business Owner Friends out there:

Here is an event you may enjoy . It will be held on Thursday, July 25, 2019, at the Fort Lauderdale Convention Center.

GrowthX Founding Partner, Sean Sheppard, to Keynote SUP-X: The StartUp Expo

 

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

How To Hire The Right Real Estate Broker for Leasing Commercial Property

Fact is, the potential for commercial real estate profits usually surpass that of residential properties. When diving into the world of commercial real estate, it is important to stay calm and be patient. Do not invest into anything before thinking carefully. You might find out that the property is not what you needed after all. A professional and experienced Commercial Real Estate Broker can help you make an educated decision and save you time and money.

If you are looking to lease a property whether you are the landlord or the tenant, here are some questions to ask the broker when interviewing him or her.

  1. What locations, cities, or specific neighborhoods are you most familiar with in your practice?

  2. What is your experience as a broker?

  3. Can you share some of your success stories?

  4. Do you specialize in specific types of properties?

  5. Have you negotiated a tenant improvement allowance and worked through a build out before?

  6. Have you ever worked with a company like mine before?

  7. What will your broker services cost me?

  8. Do you represent any buildings or landlords?

As you comb through possible brokers, search for those who have extensive experience in commercial markets. Verify they have experience in working with the type of properties you are interested in. Keep in mind: Entering into an exclusive agreement with that particular broker is a good idea.

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Buying And Selling In The World Of Commercial Real Estate

There are plenty of properties zoned for commercial or industrial use on the market at any given time, but due to the way real estate listings work, they don’t get noticed as much. Use what you learn from this article in order to understand what you should be doing as you need to learn about the market and how to properly navigate it.

Use detailed photos to create this documentation. Be sure that the pictures show any current problems with or damage to the home.

Pest control is an important issue to look at when you rent or lease. This is especially important when an area is known to have pest and rodent problems. Prior to signing a lease, ask your agent what the current pest control policies are.

Consider visiting websites that contain a wealth of information beneficial to new and seasoned commercial real estate investors alike. You can’t be too informed about the subject, so try to always be seeking out new sources of knowledge.

Your investment may require substantial amounts of your individual time and attention in the beginning. Hunting for the opportune property will take time and effort, and even after you have purchased it, upgrades and reconditioning might be necessary. Don’t give up just because this is a lengthy process that gobbles up large portions of your time. You will reap the rewards in the near future.

If you are trying to choose between two good commercial properties, think big. Financing may be no more difficult for the large apartment building than the small one. Also, purchasing more units is like buying in bulk. The more you buy, the cheaper each unit will be.

When you are picking a broker, make sure you know if they are experienced within the commercial real estate market. Be sure that they specialize in the area that you are buying or selling in. You and this broker should enter into an agreement that is exclusive.

For a commercial property you plan to rent out, make sure it is a solid construction with a simple design. Tenants will be more likely to rent space in this type of building, as it looks taken care of. This type of building also has the advantage of requiring less maintenance, an attractive feature for tenants and owners alike.

Visit the commercial real estate properties that you are interested in. Bring a contractor along so that you don’t forget to inspect any important features. Put forth your initial proposals, then open the table for negotiations. Give a bit of thought to the counteroffers before deciding to accept the offer, make a counteroffer yourself or walk away.

When you write your letters of intent, start off by dealing with the larger issues, then move on to the smaller ones later. By coming to agreement on the larger issues, it will make the negotiations go much easier.

There are many things that need to be taken into consideration when purchasing a piece of commercial property, location is just the beginning. Every bit of information can make a difference. A commercial real estate broker can guide you through the process and make sure you dot your i’s and cross your t’s before closing the deal.  Make sure to work with a broker who knows your market, has experience and is on your side.

Posted in Businesses in Doral, City of Doral News, Commercial Real Estate, Offices in Doral, Offices in Miami, Warehouses in Doral, What's happening in Miami

Financing Options for Rental Property

Many investors are now finding that rental property can be an excellent way to create wealth. If you are considering getting involved in rental property investing, it is a good idea to educate yourself as much as possible. First, you need to find out what it takes to become qualified to purchase investment property because it is actually somewhat different than becoming qualified to purchase a regular home.

One of the reasons for this is the fact that a significant number of investors either walked away from properties or declared bankruptcy during the early 1990s. While you should certainly not be punished for someone else’s problems, neither do lenders want to be left holding investment properties. Therefore, it is important to understand that the requirements for being approved for a mortgage on rental properties are somewhat different from what you may be accustomed to.

While a home can often be purchased with a minimum down payment, especially if you are a first-time home buyer this is often not the case with rental property. Many lenders require a minimum down payment of 15%.

There are many different sources you can tap into for possible financing. These options include:

  • Mortgage broker
  • Local savings and loan or bank
  • Private lender
  • FHA; Federal Housing Association
  • SBA; Small Business Administration

Regardless of which option you choose, you will find that most lenders will want to be assured that you will have a sufficient amount of rental income in order to cover not only the mortgage payment but also other expenses such as insurance, taxes and maintenance. Depending on the amount of income that will be provided from the property, some lenders may require a larger down payment.

There are also different types of loans which you can use to finance the purchase of a rental property. One option would be a residential loan. This type of loan can be used to purchase from one to four units. The exact options that are open to you often depend on whether the property will be owner occupied.

Another option would be a commercial loan. This is an option when the property is five units or more or it will be non-owner occupied. Due to the fact that it is a commercial loan, it is often far different from a residential loan in regards to terms and requirements. One of the main differences between a commercial loan and a residential loan is the fact that fees and rates are frequently higher on a commercial loan. A larger down payment is also often required. The down payment on a commercial loan typically runs between 25% and 35%. While there are some lenders who may be willing to agree to a higher loan to value ratio; the requirements for qualifying for such loans are usually more stringent. The lender will also carefully examine the ability of the property to generate a cash flow that will allow you to repay your loan. As a result, the lender will typically examine the property to ensure it can provide an income that will not only allow you to cover the mortgage payments and other expenses but also provide enough of a cash flow that you will have additional income to place into a reserve account.

SBA loans are business loans guaranteed by the Small Business Administration. With their multiple SBA funding programs, this government agency provides SBA loan guarantees of up to 90% of the loan amount provided through an SBA-approved lender—typically banks.

Private party lending is another option for many prospective investors. One option would be to approach the current owner about seller financing. With this option the owner carries back the loan for a down payment and fair interest rate. You may find that you can save lending fees with the options and may also be able to take advantage of making a smaller down payment.

Another option would be what is known as a hard-money loan. This is a type of short-term financing where a third-party makes a loan to assist the investor with purchasing the property. Generally, this type of loan involves a higher interest rate due to the fact that the buyer has poor credit or because the property is in disrepair and requires extensive renovation.

FHA programs are frequently offered through traditional lenders. Keep in mind; however, that FHA does not actually lend money. They do provide insurance for lenders; offering numerous loan programs.

Regardless of which financing tool you choose, remember that there is always the option to refinance at some later point in order to obtain a better rate and terms. If you have any questions, or need help determining which property to invest in that meets your needs, call, text or email us today.