Used to be an historic 1030s church. Now an office building. For sale or lease.
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As a commercial real estate investor, you’re well aware of the fact that converting commercial real estate into a profitable venture takes time, particularly if you’re doing a “buy and hold” strategy, rather than a “buy, improve, and re-sell” strategy. In a nut shell, cash flow is “income in minus expenses going out” – every commercial transaction requires that you make some profit on the investment.
To succeed in commercial real estate, you need to have a cash flow position that works in your favor. There are several criteria to consider in this. You need to have a realistic assessment of both the initial costs to purchase the property, and what needs to be done to “keep the lights on” in a functional context.
In acquiring the property, it’s all too easy to look at the “down payment” as the initial cash outlay, without factoring in other expenses required to acquire it. First, look into the due diligence costs of getting the property – the legal assessments, the zoning checks, the residential and fire inspections. These will all act as a hidden source of initial expenses in acquiring the property. If you’re buying an option on a lot for further improvement with no existing structure, you’ll have to put down a deposit, and pay for engineering assessments and similar plans. Thus, the initial payment may be higher than the “down payment value”.
When you’ve paid for the property, you’ll also have monthly attendant costs. These range from construction costs for improving a vacant lot (ranging from materials, architect fees and labor) to monthly insurance premiums for fire and flood insurance, to interest on the initial payment to get the plot, to labor costs for running a leasing office. Regardless, to get your investment to pay out, there will be incidental and attendant monthly expenses to running your property.
This makes it critically important to have a healthy cash flow to make this commercial real estate investment work for you, and this cash flow has to be stable in the long term – even in the “buy, improve, and turn” market, it can take over a year, and often two or more to re-sell a property you’ve improved. To determine how much cash flow you’re going to need, look at the following:
How much is the monthly finance fee? This is the check you write each month to the bank for the commercial mortgage. If you’re part of an investment group, look at what your percentage share of the monthly income will be instead. In general, you want rental income to at least double your monthly payment on the property; most commercial properties run at 75% occupancy as a baseline, so set your rents accordingly.
Second, how much monthly labor and insurance costs are tied into maintaining the property? You may need to have an office on site to handle leasing, customer move-in/move-out, maintenance issues and light construction. This also needs to be debited from the account.
Ultimately, you want the property to generate some income for you in excess of its expenses each month to be worth holding on to, and it has to do this consistently, with less than complete occupancy. There are several strategies you can take on with this.
In the short term, look for immediate profit centers – if you’re renovating the property, and know it’s going to be a year long project, look to rent out the unrenovated sections as storage units to local businesses, or temporary warehouse spaces. Lots of small businesses in the midst of moving need month to month storage, and an apartment that’s due to be renovated (but isn’t rentable now) can serve as such – particularly as it’s climate control. Another place to look into rental income and short-term profit centers are by converting volume in the building to rental office space, particularly if you can get good Internet connectivity set up, or have a ramp suitable for bringing office equipment into the facility.
If, in assessing the property, you can’t make either of these short term revenue sources, consider bringing in multiple investors to share the risk and the profit centers. In particular, multiple investors can result in a solid cash cushion for the “buy and re-sell” strategy, particularly in the rapidly turning residential market.
If you have any success at this business, consider the revenue source of selling yourself; you have a rare and valuable knowledge and skill set if you’ve successfully developed commercial retail property, and can make a decent amount of money as a consultant. The best part about consulting jobs is that they can be fairly short term commitments – paid consultations and evaluations – which means that when your property needs your full attention (such as selling it, or preparing to sell it, after a renovation), that you’re free to do so. In a lesser light, if you have a knack for writing, consider an email newsletter, or an e-book, or even one you sell on Amazon.com through Lightning Source.
If you have properties with high occupancy rates and good net turn on rents, consider holding on to them to provide a cash flow for financing renovations and future acquisitions. Even if your commercial real estate strategy is to buy and turn quickly, having some revenue producing properties can really help to smooth out the ups and downs of an investment driven cash flow.
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Nine Truku people from Lowcin Community started a tedious process including lawsuits in 2003 trying to reclaim their ancestral land. In 2002, the land lease contract between Taiwan Power Company and Sioulin Township Office ended, and in 2 months the 2 parties completed hand-over process. In July 2003, the nine Truku made their first application to reclaim the land, but it was rejected by the Township Office. The office said the members failed to prove their legal title to the land. It added that parts of the land were portioned out for residential use according to the Regulations on Indigenous Lands Reserved, for this reason, the residents shall not apply for more title. The Truku then brought the action to administrative proceedings. They inspected the domicile and cadastral records, and collected oral records from the elders. But later the Taipei High Administrative Court advised the residents to withdraw the case.
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We chopped up the Golden Goose that layed the Golden Eggs. Why did we let it happen? Who said we had to compete in a global economic arena? The Marshall Plan helped restored local value added economies in Europe and Asia after World War 2. It was based on the awesome indusrial might of the USA that won World War 2. We gave the Golden Eggs from our Golden Goose economy for others to share. We did not send the Golden Goose itself. Now we have chopped up the Golden Goose and sent the pieces around the world. Now we have to defend our interests worldwide with wars.
What is this thing called Free Trade? It is not trade. It is based on moving production and factories from place to place based on the cheapest labor markets of the world down to the levels of wage slave and even child labor. Workers are the real commodities of Free Trade. They are put on a world trading block to compete with one another for the same jobs. They really have no voice in the process of Globalization which is driven by elite groupings inside and outside goverment.
Teddy Roosevelt said his worst fear for America was big government getting in bed with big business. This is what Free Trade is all about. Franklin Roosevelt said economic diseases are highly communicable. Today they are an epidemic out of control.
The value of stocks are now based on people getting fired instead of hired. There was a time, when companies were awarded more stock value by how many people they could employ while still making a decent profit for the investors. After all, labor is the core of any society. Labor is the key to a good society socially and economically. If a society falters, everyone loses. Free Trade has degraded labor and made it something sinister. A working poor class has been created in the USA and an impoverished working class outside of the USA. No wonder most of South America is radically protesting Globalization. Subsistent living workers are losing their jobs, farms and small businesses due to Free Trade.
Even if everyone in the world was provided a good education, high tech skills and a computer, it would be senseless if everyone has to compete for the same jobs. It is also nonsensical to have tax payers fund research and development if the manufacturing process goes outside the country. In the end, Tax payers pay their way out of their jobs.
Productivity is a good thing but when it is based on the deflation of wages, nothing good happens.
In the USA, we have scrambled the common good till there is nothing left of it.
We have put individual libertarianism before the welfare of our society in an anything goes economic arena. The Free Traders keep saying this is a good thing. Why have we let them take over.
A new “ism” has quietly taken over in the form of Globalism. This new “ism” fuses with all other “isms” for the sake of power and money for a few. It makes a mockery out of the free enterprise system and workers dignity.
I worked at four different factories while attending college in the 1950s. I made the eqivalent of $15 to $20 an hour. The jobs were plentiful. If these jobs were available today, thousands would be standing in line to get them. The industrial revolution is not over. We still use the products. The only difference is these products are made outside the USA.
Later, I served super markets city wide. There were many. I traveled in all parts of the city without a problem. However, in the course of about eight years about five store owners were killed during the course of robberies but the worst had just begun.
During the Clinton years, about 20 were killed with only a fraction of the stores left. Now, as I travel all these areas not much is left. There are miles of empty stores throughout the city.
I experienced the Hough riots in Cleveland first hand and saw blocks of stores burn now but nothing compares to what I see now with miles of streets looking like a third world country. Hurricane Katrina exposed the Silent Depression after it hit New Orleans. It exposed a vast underclass not only residing in New Orleans but across our land.
I traveled across town to go to college. There are more highways now but the fastest way to go is through the center of the city now bypassing all the highways. It was almost impossible to do this during the 1950s. These streets were full of life and busy activity. Emptiness has replaced all this activity. Recently, I did travel in a area near downtown Cleveland. To my surprise everything, everything seemed to be cleaner. There were two policemen riding their bikes patrolling the area.
Everything seemed to be better until I realized something was missing. There were no people on the streets during the day where once these streets were full of life and business activity.
South of this area, I had a business appointment and could not find the place. I wondered if I should walk down the streets to locate the place. I did not feel safe so I went to nearest large big box store and asked the guard at the door if it was safe enough to walk down a certain street. He said he would not do it.
We had a small factory in the inner city too. I worked out of the factory for years and at the end of the block, I ate lunch at a little restaurant bar. Just a few years later the whole area rapidly changed with most of the factories empty and the restaurant closed. The owner was shot to death in a robbery.
What follows all this. First of all, the unemployment rate is fabricated when compared to the past. Only about 38% of all workers qualify for unemployment insurance in America. The Bureau of Unemployment changed their reporting methods to adjust to this fact. Since 1985 the growth industries were in temporary work offices, contract and day workers agencies, pay day loan stores, credit card industry with usuary rates up to 30% or more and the food banks feeding the hungry.
The prison population keeps breaking records. Reportedly, the USA has more people in prisons than any other country based on total population. Prisons have become one of our major industries.
Getting America Working Forum reports that 50% of human resources in the USA are not being used.
Millions are missing in action and not part of any kind of reporting.
There are over 40 million Americans in need of food with about one third being children. About the same number of people having no medical insurance. We have a top TV American Idol program doing a charity drive relating to this. Many of the homeless are working families who do not make enough money to pay for shelter. Reportedly, Walmart and other type employers tell their workers to seek government assistance. The largest employers in most major cities are governments and then medical with both depending on a tax base which is dwindling. At the same time the public workers make much more than the people they serve. How can anyone expect this to work.
Why did we chop up the Golden Goose like this? Who led the way? The U.S. Government itself sponsored the moving of factories outside the USA starting in 1956 and this program never ended. The American workers have lost World War 2 more than fifty years later. We need to bring back local production for local consumption. The new working poor class in the USA is finding it difficult to even afford the cheaper imports while the workers outside the USA do not make enough to buy the very things they make let alone have anthing left over to buy what the USA has left to sell. The money spent at retail does not stay in place to grow local value added economies but it quickly fans out to the places where the products are made.
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