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Commercial Real Estate – A Primer

When speaking with a group of real estate investors recently in Philadelphia, the question arose as to how many of them have completed a commercial real estate deal in the last year, and surprisingly, the answer was none. It seems that many of them were either happy with the currently market conditions or they didn’t really have the aptitude to go about buying a commercial property.

Market specialization? No. It seems that the majority of real estate transactions go something like this:

1.    Residential real estate is the sweet spot of the small real estate investor.

2.    Commercial real estate is typically left for the small business owner, who has decided to stop renting.

3.    Both of these sectors of the real estate industry do have some crossover, but the previous two statements are typically the norm.

So how exactly are commercial properties being bought, sold, being rented?  What’s the best way to acquire commercial real estate, and who you need to help you in doing an acquisition?

Here are five key points to consider:

1.    By far the most popular business entity for owning commercial real estate is now the limited liability company (LLC).

2.    Commercial real estate is a much less popular subject, in part, because it isn’t as personal and doesn’t tug at our own financial purse strings.

3.    Commercial real estate is a term to describe a property with 5 or more units. Commercial Real Estate is a critical component of any well-run business.

4.    Investing in commercial real estate is riskier and more costly than investing in residential property – but ultimately it can be far more profitable.

5.    Commercial real estate is a business investment driven by economic factors, not so much the property itself.

Investing in commercial real estate can be a good way to invest but you should make sure you are well represented by an attorney and accountant before moving forward since buying commercial real estate can have significant tax consequences and if you’re buying or developing commercial real estate, it’s important to protect your financial interests with legal support. It may sound redundant, but the axiom location, location, location, is an important factor in buying commercial real estate too. Here is the key to buying commercial real estate: the one with the most information wins.

The winners are the people that recognize that the world of commercial real estate is constantly changing and understanding the nature of commercial real estate is a precondition to the timing question.  They also understand the data and realize that information is the most critical aspect of any transaction. In other words, the most valuable commodity you can have in the commercial real estate market is information.

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Three Tips To Getting Discounted Term Assurance

If you want to take out a term assurance policy then you probably already want to make sure that you get it right and that you get it cheap. After all, there is a very real possibility here that you won’t die during the term of your policy so you won’t get any money back. But, on the other hand, you also need to make sure that your family is given the maximum cover protection if you do die. Follow our top three tips and you will be able to get the balance right!

1. Don’t over-insure

We all panic when it comes to taking out life insurance and sometimes this takes the form of over-insuring ourselves just to be on the safe side. To be honest this will give your family a lovely big sum of money to play with if you die. But, it’ll mean higher term assurance policy costs when you are alive – wouldn’t you rather have the money to play with now as well as make sure that they are protected if the worst comes to the worst?! The key thing to do here is to work out exactly what your family would need if you did die – you can always add a bit extra for luck if you’re worried about things changing in the future!

2. Don’t buy in a panic

Many of us end up paying over the odds for term assurance because we panic buy. One day we suddenly realise that we could die and leave our family in financial difficulties so we simply rush out and buy a policy quick. But, if you can spare just a few minutes to search through your options – which is quick and easy to do on the Internet – then you’re bound to find a great low cost quote. And, it’s really easy to organise term assurance online so you won’t lose any time at all. In fact, you’ll usually save time and money!

3. Talk to an expert

Using a broker to help you find and buy term assurance can make the whole process quick, easy and cheap. Brokers already know everything there is to know about term assurance policies so they can help you target the right one instantly. And, they can search for the cheapest deals AND get you discounts into the bargain. So, you’ll save all round!

Bear in mind that term assurance is really important to you and your family and you cannot afford to get it wrong – keep our tips in mind and you’ll get the right term assurance policy in place cheaper than you could ever have imagined.

Although it may seem like an easy solution to major financial difficulties, it is best to avoid bankruptcy at all cost. There are many reasons for avoiding bankruptcy and many tips for helping those in financial difficulty avoid resorting to bankruptcy. Before beginning to consider bankruptcy, it is best to weigh the negative consequences.

Reasons for avoiding bankruptcy include:

Credit Record – Once a party has filed for bankruptcy, this will stay on their record for ten years. With the easy access to credit checks, having bankruptcy on a credit report will undoubtedly make it difficult for parties to receive loans and credit. Even if creditors will allow for limited credit with bankruptcy on the record, extensive explanations are required and, without a doubt, the debtor will be looking at high interest rates and credit fees.

Loss of property – Although not all types of bankruptcy call for liquidation of property, many of the eight types of bankruptcy in the United States will call for some type of repossession of assets. If the banks find that there is anything unnecessary for living, these items will most likely be seized in order to pay for debts and bankruptcy expenses. Chapter 7, or complete bankruptcy, will even require that major purchases, such as a home or excess cars be repossessed.

Continued financial difficulty – Despite societal beliefs that bankruptcy will get you on the right track, bankruptcy can actually add to financial difficulty for years to come. This may include closure of bank and credit accounts, loss of a job or closing of a business, and inability to continue acquiring credit. Keep in mind while bankruptcy may seem to suggest a “clean slate”, there are often debts that will still have to be paid, such as alimony, child support or court judgment costs.

With these negative consequences in mind, it is then necessary to consider possible ways that an individual or business can avoid bankruptcy in the near future:

Debt Consolidation – With rising bankruptcy proceedings in the United States, more debt consolidation companies have come to light. These companies can help debtors to examine current loans and credit debt against available income and will come up with a reasonable monthly payment that incorporates all of these debts. This helps the debtor, who usually feels overwhelmed having to make choices about which debt to pay each month.  The debt consolidation company will also help the debtor set up a reasonable time frame to pay off these debts, giving the debtor something to look forward to in the long run.

Get rid of potential debt problems-With the easy access to credit cards and credit accounts at department stores, it is easy to become swallowed up by overwhelming credit. Especially when money runs low, it is easy to pay cash for the bills due now and then continue racking up the credit card bills for later. One of the first steps in avoiding bankruptcy is to get rid of that credit yourself. Cut up the credit card and call the credit card company to cancel that account. If you can’t afford it out of the bank account, then you can’t have it to spend! This is better than having nothing at all by having things repossessed through bankruptcy.

Speak with debt companies – The first instinct when unable to pay bills on time is to simply hide from the debt companies who continue to call or send bills. Unfortunately, many in debt do not recognize that these companies can actually help with different payment plans! As well, many student loan corporations, mortgage companies and credit card companies will allow for forbearances of loans. Forbearances are a deferment or reduction of the loan because of financial hardship and allows for an individual to get back on their feet.

Plan a budget – A simple step that many debtors forget to try is a weekly or monthly budget that calculates debt ratio to income. This is one of the steps that many debt consolidation companies will do for you, but it can easily be done by yourself with pen and paper or with a Microsoft Excel spreadsheet. Take time to sit down, write out all of the bills that come in each month and remember to include all expenditures such as gas and groceries. From here you can determine how much money you have that needs to go to bill companies and how much is left for other spending.

Credit cards are one of the most important tools society has today. With it, you will be able to purchase the things you need even if you don’t have the cash for it just yet. In fact, many people even consider credit cards as very essential for their everyday lives.

One credit card company that provides great benefits to their card holders and also one of the most reputable and secured credit cards available is Visa. It is a known fact that Visa offers great benefits to their card holders as well as security. There may be some competition, such as American Express and MasterCard, but Visa still remains strong in the credit card business.

If you plan on getting a credit card, your best bet would be applying for a Visa credit card. Many banks and credit card issuers today offer Visa credit cards to their client. Besides, it is both reliable and secured in terms of identity theft. Also, they ensure great quality services to their clients where they offer hundreds of partners all around the world. This means that you will be able to use the credit card almost anywhere you are in the world.

Because Visa is so popular, you have to consider that applying for one can be very hard. Try to remember that Visa is one of the most reputable credit card companies in the world. The company just don’t give out their cards to just anyone. They need to trust the person who applies for their card in order to make sure that they pay for their monthly bills for their purchases.

When you do decide to apply for a Visa credit card, the most convenient way to do so is through the internet. Online application for credit cards is now one of the most popular and also the most convenient ways to get a credit card. It’s fast, it’s easy and it is very convenient.

You have to admit the fact that applying for a credit card can be very frustrating, especially if you have to wait for hours in a long line just to fill out an application form. It would even be more frustrating if your application was rejected because of some errors in the application form and then you have to do the whole thing all over again just to apply for a credit card.

Through online application, you will never have to experience long lines again. Many Visa credit card issuers are now using the internet for online application process. Online application is very convenient because you don’t have to visit the office of the issuer, and you don’t have to wait in long lines just to fill out an application form. All you need to do is visit the website of the Visa credit card issuer and choose the Visa credit card that’s right for you.

However, before you apply online, there are certain things you have to keep in mind, such as your credit history plus your computer’s security. Your credit history is one of the most important factors in applying for a credit card. You have to make sure that when you are applying for a credit card, especially for Visa, you have to have a good credit score in order to get approval for your application.

You also need to make sure that you apply online in your own computer and you have to have the necessary security software installed in order to prevent identity theft. Install an antispyware device to ensure privacy in your computer.

These are the things you have to remember when applying for a Visa credit card. Just make sure that you have a good credit score and install an antispyware device in your computer before you apply.

A low cost secured loan can be found online but it can be time consuming and you have to know what you are comparing if you are to get the best deal. A much better way to get several quotes from some of the top lenders in the UK and which are easy to understand and come with all the information relative to the loan, is to go to a specialist secured loan website and allow them to search on your behalf.

While going with a specialist website will make it easier when it comes to searching for your loan and getting all the information needed to determine the terms and conditions of the borrowing, there are many things you can do beforehand to put yourself in the best possible position.

A low cost secured loan means that you are going to have to put something up as collateral against the money you borrow and this is usually your home. The loan will be given based on the amount of equity you have in your home, this is the amount that is left over after deducting what is left to pay on the mortgage from the value of your home. Due to this it can be worth working this out before actually asking for the money as obviously if you have not got enough collateral then you could be turned down. Some lenders will lend up to 125% of this value but for this you can expect to pay a higher rate of interest.

Having an excellent credit rating goes a long way to determining how easy it is to get a loan and while you do stand a better chance of getting a low cost secured loan with a poor credit rating, the rate of interest will be affected. Taking the time to work on your credit rating before applying for the loan will help enormously when it comes to getting the best deals.

Another way you can make sure that you get the best deal and a cheap low cost secured loan is to not go overboard when it comes to deciding how much to borrow. Sit down and work out exactly how much you really need. While it can be very tempting to take out a little more, remember that the loan is going to attract interest and if taken out over many years even adding just a little extra can add a great deal of interest. The amount of interest you will be asked to pay will also depend on how much you wish to borrow so this is another reason why it is essential to borrow the least amount possible.

Once you have got quotes for a low cost secured loan it is essential that along with comparing the rates of interest you also compare the key facts. The small print is where you can find any costs that might be hidden such as if you wish to repay the loan early and will also make it clear how much interest will be added and how much the loan will cost in total.

* Is Social Security retirement income taxable?

Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay taxes if he/she has annual Social Security retirement income of more than $25,000. If he/she has a married status, they must pay such taxes if the income is more than $32,000.

However, if the Social Security retirement benefit is the recipient’s only source of income, then it is rendered to be non-taxable and there is no need to file a federal income tax return.

* Are other pension payments (not SS) taxable?

Just like Social Security benefit payments, other pension payments are taxable, although it is dependent on the recipient’s income and marital status. If such payment is only his source of income, then it may be tax-free. Other conditions are also stipulated on the Instruction Booklet of the Internal Revenue Services (IRS).

* Are tips taxable?

Tips are not taxable if they are given for a service not correlated with a taxable sale. For instance, the tip that you give when your luggage is carried or your hotel room is cleaned is not taxable.

Another perfect example is the tip that you leave your waiter after your meal at a restaurant. In these instances, tips are not taxable.

However, there are taxable tips. These are called mandatory tips, where it is given on a service that is associated in taxable sale.

An example of such a tip is the amount that you have added to a certain meal or beverage (such as a bottomless ice tea which you need to add a certain amount). Such tips are printed in the restaurant’s menu or placed in their advertisement, if any.

* Is child support taxable?

Child support is not taxable. This is neither deductible by the payor nor taxable to the payee. Topic 422 of the Non-taxable Income determined by the Internal Revenue Services (IRS) stipulates that child support payments are not included in taxable income. Thus, it is not included in filing a tax return.

* Are gifts taxable?

Gifts are taxable. It depends on the equivalent amount of the gift to be given. For instance, if you have given somebody a cash gift worth $11,000.00, it has an equivalent deductible tax charged to the giver.

However, there are also stipulations in the law that allow you to give certain amounts, whether in cash or property, which do not have gift tax consequences. Gifts to charities or raffle draw winners have a corresponding deductible tax depending on the cash gift that they have received.

In the past, clients of NORWESCAP’s Family Self-Sufficiency program in Morris County, NJ have used the tax return they received through the Earned Income Tax Credit (EITC) for a down payment on a car, a security deposit on an apartment or to pay debts, said Penny Olson, the program’s director.

For clients of Homeless Solutions, which provides affordable and transitional housing, the prospect of a large tax return can make a significant difference, executive director Elizabeth Hall said.

Those agencies are part of an effort to encourage low-income working residents to ask about the EITC when they file their 2005 taxes. The earned income tax credit is supposed to help low-income working families, but over the years it has been clear many eligible workers don’t apply for it.

The Earned Income Tax Credit is for working families with incomes less than $37,263. If eligible, they may receive money back from the Internal Revenue Service (IRS) even if they don’t owe taxes – but they must file a tax return. The EITC is above and beyond any amount the families get from the child tax credit, which is a maximum of $1,000 per child and is aimed mainly at middle income households.

Across the nation, about 21 million people claimed the credit last year, pulling in $39 billion, according to the IRS. Although only about 75 percent of eligible filers claimed their due, the federal program – which was created in 1975 under President Ford and later expanded under Presidents Reagan and Clinton – has eclipsed welfare as the main source of cash assistance for low-income families.

To help out, the IRS has set up something called the EITC Assistant on its Web site to provide information, eligibility worksheets and explanations of the credit.

A variety of organizations sponsor Volunteer Income Tax Assistance (VITA) sites in their communities to prepare tax returns for those who cannot prepare their own yet cannot afford professional help.

In concert with the IRS e-file program, whose goal it is to receive 80% of all tax returns electronically by 2007, www.Taxhead.com is encouraging low-income and first-time tax filers to try eFile in 2006 (filing 2005 tax returns).

An executive from Taxhead.com said, “We are trying to reach those persons that qualify for the earned income tax credit. Our tax software has always been free to use. In other words you can prepare your taxes for free and mail them to the IRS. But if you want to gain the benefits of eFile, or electronic filing, we charge a small fee of less than ten dollars.”

Stock trading has numerous benefits as a viable part time occupation.

In contrast to a second job, there are no special qualifications to begin. The stock market doesn’t care about your level of success, education, ethnic origin or any personal characteristics. Complex employers, office politics or difficult employees do not play a part in trading. Additionally you have the freedom to trade from any location. If you follow a few simple rules you can run your business on your own terms.

The most important factor is to be clear about why you want to trade stocks. What do you hope to gain financially from learning to trade?

Are you looking to:

1. Create an enhanced lifestyle with supplemental income?

2. Replace a full time income with a passive income stream?

3. Become independently wealthy by creating a financial base independent of other income sources?

What would being a successful trader mean you? Imagine yourself making successful trades and gaining financially. Think about what it would feel like to have extra money in your bank account and to achieve your targets. With a clear picture of what you want and how that would feel you will be able to remain focused and motivated.

Your first task.

Your first task is to put one primary goal for your trading plan in writing. Additional goals you set can then support your primary plan.

Know Yourself

As well as learning to trade stocks it is essential that you understand yow you react under stress. Being aware of your own behaviour patterns and common causes of and reactions to stress when trading will help you to master stock trading.

The reason that many people lose money in the stock market is because they lack the proper knowledge base. Independent of trading styles there is one thing common to all successful traders; the use of a tested and proven system.

In learing to trade you must be willing to let go of pre-formulated ideas and start fresh, develop new successful habits, and the discipline necessary to trade successfully over time.

Are you willing to do this?

Successful stock market trading eludes many people because they don’t have contact with an experienced, successful trader or trading system that actually works. Going it alone can be potentially expensive when learning by trial and error. Investing in a solid education and taking advantage of the insights and experience of successful trader makes a lot of sense when learning to trade successfully.

Entering into escrow on a home can be both exciting and stressful. The excitement comes from knowing you are close to moving into the new home. The stress comes from issues that will arise.

Budget for Closing Costs – Prepaid Loan Interest and Home Insurance Premiums

As part of any closing, you need to go through certain steps to make sure you are both getting what you think you have purchased as well as paying for it. Each of these steps has an associated cost, known as closing costs, and you have to pay them before you can take possession of the home. If you do not, the deal will not close and you will lose the home.

When going through escrow, costs associated with closing can accumulate quickly. Here is a closer look.

Prepaid loan interest is an ugly little surprise for many first time homebuyers. The lender will often require you to pay the interest that accumulates between the day the loan is funded and the day you are actually scheduled to make your first loan payment. Many people mistakenly believe they have roughly a month before they have to start paying. This is rarely the case, and the sudden requirement to pay a hundreds or thousands of dollars can be a nightmare. If at all possible, you should try to get the lender to fund the loan as close as possible to the actual closing date, even on it. Try to avoid closing the loan on a Monday. The lender will have to fund the loan the previous work week, which means interest will be growing.

Homeowners insurance is something you are going to need and most people expect as much when buying a home. If you are not informed, however, you will be surprised at closing when you find out you have to pay the full premium for the first year of the policy. Depending on the value of your purchase, this can add a couple hundred dollars to thousands of dollars onto your closing costs. Again, it is important to budget for this cost when putting funds together prior to purchasing a home.

If you are going to purchase a home, you are going to have to pay these two items at closing. Make sure you budget for them to avoid running into cash flow problems.

There’s only one way to discover the “health” of your credit.  You need to examine your credit report.  Your credit report is your “consumer identity” that potential lenders will use to judge your credit worthiness.

Use these tips to give your credit profile the “tune-up” it needs:

Tip #1- Check for Errors
Your credit report or profile is more than just a collection of who your creditors are and how much you owe them or have paid them.

The first thing you need to do is carefully check that your credit report is accurate.  Nearly 70% of credit reports contain errors.

These errors may be as simple as an incorrect middle initial or address.  Or it could be as serious as a creditor reporting that you were late with a payment when in fact you were not late at all.

This error might not seem like a big deal to you.  However,to a future lender like a mortgage company it makes a big difference !

Carefully examine your credit report and if you find an error contact your creditor and the credit bureaus.  Catchand correct these errors now before it hurts your chances of securing credit in the future.

Tip #2 – Correcting Errors
The two most common errors contained in credit reports are:

1) wrong account information
2) incorrect recording of late payments.

If you find an account reported that does not belong you, you need to contact the credit grantor or issuer immediately.  Remember, finding accounts that you have not personally opened is a sign of possible identity theft.

Hopefully you’ll discover that this error is nothing more than an oversight and not an identity theft problem.  Most often this occurs when they report an account belonging to a family member or someone with a similar name on your credit report.

If your problem is an error in reporting a late payment you will need proof to back up your case before this error can be corrected or removed.  The most common error occurs when a payment is reported as “late” when it was actually a current or “on time” payment.

In either case, the problem can and should be corrected.  You will need to correct the error in writing.  Keep a journal or log of all calls and correspondence.

The Fair Credit Reporting Act (FCRA) requires the credit bureaus and the agency reporting the information to the credit bureau to correct inaccurate information in your credit report.  Therefore, it is important that you contact both the credit bureau and the creditor whose information is in dispute.

A sample letter is included here to help you in correcting your credit profile.  Make sure that you clearly identify the information that you dispute, include copies of receipts or documents that support your position.  Then request that the information be corrected or deleted from your file.

Send your letter by certified mail and request a return receipt from the recipient.  Keep all correspondence that you mail out.  Give the agencies involved 30 days to begin their investigation.  You can call them but be aware that phoning them does not protect your consumer rights!  You must notify them in writing to protect your rights.

They must notify you of the results of their investigation.  Although the process will take time, it’s important to do it.  This is your credit profile, your “consumer identity” that is at stake.  Don’t expect an error to correct itself.

At your request, the credit bureaus must send notices of corrections to your credit profile to anyone who has requested your report in the last six months.  If you applied for a job and were turned down because of inaccurate information in your credit report, you can have the corrected report mailed to anyone who received a copy in the past two years.

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Sample Dispute Letter
Date

Your Name
Your Address
Your City, State, Zip Code

Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. The items I dispute are also encircled on the attached copy of the report I received. (Identify item(s) disputed by name of source, such as creditors or tax court, and identify type of item, such as credit account, judgment, etc.)

This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete and why). I am requesting that the item be deleted (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any enclosed documentation, such as payment records, court documents) supporting my position. Please reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as possible.

Sincerely,
Your name

Enclosures: (List what you are enclosing)

Originally Posted at http://www.ftc.gov/

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Tip #3 – Budget Planning
You can also use your credit report to help you plan and implement a personal budget.  Your credit report will show you where you are spending your hard earned dollars.  While the credit card balances may not be completely current, you’ll still see which of your cards has the highest balance outstanding.

If you have more than one major credit card you should compare the annual percentage rate (APR) you are paying on each account.  If you are working on a budget to “pay
down” your credit cards, start by paying down the one with the highest APR or interest.

Once that credit account is paid off, move toward paying off the account with the second highest APR.  Using this method you will be able to concentrate your efforts toward paying down your outstanding credit obligations.

You should also check with your credit card company to see what’s the best annual percentage rate (APR) they can offer you.  If you are a good customer, you can often qualify for a lower rate than what you are currently being offered.

Caution:  Ask if the new rate you are getting is a “promotional” rate or a “contract” rate.   A promotional rate will expire at the end of the promotional term, for example 6 months.  A contract rate does not have an “expiration” as long as you continue to meet the terms outlined by your creditor for that rate.

Tip #4 – Making a major purchase
If you are considering a major purchase such as a car or a home, checking your credit report gives you the chance to see what a potential lender sees and uses to judge your credit worthiness.

You want to make sure that your credit report is accurate before you apply for that sports car or new home.   Errors or problems can be corrected before your lender can use
those against you and deny your credit request.  You’ll also have a better idea of what type or rate of credit you should expect from a potential lender.

Tip #5 – Check your credit report regularly
Check your credit report regularly.  Guard your “consumer identity” as you would anything else you treasure.  Use your credit wisely, along with these tips, and you will enjoy the benefits that your good credit and your good name deserve now – and for years to come.