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the Best Ways To Sell Without a Property Agent
Now hopefully most of you have made the mental switch that it is OK to flip tickets. Lets get down to business and talk about how some people are maki
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Now hopefully most of you have made the mental switch that it is OK to flip tickets. Lets get down to business and talk about how some people are making money at it and why this is a good thing to look into.
D. What kind of reserves for breakdowns have you figured in? I once had a partner in the rehab of a house where he put up the money for rehab up as his contribution. I chose a contractor (this one actually had been with me for awhile and did good work) and purchased the supplies. The contractor kept giving me updates but coming up with problems that needed more money to handle. The reality was that the contractor had actually returned for a refund all the supplies or sold them and took off to parts unknown after going through all the allotted money my investor had supplied for the rehab.
Throughout this process you will see tons of paper work and tons of documents that require your signature. In most cases, do you have any idea what you are signing? You may be given some sort of explanation, but the details may be a little foggy. jacksonville propertyFrom the very beginning a Real Estate Attorney can help translate the entire process for you. He or she will begin by explaining to you what the purchase contract really means. You can have the terms explained simply to make sure that you understand.
Here's a really great tool to add to your marketing bag of tricks: "Hold a conference call for FSBOs." This idea can be used in other niche marketing areas as well...but, for now, let's concentrate on FSBOs.
Section 1200. Government Recording and Transfer Charges. Government transfer and recording fees are paid to a particular state. These could include tax stamps, recording fees, documentary stamps and intangible taxes. Some states may have additional charges.
Now you have a good Realtor, a good lender, a good title company, a good home inspector / termite inspector, and a good insurance agent at this point. All you really have to do at this point is to make sure you get everything your lender needs to process your loan such as bank statements, tax records and pay stubs. Depending on the type of loan you are getting will determine the type of paperwork the lender will need from you, it seems to be always different for each buyer.
Most leases state this already but be sure you get particulars as to what you are responsible for and what your landlord is responsible for. The most common type of commercial lease is the triple net (NNN). That means that not only are you responsible for paying the property taxes, you are pretty much responsible for all repairs of equipment like air conditioning units, heaters, water heaters, etc. Not too bad a deal if your building is new or just a few years old. However if you are going to lease an older building with marginal or old equipment then you need to come to some agreement on who is responsible for what, when and where. If you are just starting a coffee shop business, this can add to your start-up reserve capital so be careful.
The Property Survey is required by the lender. The seller supplies it. The survey determines the property's boundaries, easements, encroachments, right of ways, and improvements. If there are any encroachments, the lender will stop the transaction. The lender then usually requires that the situation be fixed or resolved; one way to do that might be through additional title insurance coverage.
Lawyers will close and hold the escrow also. You pay an extra fee for their service which is real estate knowledge that is supposed to protect you. Well, then you have to trust you have a sharp lawyer. Everything is relative. Realtors are also trained to understand the real estate law. And even with a Realtor, it depends on how good the Realtor is in their real estate law. If both parties have a Realtor from the beginning and it is a simple transaction, typically a lawyer would not be necessary if Title Companies are traditional for the area.
Is it Legal? - While there are some restrictions in some states - every where else it is fair game. For example, If I live in New York and the venue seats more than 6,000 people, I can only mark the ticket up by 45%. If I do not live in New York, I can sell the ticket for any amount I choose.
D. What kind of reserves for breakdowns have you figured in? I once had a partner in the rehab of a house where he put up the money for rehab up as his contribution. I chose a contractor (this one actually had been with me for awhile and did good work) and purchased the supplies. The contractor kept giving me updates but coming up with problems that needed more money to handle. The reality was that the contractor had actually returned for a refund all the supplies or sold them and took off to parts unknown after going through all the allotted money my investor had supplied for the rehab.
Throughout this process you will see tons of paper work and tons of documents that require your signature. In most cases, do you have any idea what you are signing? You may be given some sort of explanation, but the details may be a little foggy. jacksonville propertyFrom the very beginning a Real Estate Attorney can help translate the entire process for you. He or she will begin by explaining to you what the purchase contract really means. You can have the terms explained simply to make sure that you understand.
Here's a really great tool to add to your marketing bag of tricks: "Hold a conference call for FSBOs." This idea can be used in other niche marketing areas as well...but, for now, let's concentrate on FSBOs.
Section 1200. Government Recording and Transfer Charges. Government transfer and recording fees are paid to a particular state. These could include tax stamps, recording fees, documentary stamps and intangible taxes. Some states may have additional charges.
Now you have a good Realtor, a good lender, a good title company, a good home inspector / termite inspector, and a good insurance agent at this point. All you really have to do at this point is to make sure you get everything your lender needs to process your loan such as bank statements, tax records and pay stubs. Depending on the type of loan you are getting will determine the type of paperwork the lender will need from you, it seems to be always different for each buyer.
Most leases state this already but be sure you get particulars as to what you are responsible for and what your landlord is responsible for. The most common type of commercial lease is the triple net (NNN). That means that not only are you responsible for paying the property taxes, you are pretty much responsible for all repairs of equipment like air conditioning units, heaters, water heaters, etc. Not too bad a deal if your building is new or just a few years old. However if you are going to lease an older building with marginal or old equipment then you need to come to some agreement on who is responsible for what, when and where. If you are just starting a coffee shop business, this can add to your start-up reserve capital so be careful.
The Property Survey is required by the lender. The seller supplies it. The survey determines the property's boundaries, easements, encroachments, right of ways, and improvements. If there are any encroachments, the lender will stop the transaction. The lender then usually requires that the situation be fixed or resolved; one way to do that might be through additional title insurance coverage.
Lawyers will close and hold the escrow also. You pay an extra fee for their service which is real estate knowledge that is supposed to protect you. Well, then you have to trust you have a sharp lawyer. Everything is relative. Realtors are also trained to understand the real estate law. And even with a Realtor, it depends on how good the Realtor is in their real estate law. If both parties have a Realtor from the beginning and it is a simple transaction, typically a lawyer would not be necessary if Title Companies are traditional for the area.
Is it Legal? - While there are some restrictions in some states - every where else it is fair game. For example, If I live in New York and the venue seats more than 6,000 people, I can only mark the ticket up by 45%. If I do not live in New York, I can sell the ticket for any amount I choose.
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