Real Estate Building
Real Estate Building
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Basic Idea Of Commercial Real Estate Selling And Leasing
Understanding the matters involved in commercial real estate is not just like eating a piece of cake. Though you gather a lot of knowledge and go through tutorials, hands on experience or live experience in ICI real estate market can get you better armed to fight the battle. Not everyone is interested in this commercial real estate but indirectly sometimes you get trapped in this ICI real estate world. For instance, if you are a home owner or you own a land scape, then it means that you own a real estate. Now, when you either try to sell it away or give it for lease – you are into the commercial real estate world.
Building For Lease:
If you are giving your building for lease, then understand how to get prepared for it. There will be a step by step format to assist you in preparing your building for lease. As a part of commercial real estate or ICI real estate, building for lease abides some specific set of rules for peaceful transaction.
Identify the basic building for lease charges:
The building for lease cost can be determined in two ways.
1. The cost of per square footage multiplied with the cost of square footage will give you the annual cost. Break it down or divide it with 12 months can give the exact monthly cost. This will be the monthly building for lease charges. You can also check the current commercial real estate or ICI real estate news and updates to find out the cost per footage.
2. This charges accumulates the surcharges called the common area maintenance (CAM). These charges are common for leasing real estate.
Charges generally included in case of lease:
• You pay the tax for the part of building occupied by you. It is a general real estate leasing condition.
• Maintaining the space outside the building (lawn mowing, parking lot repairing, snow removal, land scaping etc.).
• Utility services.
• Property Insurances.
When you are giving your commercial real estate for leasing, these are the common prime factor that should be taken care of. There will be several other charges based on the type of real estate you are dealing with.
Building for sale:
When you are selling your commercial real estate or transferring the ownership of ICI real estate then it is a multistep process. Before you try some other sources, place a big notice “Building For Sale”. You can get someone calling for purchasing the building. If you think that handling this commercial real estate or ICI real estate business is not your cup of tea, then interview some broker to get help for selling your commercial real estate. Neither depends on the broker completely nor go by his words. First of all evaluate the property and fix your price, then tell the broker what you want. The broker will of course keep his share which is not at all our look out.
Contact a good broker for getting the most from your ICI real estate matters. If possible take help from an advocate who is experienced in commercial real estate dealings.
About the Author
ForSaleForLease has made a brilliant career in commercial real estate. Thus has learnt the trade secrets of ICI real estate world. He is trying to impart his knowledge through his articles.
Is there a real estate guru out there? Can a building with 3 condos be re-converted to a 3 family home?
There is this 3 family condo on the market. All of the units are vacant and on sale.
It will be hard to get financing because they are not owner occupied.
Can this building be purchase or converted to a 3 family instead? If yes how?
can someone just answer the damn question !!!
The most direct way to do it is to buy all three condos. At that point you can do anything you want with them. You are the owner and so you can convert them, leave them as they are and rent them or anything else you like.
Once you own them, you will probably want to get a lawyer to help you dissolve the condo corporation and reduce your tax liability so you'll be paying taxes on one dwelling unit rather than three. If they are separately metered for utilities, you'll need to have two meters removed.
It isn't difficult and the cost of legal fees will probably not exceed $1,500. You might save that much in taxes in the first year of ownership.
Real Estate Investing - From Chasing Deals to Building Wealth - Perfect for Bank REO & Short Sales
