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Recent Blog Posts

CRE Development Basics: Building a Neighborhood That People Want to Live In

 Posted on December 00, 0000 in Commercial Real Estate

Naperville real estate attorneysPeople measure real estate success in different ways. For some, it is their bottom line. Others only feel they are successful when they meet a certain investment goal (i.e. closing a specific number of deals in a year). Still, there are some who set their sites on sustainable, long-term wealth.

Building a Neighborhood - How Positive Community Impact Improves Investor Wealth

While there are those who fail to see the correlation between community development and long-term wealth, data shows that small-scale developers tend to build a stronger, more stable stream of income when they become intimately involved with the community in which they are developing. That is because they take interest in what the community wants, rather than simply relying on what is “trending,” which can be extremely important in certain parts of a city.

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Getting Your DuPage County CRE Zoning Variance Approved

 Posted on December 00, 0000 in Zoning and Land Use

Illinois zoning variance lawyersIn DuPage County, and virtually every other county in America, most land is zoned, or designated, to be used for specific things. For example, a plot of land could be zoned as single-family residential, in which case it could not be used to build an apartment complex or open a business. In most situations, large areas are made up of plots of property that are zoned in the same way. If you want to open a business in an area that is zoned as residential, you will have to get what is called a variance, or exception, to the zoning rules. In order to open the business, you would need a commercial real estate zoning variance.

Types of Variance

There are two types of variance available, and you need to apply for the correct one when seeking a commercial real estate zoning variance. The two options are:

  • Area Variance – An area variance is quite common, and used when compliance with a specific zoning law would create an unreasonable restriction on the use of the land. For example, if a plot of residential land is oddly shaped, making it difficult or impossible to build a home on it while complying with standard setback requirements, an area variance would be granted.

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Preparing Your Commercial Real Estate Property for Premises Liability

 Posted on December 00, 0000 in Commercial Litigation

Illinois CRE lawyersThe success and overall performance of a commercial property depends on a variety of factors. Perhaps one of the most influential is the way that owners (both property and business owner) handle and prevent personal injury liability situations. Bound to occur at some point, these incidents can cost all involved parties a great deal of time and money. Thankfully, the following sections can help you learn how preparing your commercial real estate property for premises liability can help to protect your asset (and your bottom line).

The Potential Consequences of Ineffective Premises Liability Protection

During the year 2017, more than 53,000 personal injury cases were filed in the United States. Many of these cases likely ended in a settlement, but not all. In either case, these lawsuits cause business and property owners to lose millions of dollars on an annual basis. Attorney fees, settlements, and court costs are just a fraction of the costs that can be associated with such cases. Money may not be the only loss that a business or property owner experiences; one's reputation and image can also be irretrievably damaged if the case goes poorly or receives a lot of publicity.

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Evicting a Commercial Tenant for Rent Delinquency

 Posted on December 00, 0000 in Commercial Lease Agreements

Naperville commercial eviction lawyerBusiness owners of all types can experience a drop in sales and fall behind on their bills. Unfortunately, when this happens, it can leave the landlord in a difficult predicament. On the one hand, commercial property owners know it is usually easier to keep a current tenant than it is to find a new one, so they may be willing to wait out a slow season for a delinquent commercial tenant.

On the other hand, the lack of payment can cut into the investor's profits, perhaps to the point that it places them at risk for financial problems themselves. As such, it is important that investors not only understand the eviction process for a commercial tenant who is behind on their rent, but that they also carefully consider their options before moving forward with the process.

Should You Evict Your Commercial Tenant? 

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Is the House-Flipping Market Headed for a Cool-Down?

 Posted on December 00, 0000 in Residential Real Estate

Naperville residential real estate lawyerDuring the housing market crash of 2017, investors flocked to pick up every distressed property that they could find. Many sold their assets to other investors. Others remodeled the properties and rented them out, securing themselves a fairly steady cash flow. Still others decided to “flip” their houses and sell them. This last group of investors, otherwise known as “house-flippers” have become commonplace in the last decade, but with fears of a market cool-down mounting, many are now selling their assets and bowing out. Should you do the same, or is now the time to hold onto your assets?

The answer to this question may depend greatly on your current situation.

Profit Margins Shrink as the Cost of Repairs and Mortgage Prices Rise 

Although there are many factors affecting the house-flipping market, one of the biggest is the shrinking profit margin for investors. A healthy housing market means mortgage prices are on the rise. Since flipped houses tend to come at a premium price, many buyers are lowering their expectations. Some are even willing to make the repairs themselves if it means the difference between renting a little longer and owning their own home.

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Small-Scale Investors to Be Denied a Break Under New Tax Law

 Posted on December 00, 0000 in Commercial Lease Agreements

Naperville real estate lawyersThe Tax Cut and Jobs Act went into full effect at the start of 2019. Sadly, this new law will fall short on delivering some of its promises. A prime example is the small business tax benefit, which was supposed to allow taxpayers who made less than $157,500 ($315,000 for a married couple) to deduct 20 percent of  a pass-through business’ income from their overall taxable income. Yet, in what many call a “shocking” and “counterintuitive” move, the Treasury announced that taxpayers who use triple net leases will be blocked from claiming the deduction.

What might all this mean for your investment portfolio, and what can our seasoned Naperville real estate lawyers do to help? The following information explains further.

Triple Net Leases - The “Gold Standard” in Commercial Real Estate

For better or worse, triple net leases are considered the “gold standard” in commercial real estate - and for good reason. In addition to requiring the tenant to pay the landlord for their rent and utilities, they must also submit payment for any outstanding costs, such as those related to maintenance, insurance, landscaping, or property taxes. In short, triple net leases leave for the landlord to manage or check up on while renting out their property. They simply use the money to ensure that all costs related to the building are covered; the rest is considered their return.

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Two Things to Consider About Your Potential Condo Deconversion Investment

 Posted on December 00, 0000 in Commercial Real Estate

 Naperville condo deconversion attorneysJust as trends come and go in other business arenas, they also make their mark in the commercial real estate world. The condo deconversion is one of the latest booming trends to hit commercial real estate, but some experts believe this may be more than a trend that will fade with time.

There are a few simple realities behind this reasoning: condo deconversion is based on restructuring older properties, and alternatives to new construction are continually in demand. There are - and will continue to be - older properties in need of modernization, and at the same time, real estate investors in need of more affordable construction methods. This makes the condo deconversion business model very appealing in commercial real estate, which means the market will likely continue to see a lot of them in the future.

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Bitcoin in Real Estate Transactions - Wave of the Future or Total Bust?

 Posted on December 00, 0000 in Naperville Real Estate Attorney

Illinois real estate lawyersBitcoin, though introduced back in 2009, has made little headway in the real estate market. Still, there are enthusiasts who still believe Bitcoin real estate transactions (and other blockchain exchanges) are the wave of the future, and even real estate professionals have a mixed opinion about the future of cryptocurrency in real estate. What does all this mean for investors who are looking to sell or buy a property using blockchain, and how can a seasoned real estate lawyer help to mitigate the potential risks of such a transition? Learn more in the following sections.

Bitcoin Transactions in Real Estate 

Last fall, a Miami condo made national headlines when its listing announced that the seller would only take Bitcoin for the transaction. The price, which was set at 33 Bitcoins, amounted to about $544,500 at that time. While others had allowed cryptocurrency for real estate transactions, this was the first ever “Bitcoin only” transaction.

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Landlord-Tenant Laws - Understanding the Basics of Tenant Rights

 Posted on December 00, 0000 in Landlord-Tenant Dispute

Oak Brook landlord-tenant dispute lawyersRenting out residential property out can give you a steady stream of income and increase your ability to build your wealth or a nest egg for your retirement. There are some risks involved, however.

Tenants may default on their rent or cause damage to the property. You could even be subject to a costly lawsuit if you violate the landlord-tenant laws imposed by local, state, or federal municipalities. Thankfully, by being educated and ensuring you have the right protections in place, you can decrease your risk of such issues. Learn more in the following sections.

Federal Landlord-Tenant Laws 

While most landlord-tenant laws are imposed at the state level, the federal government oversees two of the most basic and well-known ones:

The Fair Housing Credit Act - Restricts landlords from discriminating tenants based on their race, national origin, color, religion, sexual orientation or status, or status of disability. It is important to note that this law extends beyond the rental criteria or approval process; it also restricts landlords from making discriminatory remarks in their marketing or advertising; and

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Zoning and Entitlements in the Commercial Real Estate Development Industry

 Posted on December 00, 0000 in Zoning and Land Use

Oak Brook zoning and land use attorneysFew things in life are as satisfying as the purchase of an undeveloped plot of land. It is, essentially, a blank slate, an opportunity to build your vision. Land development requires more than just an idea, however. Investors must also navigate through a complex set of nuanced rules and regulations. Overseen and enforced by local, state, and even federal municipalities, the laws of greatest concern relate to how the land can be used. Learn more about zoning and entitlements in the commercial real estate industry (CRE) in the following sections.

Zoning and Entitlements - What Are These Laws and Why Do They Matter?

New CRE investors are often surprised to discover just how important zoning and entitlements are to their real estate projects. Able to bring a development project to a complete standstill, zoning and entitlement issues can hike up costs and threaten a project's completion. So what, exactly, are these laws, and how can you avoid them in your investment projects?

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