Naperville, IL 60563
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Recent Blog Posts
Steps to Take Before Buying Commercial Real Estate
Stepping into real estate investment and development industry can be a smart choice. It can It is also an extremely risky industry, full of esoteric laws and complexities. There are regulatory hurdles and fewer lenders than there used to be. Thankfully, there are some ways to mitigate against these risks. The following explains how.
Look at Long-Term and Short-Term Issues
Although real estate investment can (and often does) offer a long-term payout and tax deductions for things like utilities, insurance, and other related expenses, there are also some short-term financial drawbacks that you must consider. For example, it is important to understand that you will have less liquidity once your money is invested in real estate. There are also costs associated with investing, like inspection fees, purchasing taxes, and more.
Common Challenges in Real Estate Development
Real estate development can build your wealth and investment portfolio, but only if you play your cards right. There are numerous challenges, potential pitfalls, and unique obstacles that must be faced. Failure to account for any one of them can result in a delay or even complete loss in your project. Learn more about these challenges and how you can mitigate them with help from the following information.
Difficulty Seeing the Bigger Picture
Government projects often move quickly, but private real estate development usually take much longer. There are numerous reasons for this, and each development project is unique, but the lesson is that patience is crucial. Developers also need a certain amount of vision – an ability to see the bigger picture – to be successful over the long-term. So, before you purchase a property, consider some of the following questions:
Development at “Any Cost” Could Lead to Expensive Litigation
Most everyone has met at least one person who would scam their own family member. Perhaps it was a car salesman, or maybe it was that guy who sold you a less-than-authentic piece of jewelry for a “bargain” price. Where you would not expect to meet one of these people is in the land development industry. Unfortunately, these opportunists do exist, and they can give the industry a bad name. They can also drive up costs for other land developers, and may ultimately find themselves in costly litigation. Learn more about how to avoid being one of “those” developers, and how you can improve the overall success of your project.
Zoning Requirements and Your Development Project
Every new housing or land development project must follow local, state, and federal zoning regulations. Unfortunately, the verbiage and requirements of those zoning laws can be complex and confusing, even for seasoned land development veterans. To make matters worse, regulations vary from one area to the next, and the laws are constantly changing. None of this matters when it comes to compliance, however. In fact, failure to comply can result in project delays, extra costs, and even possible litigation if you fail to correct the issues or intentionally deceive investors.
Cyber Security Issues and Commercial Real Estate – What Every Investor Should Know
As more and more cyber security breaches make headlines, investors find themselves asking when and how they may be vulnerable to threats. Interestingly enough, there are more areas of concern than real estate investors may realize. Learn more about the risks of cyber security breaches, including ways that you can protect your real estate investment empire.
Examining the Severity of the Problem
What do Target, Sony, Yahoo, and Heartland Payment Systems all have in common? Each one faced a cyber security breach over the past year – big enough ones that their companies landed in the news. If these multimillion dollar companies, armed with high-tech security systems are vulnerable to threats, then every business and individual should consider themselves at risk. Yet only 53 percent of all small companies place a high-priority on cyber security. In a world that is becoming increasingly reliant upon digital data and information, the lack of security is not just a risk; it is ultimately an invitation for trouble and, in turn, financial devastation.
Tenant Protection for Illinois’ Domestic Violence Victims
Data from the National Coalition Against Domestic Violence (NCADV) shows that approximately 20 people per minute are abused by an intimate partner. In some cases, the violence extends beyond cuts and bruises; the victim's life is truly in danger. What does this mean for you as a landlord? The following explains the tenant protections offered to domestic violence victims under Illinois state law, and it provides you with details on where to find assistance if you need further guidance or advice in a specific tenant-landlord situation.
Examining the Tenant's Rights
Tenants who are being abused by a family member have the right to terminate their lease early, should they so choose. However, they can also request to have their abuser evicted and the locks changed. As a landlord, you are required to comply with these protections. You should also be aware that domestic violence is considered a viable defense to an eviction, which may already be underway by the time you learn of the abuse. Sadly, this can leave you feeling a little caught off-guard, and it may even cause you to overlook your own rights as a landlord.
Partnerships in Commercial Development: Why You Should Be Wary and How You Can Mitigate the Risks
Commercial development projects are, by nature, risky endeavors. They are typically larger than residential projects, often require more funds, and have an added layer of complex regulations and requirements. When you add in a potential partnership, things can get even trickier. Learn why you should be wary of a partnership in commercial real estate development, and how you can mitigate against the risks if you decide to move forward.
Understanding the Unique Challenges of a Partnership
There might be a dozen or more sayings that justify a partnership (i.e. two heads are better than one), but they often downplay the unique challenges that one might face. For example, partners might take a synergy approach, only to realize that each member has grown or changed over the course of the partnership. Another potential challenge is the differing of opinions, morals, work ethic, and beliefs. Even more concerning is that this particular issue often emerges at the worst possible times – when speaking to the media, dealing with investors, or closing a deal.
Renting Commercial Property - What Every Business Owner Should Know About Commercial Property Leases
Most Americans have rented a home, apartment, or condominium at some point in their lives, but only a small fraction rent commercial spaces for their businesses. As such, many renters are unaware of the differences between commercial and residential leases. Yet, as the following explains, these differences can catch you off guard, especially if the market turns or your business fails. Learn how to mitigate against such situations, and discover how an attorney can help protect you with your commercial lease agreement issues.
Commercial Leases versus Residential Leases
Despite any misconceptions that commercial renters may have about commercial leases, they are significantly different than residential leases. In fact, the agreement itself is not standard. Instead, it reflects each landlord's needs and preferences. Second, they are often longer and can cost you a great deal more money if you breach the contract. Flexibility and negotiability are also lower in commercial leases, and there are fewer consumer protections. All these aspects, when combined, make for a potentially catastrophic situation for commercial renters.
Resolving a Commercial Real Estate Dispute
Commercial real estate disputes can be frustrating, complex, extremely costly. Thankfully, there may be ways to solve issues with less stress, money, and effort. Learn more about resolving your commercial real estate dispute, including when to seek assistance from a legal professional, with help from the following information.
Types of Commercial Real Estate Disputes
Disputes in commercial real estate are, most often, related to contracts, development, land use, or title issues. For example, land developers may experience arguments or potential litigation over:
- Tenant's breach of a commercial lease;
- Tenant's use of property;
- Fair market value of the home;
- Construction development contracts;
- Worksite personal injury cases;
- Easements preventing the intended use of land or property;
Examining the Pros and Cons of Commercial Real Estate Investment
Commercial real estate investment is one of the biggest and most lucrative markets in America, but how do you know if it is the right option for you? First, you must determine if you have an interest in the market itself. Then, you must weigh the potential advantages and disadvantages to determine if you or your company may be a good candidate. Learn more about these pros and cons of commercial real estate investing with help from the following information, and discover how an experienced real estate attorney can help you get started off in the right direction.
Income Potential versus Financial Risk
One of the best reasons to start investing in commercial real estate is the earning potential. Whereas the annual return on residential properties typically ranges from only about 1 to 4 percent, commercial real estate has a return of about 6 to 12 percent. However, there are also some serious financial risks in the commercial real estate market. For example, commercial real estate properties typically require a much larger investment than residential properties.
Are Solar Farms the Next Big Land Development Boom?
To be successful as a commercial land developer, one must know how to recognize trends. A dose of creativity helps too, but it is trends – or the possibility of them – that can make or break you. Based on all the new solar farms going up around Will County, it is easy to assume that they will be the next big land development boom. Is this assumption correct? What are the potential risks of getting into solar farm development? The following explains, and it provides you with details on finding assistance with your land development project.
Farmers Trading in Their Crops for Solar
Farming is a respectable profession – one that takes a lot of hard work and dedication. It also does not pay very well, which is why some farmers are eager to turn their farm land (or at least some of the unused portions) into money-making solar farms. The impact to the land and surrounding area is minimal, and farmers who convert their land stand to make four times as much with solar as they would with crops. Solar farms also give back to the community (including schools), and they decrease our reliance on fossil fuels.
1730 Park Street, Suite 117, Naperville, IL 60563
630-778-3818
