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Let’s Get Down To Business: 3 Things To Consider When Looking For New Commercial Property

Posted by on Mar 2, 2016 in Uncategorized | Comments Off on Let’s Get Down To Business: 3 Things To Consider When Looking For New Commercial Property

Starting your own business is exciting. It can also be stressful, especially when you’re trying to find the perfect location. Before you start looking for your new commercial real estate property, there are a few things you should take into consideration. Budget Price is one of the most important issues you should consider when looking for commercial real estate. This is especially true if you’re going to be operating a business from the building you purchase. Choose a building you can’t afford and it’s going to take a substantial bite out of your profits. Don’t take a chance that you fall in love with a building that’s priced out of your range. Sit down with your realtor and discuss a realistic price range and then stick to that limit. This will ensure that the building you choose is one you can truly afford. Location It can be disheartening to find a building that fits in your budget only to discover that the location is all wrong. Here are two issues you should think about when choosing a location for your business expansion. Neighborhoods You don’t want to waste your time looking at buildings that are located in undesirable areas. If you’re not familiar with the city in which you plan on purchasing your property, take the time to familiarize yourself with the neighborhoods. That way, when you start looking at buildings, you’ll already know where you want your business located. Access You’ve found the perfect building but parking is limited. If your customers won’t be able to access your establishment, they’re likely to take their business elsewhere. You can help speed up the selection process by letting your realtor know what your access and parking needs will be before you begin looking for property. Zoning Requirements The last thing you want to do is decide on a location only to find out that it’s not zoned for your particular business. If you’re not sure what your city’s zoning requirements are, take the time to familiarize yourself with them before you begin looking for property. It’s particularly important that you let your realtor know what type of business you’ll be conducting. With that information, your realtor will be able to steer you towards the right locations. It’s time to start your own business. The information provided here will help you save time and reduce frustration while you’re shopping for the perfect commercial property....

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Essential Records You Must Keep For Your Rental Properties

Posted by on Jul 31, 2015 in Uncategorized | Comments Off on Essential Records You Must Keep For Your Rental Properties

By keeping accurate records, you will be able to avoid mistakes that are sometimes made by other landlords. Accurate records are essential for tax purposes and also help you increase the profitability of your business. You may also want to consult with a record keeping specialist because the tax requirements for landlords are often changing. What do you need to have to make the job as easily as possible? Permanent Documents Keep the leases of all tenants permanently. Keep any legal documents, inspection reports and court appearances. Any permits needed for the property must be recorded. Titles, insurance documents and loan documents must be kept permanently. Since all properties can be different, if you feel there is anything you have left out, you should include it. Tenant Personal Information When you take on a new tenant, make sure you obtain all of his or her personal information including a phone number for an alternative person to contact, the ate that the tenant moved in and the date when the lease will need to be renewed. Payments and Expenses Keep a log of each of the payments that you have received from your tenants. Keep track of any expenses that occur related to your property. This includes any repairs that your tenants request you have performed. Keep any documents you have that are related to your finances, such as cancelled checks, so you can use these documents for deductions. These records will be used to determine if you have earned a profit and whether your deductions were legitimate if you are audited. If you have several properties, you will want to keep track of your income and expenses for each property separately. Your expenses should be kept for at least five years. Damage-Related Information Any records of damage done to the property should be kept, including photograph. This way, if your tenant later claims that he or she was not responsible for the damage, you will have evidence to back yourself up. Prior to a new tenant moving in, keep a damage log. Where to Keep Your Records If you intend to keep electronic records, determine if you understand the software used to keep the records. It is usually easier and less time-consuming to keep electronic records, but only if you feel tech-savvy. If you do choose to keep electronic files, make sure that these files are backed up at a different location than your company’s computer so the information is not lost in the case of a disaster. To learn more, contact a company such as Rest Easy Property Management with any questions or concerns you...

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