Are You Having Fun at Work?

A few weeks ago I hosted my Bootcamp 2009 and it was a success. Yesterday I received a call from one of the attendees (an absolutely delightful broker from Bonita Springs, Florida – Jay Crandall) and he told me he had never been to a “fun” seminar before and he really appreciated experiencing combining fun with work, it made a big difference for him.

His comments made think a bit and I realized nor had I (been to a fun seminar that is)! But since one of my core values is fun and I was in charge – fun was a big part of my agenda (not to mention another attendee, the famous Dan Lewis from Palm Beach, Florida informed us in the beginning it was his intention to have fun so he in fact helped to set the tone – Thanks Dan!).

So, ask yourself this question, “Are you having fun at work these days?”. If you answered yes count your blessings; and, if you answered no ask yourself why not? Furthermore, ask yourself what needs to change in order to re-energize yourself and get back the momentum you’ve lost recently.

To help you out a bit I’ve listed 5 ways you can get back into the swing of the commercial real estate business, have “fun” and hopefully earn a few commissions at the same time:

1. Make Warm Calls

Instead of torturing yourself with cold calling why not sit down with a list of people whom you enjoy talking to (people in the business) and simply touch base with them to see what they’re up to.

Focus on calling people who you know are high energy vs. the ‘glass half empty types’. And when you’re talking to them, don’t forget to smile; they’ll notice it at the other end.

2. Schedule a Few Fun Lunch Dates

Do you have any past or current clients (even prospects) whose company you enjoy and who make you feel good? If so, set up a lunch or even breakfast with them just because you know you’ll have a good time and they’ll put a smile on your face.

And while you’re at it, ask for new business or have them make a personal connection for you with somebody who may need your services. This is called, “Killing two birds with one stone!”

3. Get a New Listing or Tenant Rep Assignment

This one is actually key – landing a new “deal” to work on will boost your ego, give you something additional to do so you have less time for “dooming and glooming”, and provide new energy because your faith in the business has been renewed.

Several of you have too much time on your hands at the moment – this is a dangerous thing because it allows you to get carried away with some very unproductive thinking.

And for some commercial real estate professionals, landing a new deal is the best part of the business – the part that delivers the “high” (aka fun) for them.

4. Get Organized

You’re probably wondering what being organized has to do with fun, so let me explain. If you’re organized and you don’t have to constantly spend time looking for the phone number you just lost or the notes from the client call you recently had, it opens up time in your schedule to be productive. Being productive leads to more action steps. More action steps lead to more income for you. More income for you leads to be happier. Being happier leads to more fun.

5. Laugh

Don’t forget to laugh each day. I start out my day each morning at 5:30 by waking up and meeting my friends for our morning workout. We have made it a habit to laugh and have fun because it helps us to set the tone for the day (not to mention we get the workout put behind us, allowing us to get the other important things needing to be done during the day (like make money) without interruption).

If nothing else read the funnies (comics) or something else that makes you laugh first thing so that your day starts off fun and with a chuckle.

6. Bonus Suggestion

Don’t hand out with negative people – they zap your energy and take all of the “fun” away! Surround yourself with happy, positive people. It will make a difference, I promise.

OK, go put some fun in your day and if you’re struggling with this just give me a call – 847-562-0030.

Buying a Property in Romania – Real Estate Law in Romania

If you are looking to buy a holiday or second home or invest in Romania, Transylvania or at the Black Sea and you are a foreign citizen/investor, there are few aspects you should know about the procedure an the costs for the acquisition of Romanian land or Romanian houses.

After 2012, foreign citizens EU citizens (non-Romanian) may purchase a home or apartment in Romania may freely buy and sell any Romanian property, without restrictions. Along with the sell price for the property, buying real estate in Romania has other costs associated with it.

If you have chosen to collaborate with a Romanian real estate agent/ broker you can expect to have an additional commission of approximately 2-4% of the price of the property. The local tax will be 2-4% of the price of the property. The signing of a contract must be witnessed by a public notary who submits it for certification by the Land Registry in charge of real estate records. The fees for the Romanian public notary is about 0.5-1% of the purchase price. You will also have to pay fees to the Land Registry (“Cartea Funciara”) to register the Transfer Deed. The Romanian Land Registry Fee for a purchase of a property will vary from 1-3% according to the length of time that the seller had owned the property and the property’s value.

The Romanian law on property states that Citizens of EU member states, legal persons incorporated in the EU member states and stateless people domiciled in an EU member state can purchase land in Romania only if the land is used for secondary residences or for secondary headquarters after a 5 (five) years term from the accession of Romania to the EU (starting with January 1st, 2012); only for the agricultural land and forest land 7 (seven) years term from the accession of Romania to the EU ( starting with January 1st, 2014).

But for the Citizens, legal persons and stateless people not from a EU member state, the Romanian legal system establishes that they can purchase land in Romania, under the conditions of international treaties between Romania and the states of origin on these persons, under a reciprocity basis.

In our point of view, a prudent investor will hire a Romanian lawyer/ a Romanian Law Office, who will liaise closely with the notary on the verification of the title, obtaining the Land Registry excerpt and the drafting of the agreement for the transfer of ownership of the real estate. This means that the Romanian lawyer will be solely acting for and is responsible to his or her client, whereas the notary will not have the same degree of responsibility to the purchaser.

Under Romanian law there are three basic rights to land and buildings such as right of ownership; usage rights as lease, usufruct, superficies; concession right. The principle of contractual liberty represents the key core of the property law in Romania.

Sometimes, an investor/purchaser can opt for closing a pre-sale agreement, by which the seller undertakes to transfer ownership to the buyer at a certain date in exchange for an agreed consideration. The content of the pre-sale contract will stipulate all commercial and legal conditions for the transfer of ownership, as conditions precedent to the final transfer of ownership. The closing of such pre-contract for purchase does not means the transfer over the property, but the stipulate binding obligations for the parties, in regard to, as example, damages or penalties set out in them, if the seller refuses to sign the final notarized deed of transfer at the agreed deadline.

The closing of the pre-sale agreement is to protect the investor/buyer from any possible purchase to other buyers and to matters regarding the fixed price and duration of a future purchase. In our point of view, it is a must that the pre-sale agreement to be concluded at a Public Notary and clearly stipulate the sale price and other clauses regarding duration of future purchase. In this case, it can be enforced in court on the buyer’s request as a deed to transfer ownership.

A sale agreement signed in Romania, according to the Romanian legislation will mandatory stipulate: obligations of the parties for the fulfillment of the sale contract, delivery and quality conditions of goods and/or services, terms, payment methods and payment guarantees, payment instruments and price insurance, contractual risk, as well as method of solving eventual litigations arising from the contract. Other required elements include the full name and identification details of the parties (for legal entities) and name of the person signing the contract (representing a legal entity).

Our team of romanian lawyers offer a wide variety of legal services in the real estate law http://www.lawyersinromania.com

How Do You Get Hard Money From a Reliable Lender?

If you want to get money for property investment quickly, then you should try to get hard money from a reliable lender. However, many potential borrowers do not take necessary preparation before they apply for hard money. However, if you want to apply for this type of fund, it is vital that you should be thoroughly prepared and you should take proper steps accordingly. This article will highlight on a few essential steps that you should follow prior to your application for hard money.

The first step is to determine the total amount of hard money that you want to get from your potential lender. In the current market scenario, there are different types of lenders of hard money who have developed specialization in diverse sectors such as foreclosure properties, commercial real estate properties and so on. You must determine the total amount of hard money that seems to be beneficial for your requirement for successful operation of business or for other types of requirements.

Before you approach your suitable lender of hard money, it is important that you should prepare a proper business plan. It is vital to remember that they ask the borrowers to use a real estate asset as collateral in order to obtain this type of fund. However, it may happen that you are unable to find a suitable real estate asset such as property in your neighborhood. All you need to do is to convince him that the property that you want to use as collateral for this type of fund is the right one to be used for this purpose.

The next step is to prepare a proper exit strategy. Hard money is considered to be a short term fund and its fund, usually does not exceed more than two years. It is quite obvious that he may ask the borrower if the latter wants to sell the property to another person within the tenure. If you are able to show an effective plan for repayment then there is possibility that your lender will provide the requisite fund without any kind of difficulty.

You should ensure that all your necessary documents are prepared and they are readily available in your hands. It is vital that you should offer all your details such as your income, assets, and credit scores etc. to him.

The next step is to conduct a complete research so that he will be able to know in details about the property that you wish to purchase. You should also provide the details of comparable properties that are sold out in the recent times.

You should find out a proficient contractor and you should take his suggestions as much as you can. If you are able to get an estimate that highlights the total cost involved as well as the types of maintenance required and so on, there is every possibility that you will get it as quickly as possible.

Most of the lenders wish to check if the borrower is at all interested to obtain it easily. It is vital that you should return call of your lender and that you should provide all kinds of information to him within a short span of time. If you do not take prompt action, then there is possibility that he will provide money to a new borrower.

The Various Types of SBA Bank Loans and Their Benefits

The United States Small Business Administration offers loans to the small businesses that do not fulfill the criteria required to obtain loans from financial organizations and banks. These loans aim at strengthening as well as improving the financial situation of the country by helping in the growth and development of the small businesses. There are different ways the business owners can take advantage of these loans. Here are a few benefits of acquiring business loans offered by the SBA.

You can easily acquire these funds even when you do not have properties that can be used as collateral. The Small Business Administration offers complete assistance by acting as your guarantor.

These funds may be acquired quickly and that too without difficulty. In fact, you can get the fund the moment you ask for it.

The business owners usually do not have an adequate amount of money in their hands. They are in dire need of money at different phases of establishing the business than the popular ones. Therefore, SBA offers loans at low interest rates to make the payment of debt easier while setting up the business.

These funds can be easily obtained from the Small Business Administration. They have to set up the rules as well as guidelines that should be followed by different banks as well as private lenders that offer these funds under the agreement of the organization. In fact, the organization offers diverse loan programs that are effectively designed to cater to the financial situation of different businesses. Here are a few categories of SBA loans available for the users.

SBA 504

These funds are used for different purposes such as buying properties, devices, buildings and other purposes. They are not used to refinance the existing credits. Unlike the conventional sources, these loans have a longer maturity period. Plus, the SBA has set up flexible eligibility criteria as well as loan terms. These funds also have low down payment requirements on the fixed assets. If you avail this loan you can get a minimum of 350,000 dollars without maximum limit.

SBA 7 (a)

These funds are acquired for buying a new business or even expanding the existing one, buying machineries as well as refinancing the current debts. The benefits of these funds are similar to the funds offered by the SBA. The benefits include longer periods of maturity than the conventional loans, decreased down payment needs on the fixed assets and convenient eligibility criteria than the traditional loans. The total amount of the loan varies from 350,000 to more than three million dollars.

SBA Express

Unlike the traditional funds, SBA Express loans allow the users to get prolonged maturity time as well as easier lending requirements. The total amount of the loan varies from twenty five thousand to more than three million dollars.

There are different banks as well as private lenders that offer diverse SBA loan programs. However, it should be kept in mind that the banks or other organizations usually do not provide the same types of loan programs. Plus the requirements differ on the basis of particular policies of the banks. However, it is vital for you to find out the right loan program as well as the right provider based on the financial requirements and situation.

Important Facts About Small Business Administration Loans

The US Small Business Administration has introduced different types of loans to provide financial assistance to startup companies and help them to run their businesses successfully. This government agency of the United States offers these loans to the startup owners who are not eligible to get money from banks or other traditional financial organizations. In fact, these funds are designed with the objective of supporting the growth and development of these companies and improving the economic situation of the United States. Here are a few essential facts that you should know about the lending options offered by the Small Business Administration.

No disposal of loan directly from SBA

SBA does not offer these funds directly to the people who want to borrow money for different purposes. In fact, the organization works in partnership with multiple lenders, community development companies and micro-lending agencies to offer the money. Plus, it takes the responsibility of determining the terms as well as regulating these loans.

Devoid of credit background check

Unlike traditional lending companies, the SBA does not check the credit records before offering the money. It means that you can get money with bad credit records such as insolvency, bankruptcy and so on.

Multiple loan programs

The loans offered by SBA are divided into different categories such as 504, Express, Patriot and 7 (a). These funds are offered to the businesses depending on their requirements and preferences. However, it is important to remember that the banks or other private organizations may not provide these funds. The loan programs might vary and the requirements are set on the basis of the individual terms or policies offered by the banks.

A great help for startup companies

Small companies are in need of these funds than the popular ones. The reason is that these companies have started their journey and do not have sufficient amount of money in order to make a good investment. It would therefore be difficult for them to get the loans at high rates of interest. Unlike traditional lending firms, the SBA offers them at low rates of interest, thereby allowing the borrowers to repay the money quickly.

Submission of necessary documents

In order to secure the funds, you have to submit necessary documents to SBA as well as the lending companies offering the loan. Besides these essential documents, you also have to complete other important formalities such as submission of financial statement, business plan, financial statements, documents related to tax return and other important information associated with loan acquisition.

Act as guarantor

The banks and other private financial organizations do not offer funds to the borrowers who do not have properties that can be used as collateral. For these borrowers, the SBA acts as guarantor. The guarantee offered by SBA provides these banks the assurance that these funds would be reimbursed quickly.

Fast loan acquisition

Obtaining small business funds from the Small Business Administration is a speedy process. They are like ready-made money that may be secured once you apply for them.

Choose the Right Type of Small Business Administration Loan

Small Business Administration loans are effectively designed for the startup companies that are unable to possess collateral in order to get qualified for any type of fund. While these loans are not given by the US Small Business Administration, it sets effective guidelines for their approval. Plus, it does not give loans to the borrowers directly. They allow different banks as well as private lenders to prove money under the specifications set by this organization. This article will highlight on different types of loans that are offered by this organization and it will also throw light on their unique terms and features.

Standard 7 (A)

It is used for multiple business activities such as working capital, purchase of devices or properties, acquisition of business and so on. The maximum amount is nearly five million dollars and there is no minimum amount set for it. This organization has set up a guideline of twenty five years of loan maturity for commercial property while it has set up ten years of maturity period for purchase of equipment. For capital investment, it is fixed for more than six years.

7 (A) Express

A major drawback of standard 7 (A) offered by the organization is that the process of application is slow and complex. With the objective of resolving this type of problem, the Small Business Administration offers 7 (A) Express that offers a guarantee of fast and effective reply within thirty six hours of its application.

The Small Business Administration offers specific eligibility criteria for the people who want to get qualified for 7 (a) loans. Those who want to qualify for them should be able to demonstrate their need for them and they should be able to use financial resources before looking for financial support. Plus, they should use them for different types for business activities.

CDC/ 504 funds

It is designed for capital investment in property, devices and other relevant things. According to the guidelines offered by the organization, it is used for buying land, making improvement in the existing facilities, buying long term devices or machines. It is used for completion of public development projects, improvement of productivity or competitiveness and other purposes. The term of its maturity is set for ten or twenty years.

Disaster Loans

This type of Small Business Administration loan is available for the small and medium sized businesses, renters, house owners and private organizations. You can use it to repair, or even replace personal properties, devices, inventory and other damaged items. The application process is simple since you have the scope to apply for it through internet. Plus, you can also send your application form through postal mail. The repayment terms seem to be quite generous and it can even extend up to thirty years on the basis of capacity to repay it.

How SBA 504 Loans Can Be Beneficial for Commercial Property Purchase?

The small business owners who are thinking of buying or renovating commercial properties or even buying devices for business expansion should consider acquiring 504 loan offered by the US Small Business Administration. This type of loan offers the startup businesses to gain the privilege of acquiring the similar type of fixed rates and long term funding enjoyed by the popular firms. This particular loan program offered by SBA considers a company as small if its net profit after tax reduction is less than two million dollars. All types of startup real estate companies are eligible for this type of financial support provided by the Small Business Administration.

This type of loan is used to buy different types of assets such as commercial buildings, modern shopping buildings, parking centers as well as renovating the existing buildings and so on. Many businesses also acquire this kind of fund to buy machines or even to renovate machines that are bought within a time span of eight years. Other types of financing covered up by this loan program include charges on construction, interests and other expenses associated with commercial building construction and maintenance.

The low down payment is another reason of huge popularity of SBA 504 fund among the borrowers. It is possible for the small business to get an upfront price reduction of nearly 100,000 dollars on a single project of nearly one million dollars. Plus, the loan maturity of ten or even twenty years are offered to the people and the fixed interest rates are set for the entire loan life.

It is important to remember that SBA does not offer the loan directly to the borrowers. In fact the organization enters into partnership to provide cash to different money lending firms, community development agencies as well as micro-lending companies. Moreover the SBA takes the responsibility of deciding the terms and condition as well as regulating these funds. Here are a few benefits that you can get from SBA 504 loan agreement.

Reduced down payment

In several cases, the small business is required to pay nearly ten percent of the total cost of the business project that includes renovation cost as well as other charges. This type of low down payment also allows the small business to save money for capital investment. Normally, the bank asks for twenty or thirty percent of this type of payment on purchase cost.

Fixed interest rate

The small businesses are not worried about the huge lending rate and they also have the privilege of measuring the accurate amount of mortgage payments for at least fifteen to twenty years.

Long term loan

The loan term for this type of fund is ten or twenty years. Plus, it also facilitates the borrower to repay the loan on a monthly basis.

Low rate of interest

Another important feature of this type of fund is that it offers a low and fixed interest rate for a mortgage loan. Such kind of feature enables a startup company to make use of this fund without any difficulty.

The Beginner’s Tips for Making Successful Investment in a Commercial Property

Successful commercial property investment involves the eagerness of the investor in researching, building relationship with the experts as well as identifying the right kind of investment. This article will highlight on a few essential tips that are followed by the investors for proper investment in commercial house or apartment.

Buying a huge commercial property with multiple units is one of the important tips to be followed by the investors for achieving a successful investment deal and for generating maximum revenues out of it. If you buy a large number of units, it is expected that you will get a huge discount and you will have to invest a nominal amount of money.

Unlike residential buildings, the buying procedure of commercial property is time consuming. It is important to remember that the investors have to spend long period of time in order to buy, renovate as well as maintain it properly. It is not a bad thing, but you have to remember it so that you must not be impatient or you should take a wrong decision in terms of commercial property investment. You should always consider this type of deal as big investment and you should not consider it as an effective way to make money to pay your bill.

There is nothing wrong in investing in residential property for the sake of conducting commercial activities. Since this type of investors are able to handle residential properties easily, it is obvious that they would look out for these residential properties without taking into consideration different kinds of properties such as factories, hotels, departmental shops and so on. Your objective is to buy the right one that helps you to accomplish your target in terms of revenue generation.

You should not feel discouraged even if you are unable to sign up the first deal or even if you have to spend more time to handle the deal. When you start your search for this type of property, you will be surprised to find out the total number of days that you need to spend to get the right kind of deal.

The next step is to find out the right kind of commercial loan that is available in your hand. In case of this type of loan, the money that you have to spend as down payment is higher than that in case of a residential loan program. It is vital that you should find out a reliable money lender in your area that can help you to find out the right loan program to purchase it.

It is important that you always associate with the proficient seller who is able to reply your queries when you are in the process of assessing the right one. It is not wise to lose a deal or to buy a damaged building because you did not know certain regulations or you are unable to assess the true value of the property that you want to buy.

Things to Be Considered For Choosing Commercial Real Estate Loans

Buying commercial property is a costly affair. Without financial aid it is beyond the limit of a small business owner to purchase this type of property. Commercial real estate loan is the best option for you if you do not have sufficient amount of money for buying properties for business purposes. Plus, you can also use the loans for buying all types of properties such as shopping centers, car dealerships, healthcare opportunities and few more. Plus, these loans are used for different purposes such as establishing businesses, refinancing loans as well as remodeling the current ones.

There are different providers for these funds such as banks, private financial companies and building societies. There are multiple online lenders available in the society. The biggest benefit of availing this type of service is that the lending process becomes fast as well as easy. With multiple commercial funds available in the market, it is difficult to choose the right loan program for your requirement. Here are a few steps that you can follow to find out the best fund.

Take help of a broker

Hiring a financial broker can help you in finding an appropriate loan easily. When you are not aware of the knowledge of different types of loans it is advisable that you take the help of an expert. If you have someone with the right kind of knowledge, you can follow their valuable instructions and get hold of the best offer. Else, you can take help of the broker who would help you in getting the right commercial real estate loan.

Do a lot of research

The next step is to conduct a thorough research on the merits and demerits of different types of funds available in the present times. Banks, private financial agencies and internet are the common sources for acquiring information about these financial options. Many people also get advice from friends as well as acquaintances to collect necessary information. You must not hesitate to inquire about people who have acquired loans for investing in real estate property. Although it is not a mandatory rule to work with a licensed broker, it is advisable to consult someone with proper license and training. Apart from training and certification you must find out a few more essential qualities in your broker. He must be patient, trustworthy and competent. Plus, he must be a good communicator who knows how to interact with the customers effectively.

Assess your financial situation

Before you choose a loan program, you must evaluate your financing option, your needs, your objectives as well as the kinds of risks that you can afford to take. Your objective is to take a loan that caters to your monetary needs as well as objectives.

Select the right lender

Once you conduct a thorough research and gather necessary information about the program, you must select a moneylender with good reputation in the industry. It helps you to save a lot of harassment and you are assured that you have hired a reliable as well as efficient lender.

How to Choose the Right Commercial Real Estate Broker

While finding the right commercial real estate broker it is advisable that you should find one who is capable of finding the right kind of fund that is essential for your smooth business functioning. The fact that these brokers have a good relationship with the lenders is one of the main reasons why you should seek help of a reliable broker. This type of broker allows you to save your money and help you to find out a suitable loan that fits your need. Here are a few questions you should ask your favorite broker to find out if he is right for your requirement.

How much money does he like to offer to the borrowers?

The total amount that the commercial real estate broker can provide will often depend on different types of sources that he wants to use for lending purpose. If he can recommend a reliable lender that you require for your loan purpose, then the total amount of fee as well rate that you are eligible to get from the lender will be the next important thing that you should discuss with the broker.

You should consider the total amount of loan that you can get from the lender before you determine to accept the loan offer. If you find out that the fee or even the interest rate seem to be too high, you should ask the broker if he can find out a suitable lender who can offer a high amount of money.

How does he build good relationship with the lenders?

You may consider taking the help of a commercial real estate loan broker because he offers multiple options of funding for the borrowers. The next step is to find out if he can find a suitable lender for the kind of loan that you want to consider for your purpose. You should also ask him if there are other kinds of sources that you can look into for your loan requirement. This type of broker often offers you valuable suggestions related to funding, but it is completely your responsibility to find out if he is suitable for your need.

Does he charge money from the lenders?

Even if you are willing to pay the fee to a commercial real estate broker for his valuable services, he can also get a certain amount of cash from your lender. If your broker allows you to pick up one amongst multiple lenders, it is vital that you should select the lender that does not pay money for this type of broker. You should also try to negotiate with your favorite broker so that you can get a less amount of fee for different services.

Dealing with this type of broker is something that all real estate property owners require to carry out at different points of time. Choosing an ideal commercial real estate broker seems to be an important decision to proceed further.

BRIAN MALLASCH
COLDWELL BANKER COMMERCIAL