A letter of intent is a document in which you spell out the terms according to which you would agree to buy a building. I advise that you hire an attorney or have your real estate agent assist you in creating this document, as this will be a binding agreement. ... Read More
Category: Commercial Real Estate
03
Sep2019
Sometimes owners won’t provide much information about their tenants, etc. until they know you are serious about the building. Or, they might want you to sign a confidentiality agreement in which you agree not to share any information you learn about the building. This might require you to put out a binding ... Read More
September 3, 2019Lynn Drake
22
Aug2019
Whimsical statue in a front yard. I really love formal gardens like this.
August 22, 2019Lynn Drake
20
Aug2019
Commercial buildings are priced based on 3 criteria:
replacement value with a deduction for depreciation (also called obsolescence), which is usually based on the age of the building the cost per square foot of sales of similar buildings a value of the cash flow and its return, which is called the ... Read More
August 20, 2019Lynn Drake
06
Aug2019
Your commercial agent and your attorney should help you develop the list of things you need before making an offer, but here are just a few to consider:
Are you qualified for the mortgage?
Will the building meet the current and future needs of your business?
Is the building zoned for your use?
If ... Read More
August 6, 2019Lynn Drake
01
Aug2019
Never in my life have I loved a hotel as much as this one: The Rees. For starters, it is in Queenstown, which is a fabulous city. The best part is the architecture! The building is built on a hill and has no interior rooms. Every room has a view ... Read More
August 1, 2019Lynn Drake
23
Jul2019
A contingency can be thought of as an exception in a real estate contract (a kind of, “I will do this, if you do that” or “if you don’t do this, I won’t do xyz”). For example: We will buy this property if the roof is in good condition. We ... Read More
July 23, 2019Lynn Drake
11
Jul2019
USA/Canadian fireworks from the roof of the Millender Garage for a 2017 Fundraiser during the Thanksgiving Parade.
July 11, 2019Lynn Drake
09
Jul2019
I often get this question on leasing and buying buildings. No matter which side you are on, you will convince yourself you are right. The issue with buying a building is that sometimes the buyer paid to much and can’t afford to sell the building for less. Many people who ... Read More
July 9, 2019Lynn Drake