Category: Commercial Real Estate

Commercial Real Estate Investment Real Estate

Rental Property Owners Must Issue 1099’s

Post author By jenniferwollmann
Post date February 1, 2011

The Small Business Jobs Act that passed Congress last year requires all property owners that rent out properties to file a 1099 for each vendor who does $600 or more in work. Even if you only rent out a single property, you must collect the following for each vendor:

name
address
Social Security or Federal Employer Identification Number

The details to the exceptions to this requirement have yet to be ironed out but the exceptions include:

burden: if gathering the required information and issuing the forms create a hardship
duration: the property is only a temporary rental of your own residence
income: your income from the rental doesn’t meet minimal threshold requirements (as yet unidentified)

If you are renting out a property, make sure you, your bookkeeper, and/or CPA have a way of tracking each vendor starting January 1, 2011.

Tags Investment Real Estate, Miami Real Estate

Rental Property Owners Must Issue 1099's

Post author By
Post date February 1, 2011

name
address
Social Security or Federal Employer Identification Number

The details to the exceptions to this requirement have yet to be ironed out but the exceptions include:

burden: if gathering the required information and issuing the forms create a hardship
duration: the property is only a temporary rental of your own residence
income: your income from the rental doesn’t meet minimal threshold requirements (as yet unidentified)

If you are renting out a property, make sure you, your bookkeeper, and/or CPA have a way of tracking each vendor starting January 1, 2011.

Tags Investment Real Estate, Miami Real Estate

Buying Commercial Real Estate Investment Real Estate

Miami Real Estate – If You Are Looking To Invest, Miami Is Top Choice

Post author By jenniferwollmann
Post date January 30, 2011

According to Mark Vitner, an economist for Wells Fargo, Miami is his top choice of a market poised for economic growth. How can that be? We have one of the highest unemployment, foreclosure and number of underwater homes in the country. However, Vitner stated that Miami is currently posting some of the highest taxable sales and number of jobs created in the state.

Miami has always been blessed with gorgeous weather, colorful landscapes, tourquoise waters, and beautiful beaches. One of the main reasons our economy has been chugging along better than most is due to our popularity with tourists, especially international ones, who have helped both our tourism and retail industries.

Tags buying real estate, Investment Real Estate, Miami Real Estate

Brickell/Downtown Miami Commercial Real Estate

Miami Real Estate – How Will Panama Canal’s Expansion Effect It?

Post author By jenniferwollmann
Post date January 19, 2011

The Panama Canal is undergoing a massive expansion to allow bigger vessels to pass through. Since the Port of Miami is the closest U.S. Port to the Panama Canal, Miami is in a strategic position to benefit from the increase in America/East Asia trade.

The Port of Miami is building a tunnel to the Port, so truck traffic can bypass downtown Miami, and is seeking federal funds to dredge the harbor to minus 50-feet, which would make it one of only three ports that can handle the new, larger container vessels.

This increase in trade at the port will mean there will be new demand for warehouse space and housing for the estimated 33,000 new trade-related jobs that are expected.

Tags Investment Real Estate, Miami Real Estate

Brickell/Downtown Miami Commercial Real Estate

Miami Real Estate – How Will Panama Canal's Expansion Effect It?

Post author By
Post date January 19, 2011

This increase in trade at the port will mean there will be new demand for warehouse space and housing for the estimated 33,000 new trade-related jobs that are expected.

Tags Investment Real Estate, Miami Real Estate

Buying Commercial Real Estate Investment Real Estate Selling

Miami Commercial Real Estate – Retail and Shopping Centers

Post author By jenniferwollmann
Post date January 13, 2011

Commercial Real Estate

Commercial Real Estate – Why the Big Secret?

Post author By jenniferwollmann
Post date January 11, 2011

It is amazing to me that so many commercial real estate agents like to keep their listings a secret. Instead of posting their listings on the MLS, or having their own commercial MLS if they want to keep it separate from residential real estate, they post their listings on their own sites. If they do post them on a site, they post them under the “private” or “premium” listing, which requires a monthly membership in order to view.

In this age of information, when everything is on the internet and the majority of people searching for anything start their search there, wouldn’t you want your commercial listing to get the most eyes possible? The more eyes, the more likely you will get an offer.

I applaud the commercial realtors who use the most media possible to market their listings. I post my listings everywhere, blog about them, put up signs, put them on Facebook and do everything else possible to get the most people to look at my listings.

Tags Investment Real Estate, Miami Real Estate, Selling Real Estate

Buying Commercial Real Estate Selling

When Looking At Comparables, Make Sure You Are Comparing Apples to Apples

Post author By jenniferwollmann
Post date October 18, 2010

Compare Apples to Apples Not Apples to Oranges

I received a list of comparables from an agent that was making an offer on one of my commercial listings. The comps resulted in a significantly lower price than what the sellers were looking for and my knowledge of the market told me something was wrong with his research. I went through the table he had prepared and compared his square footage to the square footage in the tax rolls and realized that the program that he was using did not always have the same square footage as that in the tax rolls. Since the discrepancy between the square footage of the subject property between one program and the tax rolls was almost 12,000 square feet, I recalculated the average price per square foot, which he was using to come up with his price, based on the tax rolls. The average was $30 per square foot higher than the one he had used, which resulted in a $400,000 difference in price in the sellers favor.

Now the tax rolls don’t always have the correct square footage, but if square footage is being used to arrive at a price, make sure all of the square footages come from the same source. If he had used his original average price per square foot but multiplied it by the subject property’s square footage from the program that had the higher square footage, the price difference would have been $700,000 in the seller’s favor. That is why it is important to compare apples to apples.