During our recent class on Property Management I was asked about Capitalization Rates for property in Long Island. A great website to get this type of information and other commercial real estate statistics is ReisReports. Click here to visit their site.
Tuesday, October 02, 2012
Saturday, September 29, 2012
I am often asked how someone can get into commercial real estate. My general response is that a first step is to read literature on financial statements so that you can understand the money driver behind the industry. I suggest watching talks from leading developers, which can be found at i Tunes U. Its also important to read a form lease and to look up all of the terms so that you can gain a basic understanding of the language of the industry. Yet, what can be done that takes less self-discipline to get someone motivated, kind of a jump start?
I suggest joining one of these five (5) regional organizations to meet, network and discuss your passions and you can see if commercial real estate is really right for you.
Go to the website, look up when a meeting is happening, drive to the meeting, introduce yourself around the room and you are half way there. You will gain mentors and friends that can help you along the way.
Also, keep your eyes open for this year's Long Island Commercial Real Estate Convention and come experience the leading service providers to the industry and take a seminar or two to sharpen your skills.
I suggest joining one of these five (5) regional organizations to meet, network and discuss your passions and you can see if commercial real estate is really right for you.
Website
|
Name
|
Topic
|
Long Island Real Estate Investment Association
|
Real estate investment club for brokers
|
|
Long Island Real Estate Group
|
Provides the real estate industry and allied trades a platform for
real estate-related charitable giving and networking
|
|
Long Island Commercial Network
|
Commercial Division of the Long Island Board of Realtors
|
|
Commercial Industrial Brokers Society of Long Island
|
Where Nassau and Suffolk commercial dealmakers meet and build
relationships
|
|
Building Owners’ and Managers’ Association
|
The leading advocacy group for the commercial real estate
industry
|
Go to the website, look up when a meeting is happening, drive to the meeting, introduce yourself around the room and you are half way there. You will gain mentors and friends that can help you along the way.
Also, keep your eyes open for this year's Long Island Commercial Real Estate Convention and come experience the leading service providers to the industry and take a seminar or two to sharpen your skills.
Thursday, September 27, 2012
A few posts back we discussed the technique of government utilizing its Eminent Domain power to force mortgage restructuring by taking mortgages at their current fair market value (not face value) and thrn having investors push money into government in order to modify the terms of the borrower's payments.
Thereafter, the Real Property Committee to the Suffolk Bar Association discussed this topic at our monthly meeting and addressed the issue of if Eminent Domain could force the taking at the depressed value or if instead, the taking should be had at the pre-depressed value as Eminent Domain takings had occurred during the Great Depression - our most similar reference in case law. To be clear, there are Eminent Domain cases that dispute the value at which property should be taken during a depressed market and it is unclear if, in NY, Eminent Domain could even be utilized to take mortgages at their current market value instead of their pre-depressed value.
Well our Congress now has a bill, HR 5397, Defending American Taxpayers from Abusive Government Taking Act of 2012, which basically prohibits Federal Agencies from partaking in such restructuring through Eminent Domain. So even if local government did utilize Eminent Domain, if this bill passes, many many mortgages would be off limits.
Your author doubts the bill will pass because there has been so much push back on the use of Eminent Domain in the first place throughout our Country, the issue of valuation in the second place within NY and other States, and the history of not much really getting done in Congress these days.
Regardless, to view & track the bill, as it is intellectually interesting, click here.
Thereafter, the Real Property Committee to the Suffolk Bar Association discussed this topic at our monthly meeting and addressed the issue of if Eminent Domain could force the taking at the depressed value or if instead, the taking should be had at the pre-depressed value as Eminent Domain takings had occurred during the Great Depression - our most similar reference in case law. To be clear, there are Eminent Domain cases that dispute the value at which property should be taken during a depressed market and it is unclear if, in NY, Eminent Domain could even be utilized to take mortgages at their current market value instead of their pre-depressed value.
Well our Congress now has a bill, HR 5397, Defending American Taxpayers from Abusive Government Taking Act of 2012, which basically prohibits Federal Agencies from partaking in such restructuring through Eminent Domain. So even if local government did utilize Eminent Domain, if this bill passes, many many mortgages would be off limits.
Your author doubts the bill will pass because there has been so much push back on the use of Eminent Domain in the first place throughout our Country, the issue of valuation in the second place within NY and other States, and the history of not much really getting done in Congress these days.
Regardless, to view & track the bill, as it is intellectually interesting, click here.