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Hollywood Real Estate Law Blog

Key details when choosing a new store location

You're interested in opening a second store. You know that your business model works because it has been working for years. But you don't want to count on that alone. With your second store, you know that it's important to find real estate at the perfect location.

But how do you do that? As much as people say things like "Location, location, location," they often do not tell you that the ideal location is different for every business. You need to find the right one for your company. A few key things to consider include:

  • The total population in the city and what the population trends look like
  • The overall size of the trading area within the city
  • The zoning regulations in your preferred area
  • The general geographic expansion in the city and what direction it's moving in
  • The condition and appearance of other properties in the area
  • The type of competition you face and how many competitors there are
  • How aggressive that competition is and what type of quality it offers customers
  • The retail potential in your line of work
  • The type of traffic you get and the accessibility of the area
  • Any growth in traffic and sales in that area
  • The demographics near the potential storefront
  • Customer attraction power

5 tips for new Florida landlords

The closer you get to retirement, the more you may question whether your nest egg is large enough or if you’ll need to find a supplementary income. For many Floridians, the answer is that they would rather add to their income than live on tighter budgets, and a good number of them end up investing in rental properties.

According to Forbes magazine, the Sunshine State ranks among the best places in the nation to buy rental properties. This owes to a mix of high renter interest, low property prices, low taxes and reasonable insurance rates. If all goes well, you can find a property, buy it and fill it with tenants in short order, but there are a few things you should know before you get started.

Is a triple net lease right for my business?

Choosing the appropriate property lease will be a key component in determining your business' success or failure. Therefore, it is important that you take your time in choosing the best option for your specific circumstances.

Business leases can vary widely in terms of what they include, how much they cost and how long the terms last. Owners of a new business tend to want to avoid complex financial hassles, but they may end up paying more in the long run due to this. If you are considering signing a triple net lease on behalf of your company, it is important that you understand the pros and cons associated with the agreements.

How can I avoid capital gains tax on a Florida property?

If you are starting to be successful in property investment, you will know the rush of being able to buy and sell property for a profit. However, one major hurdle for property developers is capital gains tax. This tax can severely impact the amount of profit you can make by flipping properties; therefore, it can disincentivize investors.

If you are getting started in property investment in Florida, it is important to understand the opportunities that you have to avoid or reduce capital gains tax. By implementing certain strategies, you may be able to increase your profit margins significantly and make more fruitful investments in the future. The following are some ways in which you may be able to do this.

Florida real estate is booming, thanks to out-of-state buyers

There was some concern about what would happen to Florida's luxury real estate market once the United States Treasury's Financial Crimes Enforcement Network (FCEN) took aim at foreign buyers using shell companies to buy properties.

The goal was to keep foreign buyers from using their ill-gotten gains to purchase property while hiding behind faceless corporate entities. A six-month initial inquiry into the situation indicated that as many as 25% of the cash transactions for real estate in the state could be considered "suspicious."

Hidden costs of owning rental properties

Owning rental properties is often a great way to gain passive income for retirement or some extra income on the side. You have likely weighed the pros and cons of purchasing a rental property and are confident in your ability to both effectively manage and profit from it.

However, whether you are looking to purchase a fourplex, duplex, apartment building or more, you should be aware of the often-overlooked costs of rental properties. Prospective Florida buyers should consider the following hidden costs before making the leap to purchase a property:

What are the disadvantages of limited liability companies?

Creating limited liability companies (LLCs) for real estate purposes is a popular choice for many investors. There are obvious advantages to LLCs, but one of the main reasons why investors choose to create an LLC for a real estate investment is because it protects them personally from the risk of loss.

However, every financial choice comes with advantages and disadvantages. These should be weighed objectively before making any important financial decision. The following are some potential disadvantages of an LLC that you should be aware of.

What's an 'exclusive use clause' in a commercial lease?

If you're relatively new to the world of business and commercial leases, one of the first things you need to learn -- whether you're the landlord or the renter -- is the meaning and importance of "exclusive use clauses" in your leases. Not knowing how use clauses work is a common -- and potentially costly -- mistake.

Imagine this: You rented one part of a shopping plaza to a tenant who operates a coffee and pastry shop. Later, you rent another part of the shopping plaza to a Mexican restaurant. Everything seems to be fine until the Mexican restaurant decides to add breakfast hours.

Identifying properties during like-kind exchanges

Buying and selling properties can mean that homeowners become subject to significant capital gains taxes. These taxes can be so high that they can often deter property investors from engaging fully in the market. This is why it has been made possible for property investors to avoid capital gains taxes in certain situations.

A 1031 exchange, otherwise known as a like-kind exchange, makes it possible for homeowners to avoid capital gains taxes when they act within the guidelines. If you want to benefit from like-kind exchanges, it is important to understand exactly how they work.

What information should I disclose as a commercial tenant?

If you are a business owner and you want to rent out a property for commercial purposes, you will need to negotiate a commercial lease. Commercial leases tend to be more complex than residential leases because there is more to consider.

You may be hesitant to provide too much information to your future landlord, however. It is right to be cautious, but providing adequate information about your business situation can help you successfully negotiate a lease in your favor. The following is some information that you should consider sharing.

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Jeffrey Feinberg, P.A.
4651 Sheridan Street
Suite 200
Hollywood, FL 33021

Phone: 954-962-8889
Fax: 954-966-6259
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