By: Bill Plasha & Bob Wiley
Prudential Patt, White Real Estate

We often talk about buying commercial real estate and what to look for, where to buy, and how to get financing. But what about selling commercial real estate?

Because of all the complicated components of this transaction, the first step should be to hire an experienced commercial realtor. Then before you start marketing the property, take a look at the zoning. Meet with the zoning officer and determine the legal uses for the commercial property. Also, keep in mind that a commercial listing generally takes longer to sell than a residential home.

Your commercial real estate agent will be able to help analyze the potential income returns an investor can expect from your property. They will also know how and where to target real estate investors and developers in order to properly market to the right people who could turn into buyers. Bottom line, they are the expert that can take the property from just a listing to “sold”.

By: Bill Plasha & Bob Wiley
Prudential Patt, White Real Estate

Winter is usually designated as a “tough time to sell homes”. But in reality, winter is a great time to begin the process to sell your home! If you put your home on the market now, and begin showing it right away, you may have an offer by early next year. With this scenario, moving can occur in Spring, and everyone can be settled in their new homes for the start of the summer season!

What could be more beautiful and warm than showing your home with your holiday decorations? Candles burning, garland and lights giving a warm and welcome feeling of home, and the smell of cookies baking – just like mom used to make! If you have a fireplace, either wood or gas, build a fire or turn on the fireplace for that extra cozy and inviting feeling.

If you are getting ready to sell your home this winter, remember that the value of your home does not depend on the season. Many homeowners think they need to decrease the price of their home because they consider this to be the “off-season”. The only true factor that affects the value of your home is the law of supply and demand.

One of the most important things you can do before you buy a home is research the neighborhood! People usually have a particular area in mind where they want to shop for a home, but spending some time in the neighborhood can help you decide if you really want to live there.

First, drive through the neighborhood at different times of the day. During the day check for convenience of shopping area, schools, fitness centers, convenience stores, gas stations and any other day to day things you may need. Find out how far away you would be from the nearest hospital, emergency center and doctor’s office. What is the distance to the local post office, library and park? Look around at the surrounding homes and yards. Make sure that the neighbor’s homes and yards are well kept. Having well maintained homes around you is important for property values. On an evening drive in the neighborhood, how safe do you feel? And if there is a problem, how far away is help?

Secondly, on one of your drives through the neighborhood, try talking to people living there. Find out if they are happy in the neighborhood and if they have any issues with safety. You will be surprised how honest these people will be with you about where they live.

And lastly, when you are driving around, be alert for any noises or smells that may be annoying if you lived in the neighborhood. You want to be able to enjoy your yard and home without distractions.

After you have spent a little time in the neighborhood and are happy with your findings, make an offer on a home knowing that you have done your homework!

Getting financing for a commercial property is much different from getting a loan to buy a home.  The commercial side is usually “big business”, which means larger sums of money.  Whatever financial institution you choose will expect you to have certain things in order before they are willing to consider financing.  Here are a few things to bring to the “table”.

Solid business plan – Put time into developing a solid business plan that includes facts, figures, estimates and forecasts.  Lenders will be more likely to see you as a good risk if you have taken the time to develop a good business plan as to why they should loan you the money.

Your own money – Have money of your own to invest in the project.  This will show the lender that you are sharing the risk, not asking them to absorb it.

Property’s paperwork – Have your research done on the property to show the past income and current value.  A property that has a history of producing income will be a better risk for any lender.

Updated financial statements – You will need current financial statements for yourself or your business, whichever is buying the property.  Get these on the front side and save yourself the trouble of trying to get them updated while you are applying for a loan.

Being prepared and showing the lender that you have carefully evaluated your position and ability to repay the loan will make you an even better risk!

Owning commercial office space can be an investment opportunity that provides for steady, long-term income.  But as with any investment decision, there are several factors that you need to consider before buying.

Location – Research the local area to find out what rental prices are in existing offices and then determine what you will be able to charge for your office space.  Think about access, parking, public transportation, security and convenience of hotels and restaurants.

Time – Be invested for the long-term.  Commercial space takes longer to sell than a residential home.  So, prepare for this by getting tenants to sign long-term leases, and this will in turn provide long-term, steady income.

Expenses – Take into consideration any renovations that you may need to make before being able to rent the office space.  Budget and plan for things like insurance, licensing fees, and permits that may be necessary.

Management Company – Consider hiring a management company to handle and respond to problems.  This is even more important if you own multiple properties.  You can’t be everywhere at the same time.

With the proper thought and planning, an investment in commercial office space can be a great source of reliable income.

By: Bill Plasha & Bob Wiley
Prudential Patt, White Real Estate

Selling a home can be just as stressful as the buying process. So here are a few simple things to keep in mind that may help reduce the stress.

Pre-screen your buyers – Find out if they are ready to buy now. Sometimes people are out shopping, but may not be ready to buy for 6 months or more. Get a timeframe from potential buyers so that you can focus on the ones that are serious about buying right now.

Pre-qualified borrowers – Make sure any potential buyers have at least met with a lender to be pre-qualified. You need to know that when they make an offer, and you accept, there is a good chance they will be able to obtain the necessary financing to buy the house.

Negotiating – Once you have an offer, give it careful consideration. Make sure you are getting a fair price and that you can live with a decision to accept the offer. Work closely with your realtor to determine if the offer is fair for the neighborhood and market conditions.

One of the best ways to reduce the stress of selling your home is to work with an experienced and professional real estate agent who will handle these and many more details of the transaction for you.

By: Bill Plasha & Bob Wiley
Prudential Patt, White Real Estate

If you are looking to buy or lease retail space, the location is critically important. The location can be the determining factor between the success and failure of your business. Here are a few things to consider when looking for the right location.

Type of business – Think about what you are “selling” whether it is goods or services. Not everything is suitable for the all locations. Situate your business around others that will attract similar customers. And you want to make sure your “shop” is accessible to the customers that you need to attract. It should be easy for your customers to find your location, park, and shop for what they need.

Type of customers – Research the demographics of the area. Are these the types of people who need and want your product or service? Two very important factors are the age and income. Talk with other area retailers and find out about their current customer base.

Street visibility – You want to make sure that your retail space is visible from the street and that there’s plenty of traffic on that street in order to drive business into your “shop”. Try driving by the area at different times of the day to see the visibility with different lighting. Make sure the area is serviced by public transportation and also has plenty of parking.

Competition – Check out your neighbors. What types of business can draw similar customers/clients? Make sure there aren’t any types of businesses close to you that could have a negative impact on your bottom line. This could be either an undesirable business or a strong competitor. Studying the location of your business before you buy or lease can improve your marketing efforts and increase your profitability.

By: Bill Plasha & Bob Wiley
Prudential Patt, White Real Estate

Many people shopping for a new home get confused between a pre-approval from a lender and a mortgage commitment. Here is a simple description of each.

Pre-approval is a preliminary letter that borrowers can obtain from a lender stating that the lender has reviewed their information and “based on the accuracy of that information” is willing to lend them a specific amount of money to purchase a home. This is not a guarantee of a loan. The pre-approval letter just indicates that you have met with a lender and presented your information and that they are willing to validate that information and present it to an underwriter for review.

Mortgage Commitment comes after all the documentation that you provided has been reviewed and verified for accuracy and an underwriter has determined that you meet the guidelines for the loan. Usually after your information is submitted to underwriting, the lender comes back with a “conditional approval”. This means that there is more documentation necessary or other conditions that need to be met in order to completely meet the guidelines for the loan. Only after all of these conditions have been met, will the lender off you a mortgage commitment, which is truly an offer to lend you money to buy your home.

Selling commercial real estate is much different than selling your house. And if you open the phone book or look on the internet, you will find thousands of agents to choose from…so how do you pick one?

• Ask colleges, friends, and family who they have used. This is a great way to get a truthful testimonial to an agent’s knowledge and level of expertise.
• Arrange a meeting with the agents that you are potentially interested in working with. Have a list of questions that you ask each agent. Also talk about your needs and ask how they will meet them. Any agent worth working with should be very comfortable with this sort of interview.
• Make sure you feel comfortable with the agent you choose. You will be working closely with them to sell your real estate, so choose someone that you can speak freely with and communicates well.
• Find common ground on your schedules. You want an agent that has the time to dedicate to selling your property. Make sure the agent returns your phone calls in a timely manner and will keep you updated on the details of the transaction.

Finding a commercial real estate agent that works well with you, and has the proper knowledge and experience, is the key to getting your property sold. So, take the time to find the right agent to get the job done.

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

People are always wondering if it’s a good time to invest in real estate. We hear all the reports about foreclosures and short sales and get scared that it may not be the time to buy. Well, each situation is different and you need to decide when to buy when it’s right for YOU, not when the news reports tell you to buy.

When real estate values are down, it’s a great time to be buying. You can get a home that you may have paid a lot more for a few years ago. But then people worry about further dips in value. Well, if you plan to stay in the home for a long time, then buying while values are down is still a great idea. Even if the value decreases after you purchase, as long as you budgeted properly and can pay your mortgage payments and taxes, then you can ride out the storm until the values increase again. At that point, you haven’t really lost anything because you aren’t interested in selling.

No one can be 100% sure of when the housing market is going to make a turn. So, figure out your budget and your circumstances and make a buying decision based on your own facts.

Information provided by our friends at Prudential Patt, White Real Estate 
From the Patt, White Report Summer/Fall 2010

Prudential Real Estate just compiled results of an online survey of homeowners and those who stated they intended to buy a home within two years. It found that consumers realize that the complexity of today’s market requires greater sophistication:

• 69% agree that buying a home is a much bigger decision than it used to be
• 76% agree that buying or selling a home is more complicated than in the past
• 89% agree that previously “any home used to sell” but that marketing a home today must be much more sophisticated

Based on these answers, it’s no surprise to see that:

• 93% agree that finding an agent and real estate firm they can trust is more important than ever

Relationships built on trust take time to develop. Many consumers strive to do their homework through online research, keeping up on the latest news. Unfortunately not all information we see online is reliable, which can adversely affect decision making of potential buyers and sellers. That’s why it is crucial to select a professional Realtor® with the knowledge, experience and creativity to guide you through the process. When buying, it’s important to tap current opportunity. When selling, it’s important to understand that we are in a value-driven market. From a strategic standpoint, sellers who ensure their house is in great condition, use accurate pricing, and employ staging techniques will experience success. Prudential Patt, White can assist you in all these vital areas. We are the market leader with a history of trust and integrity dating back to 1953. The expertise of our professionals is unmatched. And the consultants of The Premier Group will make the process easy and convenient while helping you settle on time, with great service and value.

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

Buying your first home can be very stressful. Here are a few simple steps to make the process smoother and much more enjoyable.

• Get financially prepared. Start your saving plan well in advance so that you can have as much money for a down payment as possible. A goal of 20% down would be ideal to save yourself from paying private mortgage insurance. But don’t clean out the savings account to buy your home. You’ll need to have an emergency fund for unexpected repairs.
• Talk with several different lenders and get a pre-approval. Don’t be fooled into thinking that all lenders are the same. Each will have different rates, fee structures, and possibly even different programs. Shop around for the right deal for you. Once you have the pre-approval, you are all set to start shopping.
• Look at several different houses before making your final decision. Use common sense and buy wisely. Remember that your first home doesn’t need to be your forever home. So, make sure you buy within your budget and then continue to save for your dream home.
• Make sure to have a home inspection done. The offer you make should be contingent on the results of the inspection. This will help prepare you for any necessary repairs and hopefully eliminate any big surprises in the near future.

Now you can relax and enjoy your new home knowing that you are living within your budget and you bought wisely. Use your head, not your heart when buying a home!

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

Investing in commercial real estate is an opportunity to increase your profits. But you need to make intelligent decisions to avoid potential disaster in the end.

Having a clear picture of the market is the first step to making a wise choice. This means really knowing the area in which you are planning on buying. It’s very difficult to make a profit in commercial real estate from a distressed location. A good indication of a distressed location is one where the job market has experienced a slow down. Buying in an area that has a slow down in the job market means that it will be more difficult to rent the property and therefore, make a profit.

When you are inspecting the property, don’t just inspect the building, but also the property where the building is located. Make sure to research the zoning and history of the property. You want to be confident that you can use the building for the purpose you are buying it.

Always stick with what you know. If you have experience being a landlord, stick with buying apartment buildings. Or if the retail world is more suited to your experience, then buy and rent retail space. And if diversification is really what you are looking for, consider a partner who has experience in other aspects of commercial real estate.

Remember that making a profit in commercial real estate only comes after research and experience

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

Today is our last segment on reducing winter energy costs and now we will focus on the kitchen and laundry.

Refrigerators are costly to run, so you need to make sure they are as energy-efficient as possible. Test the tightness of the rubber door seal on your refrigerator to make sure it will tightly hold a dollar bill when the door is closed. Newer models will be more efficient and less costly to operate. For the greatest efficiency, set the refrigerators to 40 degrees and the freezers to zero degrees.

When making dinner, use your oven rather than your electric cook top. An insulated oven only heats one-third of the time it’s in use, while a cook top heats continually. Don’t open the oven when you are heating something. Instead, try turning on the light and looking through the glass door. Opening the oven lets out a lot of the heat your oven just worked to produce. Only use the self-cleaning option on your oven for the really big cleaning jobs and start the self-clean after you had the oven warmed up from baking.

In the laundry room, wash and dry full loads. Partial loads use the same energy as a full load. But don’t overload dryers. An overloaded dryer will take a lot longer to dry the clothes and will cause them to wrinkle and need ironing. Wash in cold water whenever possible to save on heating water. Always adjust the water lever to fit the load size. And finally, clean the lint filter in the dryer after each load.

All throughout your home, there are simple ways for you to conserve energy and reduce those winter bills. Try a few of these simple tips and watch your bills go down!

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

Successful real estate investing requires more than just money to buy properties. You need to have a plan to invest wisely and maximize your profits. Here are a few steps to follow:

1. Educate yourself! Sometimes a deal doesn’t seem like it may be profitable at first, but with some education you may find hidden opportunities. And on the flip side, knowing when to walk away from a deal is critical too.

2. Develop an investing plan. Decide what types of properties you want to buy (apartments, manufacturing plants, retail sales buildings, etc.) and become an expert in that area. Finding your niche is a key component. Your plan should also include how many properties you are going to buy and how much you will spend on each.

3. Focus on a certain geographical area. Don’t scatter your investments all over unless you are willing to employ a property manager to oversee the properties and make sure that your investments are protected.

4. Work with a professional. An experienced commercial realtor will be able to cover any gaps you have in the knowledge you obtained about investing. A good mentor will make your business investing more successful!

Real estate investing can be very profitable if you do your homework and work with professionals!

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

As we continue on with energy saving tips this week, don’t forget about your lighting. A few “flips” of a switch can mean savings on your electric bill.

When you are working on a particular project, use a smaller light focused on what you are doing. This will eliminate lighting the whole room when you only need light to read a book for example. Always use energy-efficient “compact fluorescent bulbs”. This is especially important when the light will be in use for two hours a day or more. Although these bulbs cost more upfront, they use 75 percent less electricity and last up to 10 times longer.

When you are shopping for bulbs, look for ones with the highest lumens and lowest wattage. The lumens will brighten the room while the reduced wattage will use less electricity. Only use long life bulbs in hard to reach places as they emit less light than regular bulbs. And keep your light fixtures and bulbs clean and dust-free to allow for maximum brightness.

During the day, let the sunshine in! Use natural, free light whenever possible. Often turning on lights just becomes a habit. If it is daytime, do you really need to turn on a light when you walk into each room or down that hallway? Think before you “flip” that switch and start saving!

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

When you are planning to relocate your business many companies only take certain components of the move into consideration. They consider location, price and terms of the purchase or lease. But you need to look at what you have right now and also the future plan.

Think about your anticipated growth. If the budget allows, take extra space now and allow for future expansion. You’ll be surprised at how quickly you move into the additional space. If you don’t have extra space, make sure to have enough for the employees currently on staff. Studies have shown that not enough work space can stifle growth, teamwork, and employee morale.

When you are considering the layout, get your furniture dealer and equipment vendors involved. Ask for their input and make sure that what you are buying or leasing from them “works” in the new space. Don’t over-crowd areas. Rather have more vacant room than every area filled to capacity.

You want to think about your needs carefully so that you can put your company in the best possible position to succeed.

As the temperatures turn colder, we all need to look for ways to save on our heating costs. Give some of the following tips a try to help save money this season!

• Try setting your thermostat just one degree lower. You can save 3 percent of the day’s heating costs for just that one degree change. If you can maintain that setting, you will save 3 percent all season.

• Clean or replace the filters on your heating system.

• Close off unused rooms.

• Clean all air registers or baseboard heaters

• Turn off kitchen and bathroom fans as soon as they have done their job. They can pull a lot of heat from the house.

• Open drapes and blinds during the day to allow sunlight and heat to come in and close them at night to keep out the cold.

• Have your heating system serviced once a year to maintain peak performance.

A few simple changes can make a big difference in your heating bill.

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

A great way to make money in real estate is to buy properties that need work, fix them up, and sell them for a profit. Although you aren’t planning on living in the home that you buy to “fix up”, there are still some very important things to consider.

First is location! When you are looking for a home to purchase and fix up, you need to find one in a good location. Don’t buy in an area that has a lot of other homes that need to be fixed up too. Fixing up a home in a neighborhood like that can lead to the home being over-valued for the neighborhood. You want to find one in a good neighborhood that people will want to live in once the home is ready!

Find a house with a good lay out. It’s best to get a house with a good floor plan and then work to make it even better. A house that already has a desirable lay out will require less demolition work to make it ready to sell. For example, if it has some oversized rooms, but not much closet space, you can divide the room into a bedroom and walk-in closet for more appeal.

Make sure to get a home inspection done. This will help prepare you for any major work that needs to be done in addition to the improvements that you plan on making. Take into consideration the cost of all the improvements when you are making the offer on the home.

Remember that while fixing up this house, you want to keep your costs as low as possible to increase your end profits.

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

When you obtain a mortgage to purchase or refinance a home, you will be required by the lender to purchase title insurance. Did you know that depending on the last time you refinanced or can provide proof that there was title insurance on the property, you may be eligible for a discounted rate?

The Basic rate of title insurance is the full rate without any discount. This rate is applied if it has been more than 10 years since the last evidence of title insurance. Meaning that it is more than 10 years since the property has been sold or refinanced. You may be eligible for a 10% discount off the basic rate if the last evidence of title insurance is within the last 4-10 years.

A 20% discount off the basic rate occurs when there is evidence of title insurance within the last 2-4 years. And 30% discounts are available if there is evidence of title insurance in the last 0-2 years.

Additional restrictions apply to these discounts where as the property needs to be identical to the property previously insured and there is no change in the fee simple ownership of the property. So, the next time you purchase a home or refinance, check with your title insurer to see if you are eligible for a discount!

Last week, I contacted a Realtor from a Realtor network I belong to, Certified Residential Specialists. When referrals are made through the CRS network, they are by phone or email, since the referral is to an area outside of Seattle.  Rarely, do we meet the other agents.  I’ve made many referrals over the years and had good luck as the agents with the CRS designation.  They are long time agents who have had additional training and sell a certain numbers of homes each year, which means they’re experienced.

Since I was in South Carolina, I asked that this agent bring market statistics and her marketing plan to our meeting.  The agent came armed with 3 pieces of paper, one was a chart showing me her company sold the most homes in the area, and the other two had brief, very brief, information about the sales activity of the homes in the area.  Statistics? None.  Marketing plan? Zip.  Market analysis?  Nada

I asked her about her marketing plan and heard newspaper and real estate magazine advertising.  I told her to  spend her money on the internet and professional marketing, including professional photos.  No response to the professional photography.    I did hear the usual, though, the listing would be on the company website, but I did not get much more.

I asked that she send me the complete listing information and photos of each of the homes included in her short list of homes. She assured me she would.  Since it’s been two weeks since I met her, I doubt I will be getting that information. So she’s out.

We then contacted a personal referral who is a Realtor and also a CRS.  However, she is having some surgery in the next few weeks so is not taking on any new business.  We’re going to try another Realtor from a second personal referral next.

I turned to the internet. I’ve been online checking the local agents’ presence on the internet.  I’m looking for how the agents market homes.   I don’t bother to check the listings and agents who don’t use multiple photos when marketing a property.  However, I’m finding that with multiple photos, most are just plain awful.  Photos are dark, sometimes showing too much clutter, and don’t show the full room.  Finding the agent who uses professional photos might be like finding that one in a million.

Since I belong to some real estate networks on LinkedIn.com, that’s my next stop.

Here’s what I’m looking for when I’m hiring a Realtor:

• Someone who knows the market and has statistics to back their information.
• Someone who completes a professional market analysis and gives me realistic information on pricing.
• A strong internet presence on multiple websites: A company website, Realtor.com, google, Zillow, Propsmart, Craig’s List, Oodle, etc.  Dedicated website for the home.
• Video or tour of the home.
• Photos, video, or tours of the local sites and the town.
• Homes that are marketed when looking terrific, decluttered and staged
• Professional photography
• Nice property brochures with color photos
• Open houses, only if they work in the area
• Other creative marketing ideas
• Communicate with me on a weekly basis.  I’d like an update on showings and the local real estate market.  I’d like to know if the competition has changed.  Has a competing home come on the market, reduced its price or sold?

This is the very level of service my mother-in-law should be getting.

Does anyone know a good Realtor in that area who can provide this service?  Any ideas on how to find someone?

Last week, I contacted a Realtor from a Realtor network I belong to, Certified Residential Specialists. When referrals are made through the CRS network, they are by phone or email, since the referral is to an area outside of Seattle.  Rarely, do we meet the other agents.  I’ve made many referrals over the years and had good luck as the agents with the CRS designation.  They are long time agents who have had additional training and sell a certain numbers of homes each year, which means they’re experienced.

Since I was in South Carolina, I asked that this agent bring market statistics and her marketing plan to our meeting.  The agent came armed with 3 pieces of paper, one was a chart showing me her company sold the most homes in the area, and the other two had brief, very brief, information about the sales activity of the homes in the area.  Statistics? None.  Marketing plan? Zip.  Market analysis?  Nada

I asked her about her marketing plan and heard newspaper and real estate magazine advertising.  I told her to  spend her money on the internet and professional marketing, including professional photos.  No response to the professional photography.    I did hear the usual, though, the listing would be on the company website, but I did not get much more.

I asked that she send me the complete listing information and photos of each of the homes included in her short list of homes. She assured me she would.  Since it’s been two weeks since I met her, I doubt I will be getting that information. So she’s out.

We then contacted a personal referral who is a Realtor and also a CRS.  However, she is having some surgery in the next few weeks so is not taking on any new business.  We’re going to try another Realtor from a second personal referral next.

I turned to the internet. I’ve been online checking the local agents’ presence on the internet.  I’m looking for how the agents market homes.   I don’t bother to check the listings and agents who don’t use multiple photos when marketing a property.  However, I’m finding that with multiple photos, most are just plain awful.  Photos are dark, sometimes showing too much clutter, and don’t show the full room.  Finding the agent who uses professional photos might be like finding that one in a million.

Since I belong to some real estate networks on LinkedIn.com, that’s my next stop.

Here’s what I’m looking for when I’m hiring a Realtor:

• Someone who knows the market and has statistics to back their information.
• Someone who completes a professional market analysis and gives me realistic information on pricing.
• A strong internet presence on multiple websites: A company website, Realtor.com, google, Zillow, Propsmart, Craig’s List, Oodle, etc.  Dedicated website for the home.
• Video or tour of the home.
• Photos, video, or tours of the local sites and the town.
• Homes that are marketed when looking terrific, decluttered and staged
• Professional photography
• Nice property brochures with color photos
• Open houses, only if they work in the area
• Other creative marketing ideas
• Communicate with me on a weekly basis.  I’d like an update on showings and the local real estate market.  I’d like to know if the competition has changed.  Has a competing home come on the market, reduced its price or sold?

This is the very level of service my mother-in-law should be getting.

Does anyone know a good Realtor in that area who can provide this service?  Any ideas on how to find someone?

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

Many people decide to invest in commercial real estate because it can bring them serious profits. Those who succeed are willing to work though the rough patches along the way. Finding the right type of investment for you is a key element to being successful and earning the kind of profits you desire.

Investors who are just starting out usually decide to buy apartment buildings. But another option for property investment is buying offices or warehouse spaces. You can often find businesses to lease this space who want to stay in the same location for many years to build a steady reputation for their own business. This will provide you with a constant and reliable income source.

Also, a long time business renter will tend to take better care of the property since the appearance is a reflection on their business. What customers think when they see the office or warehouse space will be important to them. This can save you money in upkeep and repairs.

Taking the necessary time to find the right investment for you will make the road to profit a lot smoother and much more enjoyable.

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

At this time of the year many people stay clear of the home buying market due to the extra stress and activities involved in sending the kids back to school. But if you think about it, Fall is really a great time to buy a home.

Typically, people who want to move start looking in Spring with the hopes of finding a home, making the offer, and moving in the home by late summer in time for back to school. This means that by the time September and October arrive, many sellers are more motivated than ever to sell their homes. Since their home didn’t sell during the “prime” season, they will probably be more willing to negotiate on price to get the home sold before the holidays and winter months arrive.

So, use the Fall season to find the right home for you and be ready to celebrate the holidays in your new home!

By: Bill Plasha and Bob Wiley
Prudential Patt, White Real Estate

If you are planning on renting your commercial real estate investment, then finding the right tenant is critical. Take the necessary time to look for quality!

Corporate tenants usually have no problem paying the rent, but will be more sensitive to the location. They may depend on street traffic to drive customers/clients to their business and will be looking for good visibility. They will want sufficient parking and easy access to the building. The alternative being a small business owner, who may have difficulty with the rent if business isn’t good. But they may not be nearly as demanding as a corporate tenant.

Check out the length of time the tenant has been in business and how successful the business has been. Find out where they were renting previously and why they are interested in moving now. Check with previous landlords for any information available about the tenant’s payment history and how the business was operated.

Taking the time necessary to find the right tenant before the lease is signed, will save you time, money and hassle later.