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Author: admin, 11.03.2016. Category: How To Learn Meditation

By far the most common form of ownership, sole proprietorship is the simplest form of land or business ownership, but with the most complex potential for liability.
While not specifically defined under the Income Tax Act, partnerships are nonetheless assessed for validity under common law.
In this type of ownership, transferring assets between company and partners can be fraught with tax complications, and so it is prudent to consult an accountant from the outset of planning to avoid unnecessary problems and costs when your newly defined year end rolls around. Using the partnership model, all partners are liable for the business-related actions of other partners.
When registering a limited partnership, at least one general partner, with unlimited liability, must be defined. Within the articles of incorporation, which outline the details of the company’s operations, shares in the corporation will have been established and may be transferred or sold.
Corporate real estate ventures may not move forward without personal risk despite the newly opened corporate umbrella.
Real Estate Investment Trusts, or REITs, are corporations that represent a group of buyers investing in real estate. REITs have become more common since their introduction into the Canadian economy 20 years ago. Similar to partnerships, a joint venture may be formed when a group joins forces for a specific real estate investment. With so many options for ownership, investors will want to consider their individual needs carefully. Q: My commercial property is performing well, but I see a lot of opportunities available in other real estate. A: The custom of holding onto income property til death do us part, more or less, is rapidly declining, along with the changing profiles of ownership and of how business can profit in this century.
From successful business owners purchasing their own buildings to small investors buying multi-family properties, commercial land ownership has become more diverse, and so has its management as an investment tool. Investors tend to diligently research commercial property purchases, yet often neglect to consider when selling will best fit their portfolio. Both financial and non-financial aspects are worthy of careful consideration to determine your own best time to sell.
Q: My building has 12 retail units at street level and 10 large apartments on top, at a busy location, with several high rise apartment buildings and condos nearby.
Since your property already boasts a high-traffic location, a more feasible alternative to investing large amounts of capital or acquiring new debt for upgrades may be found in redevelopment. There is a growing movement gaining popularity in commercial real estate that brings a dynamic downtown feel and service core to outlying areas and suburbia with new mixed-use structures offering apartment and condominium dwellers an array of shops and services a mere elevator ride away. When considering selling to a developer, the sale price is not based on property income and cap rates, but more on location and zoning.
An effective commercial real estate broker is your most essential asset for obtaining the highest possible price in this type of transaction because they have access to multiple developers who buy properties like your own. Your real estate broker may also consider forming a joint venture with neighbouring properties in order to further entice developers.
Through the interface of social media, your tenants, prospective tenants, and the consumers seeking goods and services offered by your retail tenants, all come together as a community.
Social media managers now play a pivotal role in public opinion for companies large and small.
Determining how social media and other forms of networking can increase the performance of your commercial property investment may seem daunting to the uninitiated.
To create a social media presence, focus first on these five important networks, adding more later, such as pinterest, tumblr, and any local sites you become aware of for your demographic.
Facebook Love it or hate it, ubiquitous Facebook has grown to include most people you know. Twitter Popular social site of message posts, or tweets, of 140 characters or less, just like this description.
Google+ the newest of these five, the social media site is lower maintenance than Facebook and, of course, google search-friendly. LinkedIn Creating a profile page of your company history will get you LinkedIn, the highest traffic business-focused social network for professionals and aspiring professionals.
Once online, you or a media manager can ignite interest and carve out your web presence by recruiting your tenants and additional fans to your pages to engage with posts related to current events. Organize your retail tenants to offer discount cards at their shops to your residential tenants. A: In commercial real estate, market conditions, location, existing leases, and maintenance all combine to determine immediate value. A property’s highest and best use is that which would generate the highest income and value for a property.
Consider whether your mall has other value-added features that attract shoppers like bicycle racks, benches, and clean and adequate public restrooms. In the tenets of business, happy tenants are more attractive to commercial real estate investors than unhappy ones.
Consider a mural or other attractive feature that will elevate both your property’s visibility and its value while enriching the community. Some properties are able to increase revenues by virtue of being suitable locations for cell towers.
It’s always a good time to examine property taxes to see if there is room to appeal for a lowered rate.
Applying these eight principles of managing your retail property will both enhance and maintain your investment to realize its highest and best value.
The main difference distinguishing Yield Capitalization from Direct Capitalization in commercial real estate is that a lengthier period of time is analyzed, creating a more dynamic representation of cash flows. Yield Capitalization reflects the value of a projected income stream assessed from discounted cash flows.
Irregular income streams are not uncommon, and variables such as rent escalations are anticipated and factored into pro forma statements. A: Parts 1 and 2 of this four-part response outlining the methods of valuing commercial real estate examined the Direct Comparison method and the Cost Approach in order to create an Opinion of Value. The Income Approach employs capitalization wherein the net income of a property is capitalized into a specific value. The capitalization rate, or cap rate, is one of the handiest tools in commercial real estate practices for comparing investment properties. The most crucial element required for the six steps of the Income Approach is the reconstructed operating statement that reflects both income and expenses.
From the data in this example, we can determine a property’s net operating income and then divide that by its fair market value in order to assign a Cap Rate.
A:  Part 1 of this four-part response outlining the methods of valuing commercial real estate examined the Direct Comparison method in order to create an Opinion of Value. The principle of surplus productivity is employed by another technique, the land residual> method. Unique and special purpose properties can often only be evaluated using the Cost Approach method, due to the lack of comparable sales. Depreciation can be defined as the loss in value, or diminished utility, due to any physical cause. Diminished utility, or accrued depreciation, can be caused by a wide variety of factors, and reflects the difference between reproduction cost or replacement cost of improvements, and the present worth of those improvements. Obsolescence can occur from both internal and external factors, thereby diminishing a properties desirability or utility, and so its value. Depreciation is determined through careful cost and use analyses, and then subtracted from the estimated site value to arrive at an informed Opinion of Value using the Cost Approach. A: Opinions of Value are the informed market estimates produced by realtors that value property.
Direct Comparison is a standard method of estimating property value in which the subject property is compared with similar properties in geographically equal locations that have recently sold.
Typical differences necessitating adjustments in using the Direct Comparison approach are any that have an impact on value, such as location, age of structure, income and expenses, time adjustments for market conditions, as well as added features, like escalators, recreation centres, and parking structures.


TheDirect Comparison method is the most common method of evaluating real estate, being both easy to comprehend for buyers, and legally admissible in the Courts.
Q:  What’s in store for the Toronto Commercial Real Estate Market and how can I capitalize on my investments?
A:  The enviably stable Toronto Commercial Real Estate climate affords investors opportunities to grow their portfolios.
The various types of ownership fill different needs, and it’s useful to have an overview of all options to know which one is right for you.
Suitable for small investors with a limited number of employees, sole proprietors typically enjoy lower overhead costs, fewer regulation, and less reporting than corporations, and often benefit from greater tax advantages. Under Ontario’s Business Names Act, altered names may net sole proprietors fines of up to $2,000. Creating a viable partnership agreement covering both operation and dissolution means that the advice of an attorney is needed.
Joint and several liabilities is a major aspect for consideration when forming partnerships.
Each corporate entity is established by, first, conducting a specific name search to assure an unique choice, creating articles of incorporation, then filing both in an application to the Ontario Ministry of Government Services which, upon acceptance of the application, creates a new legal entity, the corporation. Any company debt remains the liability of the corporation and shareholder liability is limited to the value of shares held. Not infrequently, lenders will require personal guarantees alongside corporate ones when new venture capital is sought, particularly in the case of a small or newer investor. Originally designed to allow investors to participate in the financing of large-scale real estate endeavours, some may focus on equity ownership while others are designed solely for mortgage investment.
In some cases, the “partners” may be two or more corporations with an immediate, common goal. Commercial real estate at the small investor level is often adequately serviced by sole proprietorship.
Long gone are the days when only the wealthiest, landed gentry owned most, if not all, commercial real estate, passing it on, through the centuries, to their heirs. Any tax implications must be considered, and your overall investment strategy may include, for instance, collecting rental incomes or cashing out, or both, when retirement rolls around.
In fact, considering your location, and that there are already neighbouring high rise apartments and condominiums, your property may be ideal for redevelopment.
The land value of your property becomes maximized by its potential for a much higher density.
Highly skilled agents will generally arrange an Exclusive Listing for this type of property, and then approach multiple developers without a specific price, stimulating interest and competitive offers in ways that owners, more often than not, are highly unlikely to achieve. Often times, adjacent properties all face the same landscape of renovation versus redevelopment and so, weighing overall costs, may wish to achieve their own upgrade without financing it, through redevelopment.
Your bottom line is that prospering merchants catering to loyal customers are a retail property owner’s best insurance against vacancy and obsolescence. Effectively navigating both the internet and social discourse should be entrusted to a media manager skilled at both aspects, with graphic arts and research savvy.
Making your entry into social media simple and directed will best facilitate the powerful advertising tools of today that are, literally, at your fingertips.
As a now publicly-traded corporation, Facebook is becoming increasingly attentive to business with their marketing solutions programmes. While facts about your property will also be posted here, the vast majority of entries to sites like Facebook are most effectively about more marginal matters of human interest.
Despite its obvious value in today’s marketplace, the personal touch always rules the day.
It may also be worthwhile to offer the same deal to the management of a nearby apartment complex to distribute to their tenants, thus creating a mutually advantageous relationship amongst the local population.
While factors like routine property maintenance are key to obtaining a good sale price, when considering the ultimate value of any property, the principle of highest and best use can enable commercial property owners to realize the highest possible return on their investment. Does it offer commonly needed services that bring traffic to your plaza, such as popular food, a convenience store, a laundromat, printing, shipping, or any other high-traffic business? Perhaps surprisingly, it often takes less time and effort to tackle issues head-on and reach a solution than it does to maintain strained relations over maintenance delays or unresolved security issues, for instance, and potentially lose a tenant.
Commission a local artist for an outdoor mural or seek out a school willing to co-create a neighbourhood monument, such as painting tiles for outdoors, or panels to hang on the interior walls of your building. A passive, steady income is always appealing, but take care that this move does not interfere with the benefits enjoyed by existing tenants, nor degrade the property’s overall desirability. In our final installment, the use of Yield Capitalization, also known as pro forma modeling and as discounted cash flows, is examined. Rather than a single year’s cash flow being considered, several years will be calculated and distilled into one pro forma statement that accounts for mortgage payments and related expenses in its reconstructured income and expense statements. This method converts future income from a property into present value by discounting the income from each year with a suitable discount rate.
Yield Capitalization is increasingly popular and relied upon among Realtors and investors alike. The two types of capitalization used in commercial real estate are Direct Capitalization, which is formulated from a one year income projection, and Yield Capitalization, which is derived through analysis that includes a more extended time period.
Cap rates are assessed by calculating a property’s true net operating income (NOI) and dividing by the its fair market value. For Direct Capitalization, a one-year analysis of a property owner’s income and expenses are calculated with all necessary adjustments based on comparable properties. Next week, we conclude our four-part Opinions of Value series by examining Yield Capitalization. One method of evaluating sites is known by several names: abstraction, allocation, and extraction.
The principle being that surplus income, after subtracting costs such as labour, and capital outlay, is then attributed to the land, thus setting its value through this capitalization process.
In accounting for structural and land improvements, for instance, four criteria must be met to assign the cost (or more) of an improvement as its value.
Typically, the number-crunching that creates the calculations are objective, whereas site valuation, which is also a crucial step, is based on the more subjective data that is comparative analysis.
Agents calculate replacement costs per square foot using current market rates and materials. Factors may include the normal deteriorations of aging, as well as functional obsolescence, should a property become outdated, undermining its viability in the marketplace. Some factors that depreciate property are worth rectifying, and some are not, or cannot be upgraded.
First, we’ll examine the direct capitalization technique used to determine property value, followed by the conclusion to our Opinions of Value series, examining yield capitalization. This is often the start of the listing process, and several methods are typically employed to arrive at a realistic figure.
Dollar adjustments are also made to account for all significant differences between property features, thus assimilating each property’s values to the subject one.
This widely used technique is founded on the maxim that an informed buyer’s willingness to pay will not exceed the sale price of similar properties with equal utility. Personal assets, however, are indivisible, and so at equal risk in the event of a bankruptcy or other event. For this reason alone, many will opt, instead, to form a limited partnership which specifically limits a partner’s liability to the amount invested in the company. Limited partners do not participate in management nor vote on company business, but remain as passive investors. Companies wishing to conduct business or to protect the exclusivity of their name throughout Canada will opt to register federally, under the Canada Business Corporations Act.
That benefit is considered valuable enough to offset the on-going costs of maintaining the corporation’s due diligence through record-keeping and government filings. Revenue Canada does not currently recognize joint ventures as having a status of their own and so the daily business of joint ventures is typically administered by the project lead, whether an individual or corporate entity. Liability, however, is a major consideration, and legal counsel should be undertaken to determine the best route for your investment strategy.


For business owners who have acquired their establishment’s address, there may even come a time when your best choice is to sell and lease your space from the new owner. Investors may consider selling when any one of these thresholds are reached: property has maximized profits, a more attractive investment opportunity has materialized, tax benefits have been reached, or the financial goal for a specific property has been realized. After inheriting the property, about 30 years ago, I had a lot of work done to make the units attractive and livable.
Otherwise, their property risks falling into obsolescence, eventually losing more in value than might have been gained through upgrades.
Typically, in this scenario, a bank, cinema or major retail interest, for instance, may sell in tandem with neighbouring properties, stipulating that they become the main, anchor tenant in the new complex, once built. An owner, or current staff, could conceivably manage your property’s social media if those skills are evident.
Training and advertising credit can help retail plazas and malls establish their Facebook presence.
Public postings allow information to travel faster than ever before, but the old-fashioned ways of networking are just as valued today. Owners of apartment complexes can, by the same token, create partnerships with area businesses willing to provide discounts to residential tenants in order to secure their loyalty. As individuals, investors have little or no control over market conditions and location, but can greatly influence attaining the best possible use and selling price for their properties.
Maintenance, cosmetics, and curb appeal are equally important to the commercial property owner when seeking to attract buyers as they are to your retail tenants seeking to attract and retain a desirable customer base.
Contacting tenants quickly, and working to resolve issues as they arise actively protects your investment. Enliven your property’s appeal with buskers such as a magician, balloon twisting clown, a wandering minstrel, or a chalk artist, for example. Billboards are another fairly lucrative method of adding to your property’s income stream, if permits are available in your area.
Shop around for a lender looking to entice borrowers to get the best rates and lowest refinance expenses. The Cost Approach is usually not a major consideration in valuing income producing properties.
Single year income and expense statements provide the basis for estimates forming Opinions of Value based on Direct Capitalization, whereas cash flow forecasts of several years are utilized in Yield Capitalization.
Reconstructed operating statements are also employed to create an extended cash flow forecast for a period of several years. This method is a logical, proven analysis of replacement costs that takes into account both value and depreciation. Each refers to the technique of subtracting the value of structures and any tangible improvements from the total value of the property in order to determine land value. This method is particularly useful in evaluating properties that are readily adaptable as income producing properties.
Both straightforward replacement and the more complex reproduction costs are considered when calculating depreciation. Since the conclusion is only as good as the data; several sources must be drawn into the analysis, which may include brokerage files, land title office records, mortgage brokers, and sales records obtained from the Real Estate Board’s Multiple Listing Service®, as well as other industry publications. Secondly, similar properties must exist within the subject property’s own region to create a genuine comparison. However, you may want to do that very thing, despite the inherent costs of start-up and maintaining a corporation, in order to protect your assets. Essentially, there is no difference between the individual and the business, so owners may face unlimited liability. Expert advice is necessary to avoid undesirable tax implications for this type of ownership. For commercial real estate owners who have not yet sought incorporation, the option is definitely worthy of full consideration to protect yourself and your family in the long run. Since then, I’ve put off any major renovations to mechanics so as not to disrupt my tenants, and managed to pay off the loans involved.
When it comes to renovation versus obsolescence, the choice is clear: improve it or lose it.
In this way, they may acquire additional, more suitable space for their enterprise, which often may include new office space above as well, and so it becomes a win-win situation for all parties.
Two minutes recorded during an event or on a tour of your property will prove a powerful marketing tool when linked from YouTube onto each of your company’s profiles.
Roadwork happening in the area may supply a seemingly endless stream of tweets, for instance, and so page interactions. How about a drive-through or a free-standing kiosk, or an ice cream stand during warmer months?
Often, a small investment of time and money can increase your property’s value by more than the sum of those parts.
Keep a calendar and a detailed log of routine, annual, and major maintenance tasks that you can thoughtfully pass on to the next owner.
Entertainers and artists work retail areas for tips in many cases, and help make your commercial retail property a neighborhood hub.
Direct Comparison and Direct Capitalization for properties of a value up to five million dollars is generally sufficient.
As a general rule, the age of the structure being valued determines the adequacy of the method. When these two conditions are not met, other methods may also be employed to create a valid estimate.
I now hesitate to take on debt for the necessary upgrades, but what’s my alternative? Economic and social trends make now the ideal time for commercial real estate to gather online communities. Whatever you do in this regard, just keep real value in mind for your tenants, and don’t forget to tweet all about it!
Should a vacancy happen to occur in your mall, always try to attract the most high-profile tenants possible. Multi-tenanted properties with values in the five-to-10-million dollar range are best served with the combination of Direct Comparison and the pro forma modeling of the Income Approach. Newer structures can be more accurately estimated using reproduction costs, whereas older structures must rely more on replacement costs in order to determine current market value. Next week, we’ll look at the Cost Approach method of evaluating commercial real estate. Often, it is worth negotiating enticing move-in terms, for instance, to secure more established retailers.
When making that list, be sure to include the following items that all help realize a property’s full potential.
Implementing Yield capitalization often results in higher prices for the seller, while appealing to sophisticated buyers. When that is the case, and other market conditions support a decision to sell, it is most likely time to make that choice, if continually building wealth is your goal. Your social media manager should make sure your business is a part of local happenings with attractive, photo-friendly entries and inspired banter to capture the imagination of readers.
It’s best to always keep long-term gains in mind, especially when selling is on the agenda. This serves well to create loyalty because you are genuinely involved in their world beyond rent checks and maintenance.



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