New York Real Estate

Once an International Business Corporation is formed, it requires a fool proof plan to protect its wealth and properties. This wealth may be in the form of cash, marketable securities and liquid assets. For protection, these assets can ideally be transferred to a Trust that is formed after consulting a law firm that is well versed in local law. In legal terms, ‘A trust is the right, enforceable solely in equity to the beneficial enjoyment of which another holds the legal title’.

It is now customary to form an Asset Protection Trust in a foreign jurisdiction which amounts to infinite protection of the properties of the offshore enterprise. Once the assets are assigned to a trust, creditors cannot retrieve them directly from the trust simply because that which is not in the name of the debtor cannot be retrieved from him.

Such an offshore trust is called an FAPT [Foreign Asset Protection Trust]. By virtue of being formed in an offshore jurisdiction it enjoys legitimate immunity from specific law procedures and is designed to ward off unnecessary and wealth depleting interference from the original area of business [unlike the offshore haven]. Even the law courts in the offshore jurisdictions are inclined to protect the Corporation in its haven, or else the raison d’etre of an offshore unit is lost.

Thus, indemnity from being forced to pay off creditors from the quantum of the Offshore Corporation’s wealth has made off shore Trusts a sure shot method of Property Protection and most tax havens are in the running to provide more and more debtor friendly regulations with a view to attracting more and more companies to avail of the haven provided by their respective jurisdictions.

By: Amit Salkar

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Buy-to-let property insurance, some times also known as residential property owners insurance, is needed if you own houses and/or flats to tenants – either on a short-term or long-term basis. Ordinarily you can buy cheap buy-to-let property insurance in the event that you rent five or less properties in the UK than is the case if you rent more than five properties, as in the case of the former you are seen as a small time landlord with a small business, whereas in the latter you are seen as a full blown property-owning company.

Whether you plan to rent five or less properties, or five or more properties, is, however, a side issue, as in both cases you’ll need to ensure that you have at least the minimum level of required insurance in order to protect yourself. Consequently, the number of properties you own will have a bearing only insofar as the insurance premiums are concerned. That said, if you are looking to become a property owner with a letting business, then you need to ensure that you have the following minimum provisions in your insurance policy:

Fire

Insuring against any fire on the property

Natural Disaster (also known as tempest insurance)

Insuring against natural disasters that may occur, such as a storm where the winds tear off your roof or guttering

Theft

Which is especially important if you are renting out fully furnished properties. In the event that you are renting out unfurnished premises, you may wish to have a discussion with your tenants about whether or not they should have home contents insurance

Public Liability Insurance

This should be a must as it will protect you against any claims your tenants or any third parties (such as their guests) may have for injuries they suffer while on your property

Lost Earnings

There may well be times when your property remains empty; say, for example, while you look for new tenants. If you are relying on the rental income from your tenants to repay the money you borrowed to purchase the property, you need to ensure you have lost earnings insurance to compensate you during this period

Employee Liability Insurance

If you have employees who will visit the property for you to repair any damage, etc. or to collect the rental payments, then you need to make sure that you have employee liability insurance in case they get injured while carrying out their assigned task

Legal Expenses Insurance

As a property owner you may find the need from time to time to retain the services of a lawyer; for example, if your tenants refuse to pay their rent or move out of the property at a specified agreed time – when you may need to get an eviction notice. As legal expenses in the UK can be expensive, you should consider insuring against this risk by having in place a provision of legal expenses in your insurance policy.

Although the above are basically the bare minimums you need in your buy-to-let property insurance policy, you can also tailor these types of insurance policies to meet your particular needs, so make sure that you talk through your circumstances with your insurance provider, especially if you anticipate expanding the business in the near future.

By: Joseph Kenny

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Forget about the competition and focus on creating a successful game plan for landing that perfect listing. Here’s how:

1. Determine what type and location

a. Retail, industrial, office
b. Size: big, small
c. Urban, suburban
d. Areas you’d like it to be located in

2. List all possibilities in this category

a. For example, if you pick smaller suburban retails properties to lease; list all of these properties within your area.
b. You can’t prospect that which you have no awareness of – do a thorough job on this step.

3. Gather contact information

a. Collect the contact information on each property you’ve identified including name, address, phone, fax, and email.
b. You want all of this information so that you can contact these property owners using a variety of mediums.

4. Identify the common problems these owners have and suggest a solution.

a. List all of the problems your prospects may be experiencing as a property owner.
b. Pick the top three and focus on a solution.
c. Let the prospect know you can solve their problems! *

*THIS ONE IS BIG!!!!! PEOPLE BUY SOLUTIONS!!!!!

5. Come up with a game plan for contacting each owner

a. Write a letter introducing yourself and let them know you can solve their biggest problem (see #4 above).
b. Call next, your name hopefully will be familiar to them as a result of the letter.
c. Email after you call. Either thank them for their time or write how you’ve “missed” talking.
d. Fax a letter.
e. And so on.
f. The point here – have a game plan.

6. Set up an appointment to meet the prospect and “snag” the business.

7. Show up prepared.

a. Have nearby comps
b. Know who’s in the marketplace already (don’t forget these businesses still can be candidates to lease if you are seeking a leasing assignment).
c. Provide a sampling of who could be viable buyers or lessee’s (don’t be afraid you’re giving away a few of the goodies).

8. Bring pages and pages of testimonials (written statements from those who have been happy with your service).

a. This is “social proof” that you are what you are portraying.

9. Provide an outline of your marketing program. Bring some samples.

a. Sign
b. Invitation to all brokers to bring a buyer/lessee
c. Direct Mail
d. Emails
e. Fax Blasts
f. Advertising
g. Online venues – Loopnet, CoStar, and others
h. Etc

10. Provide a prepared written document with all the frequently asked questions your prospect may come up with.

a. Even call them – FAQ’s.

11. Find out what methods of communication the prospect prefers

a. Written or verbal
b. BE SURE TO PROMISE COMMUNICATION WEEKLY – then do it. This could be the single most important thing you do once you get an assignment

i. Communicate the good news, bad news, or no news. Don’t be afraid of no news or bad news – communicate all news.

12. Provide a success story or two. It makes the story telling easier.

a. Use the PAR formula, state the:

i. P = PROBLEM
ii. A = ACTION TAKEN
iii. R = RESULTS

13. Let the prospect know what they can expect from you.

14. Lastly, ask for the business!

a. If you don’t let the owner you’d really like, appreciate and value their business, there’s a good chance you won’t get it.
b. Too many say, “They know I want the business why should I ask?” Don’t get trapped into this way of thinking.
c. Ask, Ask, Ask.

If the above feels like too much work – choose another career. It is a lot of work to continually land successful listings. That’s why it’s called ‘WORK”. Go get ‘em and good luck!

By: Cindy Saxman Spivack

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Commercial Property

Many homeowners have never realized the need for unoccupied property insurance, until it was too late. Imagine the frustration and bewilderment after being gone from home for an extended time and finding some damage or loss to your property upon returning home. Then you learn that homeowner’s insurance won’t cover it had been changed. What? That’s right. Insurance companies can change your coverage if your home is unoccupied for as little as 30 days.

Insurance companies do not like vacant property. For them it represents a much higher risk than occupied property (damage, vandalism, theft, etc.). So, there are set limits as to the number of days your home can go unoccupied before they will automatically change coverage to unoccupied property insurance (as little as 30 days in some instances).

Unoccupied (or vacant) property insurance basically greatly reduces the amount of insurance on the actual structure and greatly increases the amount of liability insurance.

If you know ahead of time that your absence from home will exceed your company’s set limit of days before automatically changing to unoccupied property insurance, you will likely be able to pay a set fee to maintain your full coverage until the time of your return.

There are other circumstances in which this insurance may be necessary other than just an extended absence. For instance, if you home becomes unlivable because of repairs or renovations or property in which the original owner is deceased and it has gone into estate to be sold at a later time.

If unoccupied property insurance becomes a necessity for you, there are means of reducing the premium costs. If you have been with your insurance company for some time, you may qualify for a loyal customer discount. It’s worth checking into.

It’s always a good idea, when dealing with insurance, to do a little shopping around. For some reason people don’t think of doing this, but the chances are pretty good you can find some savings by getting some comparison quotes.

Another way to save some money is to install a security system on the property. Believe it or not, there are some relatively inexpensive systems available and they could easily pay for themselves in a pretty short time with the savings they provide. Be aware also that unoccupied property insurance is not even a possibility with some companies with a security system already present.

Finally, you can also increase your policy’s deductible. Just understand how this works. An increased deductible means the amount you will pay each month is lower. But it also means that if a claim is ever filed you will have the amount of your deductible before the insurance company kicks in any funds.

By: David Deffenbaugh

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While the dollar has fallen to new lows against most major foreign currencies, most foreign investors have shied away from investing in American real estate due to the subprime mortgage crisis.

Furthermore, the subprime problems are the second major financial crisis in less than a decade that has as its root cause a lack of adequate government regulation and oversight. Hence the large number of economic analysts that have argued foreigners have grown understandably wary of U.S. markets. While the United States used to receive a “transparency bonus” for our famously reliable and detailed economic and financial statistics, the U.S. is now being penalized by foreign investors concerned about more hidden troubles caused by a deregulated financial industry.

New York City, however, has largely been sheltered from the subprime woes that have enveloped the rest of the country. Because of this and several other factors, the city’s real estate prices are largely expected to increase over the next several years.

Furthermore, most new New York apartments are condominiums. Unlike the old coopertively owned buildings that used to be about all the city had to offer, condos are one of the most liquid investments in real estate available to the regular buyer. That is, a condo can be bought and sold relatively easily with comparatively little extra costs of time, effort and money.

This trifecta – a low dollar, rising prices and reasonably flexible ownership structures – has become too much for foreign buyers to ignore. In numbers that are growing fast enough to make most major business media outlets take notice, foreigners have been purchasing condos and other properties across the New York City skyline.

Greater freedom and growth in global financial markets has allowed for an increased demand among foreign investors for New York real estate, with demand for new Manhattan condos being particularly strong.

South Korea, for instance, has recently raised the limit it places on its citizens’ foreign investments from one to three million dollars.

High rent prices in the city have also pushed many potential renters into the buyers column. According to a recently released report on the nation’s rental markets, rent prices have climbed 3.6% in the last quarter alone, a rate of growth that outpaced every other market the report covered.

Higher rental rates in the future – which are also expected for all of New York apartments – also makes purchasing an apartment more attractive for investors

By: Nicholas Adams Judge

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