Locating Small Business FundingHow to locate Small Business Funding to start your Home-based business is a topic that peaks everyone’s interest, because we all need a little help to get started. Many times a home-based business is started through the use of multiple sources. If a loan is not right for you, there are other options available.Typically the average entrepreneur will use a variety of resources to start their home-based business. You might say they use a piecemeal approach or “Bootstrapping” consisting of the following sources:· Savings (probably the #1 resource)
· Credit cards
· Family
· FriendsLet’s talk about the top four:Savings: This should be your first option for your home-based business but many of us do not have savings to rely on or do we?What if you use your tax return or economic stimulus money to start your home based business? This may provide you with the initial capital than you could possibly add to it on a monthly basis to pay for some of your recurring expenses.Credit Cards: Most start up entrepreneurs use credit cards to start their home-based business. This can prove to be a valuable tool especially in the early stages of your home-based business. Warning! Use your credit wisely and with caution due to the high interests rates and remember sooner or later you are going to have to pay.Family and Friends: They may be your best source for borrowing money for your home-based business. Why? Because they know you, believe in you and trust you. If they were in a position to lend you money and will not then a bank probably wouldn’t want to take a chance on you either.Tip: To make your family feel more comfortable with lending you the money for you home-based business. Try using a service that manages the loan and documentation. This would make it a real loan for their added security and peace of mind. You may want to use this as a negotiation tool to help convince family and friends if they are hesitant to lend you the money to fund your home-based business.These are probably the most popular resources and the ones that are most familiar to you. However there are other sources available for your home-based business.Government Loan ProgramsPatriot Express: This new loan program is for Veterans, Disabled Veterans, National Guard and Reservists, current spouse and widowed spouses. These loans can be used for almost any business purpose (including start-up).Patriot Expressloans are available up to $500,000 and the SBA will guarantee from 75 to 85% depending on the size of the loan. Interest rates run 2.25% to 4.75% over prime.Micro-loan 7(m): The loan itself can be for as much as $35,000 but is not available in all states.Do you have an IRA?If so did you know you may be able to use it for your home-based business, to buy a franchise or for that real estate investment? People are doing just that every day, Why not you! There are a variety of creative financing sources available to the entrepreneur limited only by your imagination.To sum it up we all need a little help to get started in business. Be persistent and refuse to give up on your dreams. Your funding may come from many sources a little from savings, a little from credit cards, some from family and possibly some from a micro-loan. Money from many different sources may be just what you need to fulfill your dreams.
Money to Start a Home-Based Business
Arizona Real Estate Law – Using a Partition Action to Resolve an Ownership Dispute
It is a frequent occurrence that people who jointly own Arizona real estate find themselves unable to agree about whether to sell and/or how to manage the property. When that happens the Arizona Revised Statutes provide a mechanism whereby one of the owners of the property may compel the sale of the property and distribution of the resulting proceeds.
The partition statute, set forth at A.R.S. Section 12-1211 et seq., provides for the appointment of one or more “commissioners” who are charged with selling the property. If the property can be physically partitioned by dividing it into equitable portions, an owner who wishes to retain ownership of his or her share may be able to do so. In most cases involving single family homes or other properties that are generally not divisible, however, the property will have to be sold and the proceeds distributed.
The commissioner(s) appointed to manage this process will usually be Arizona real estate brokers or other similar professionals who are uniquely qualified to prepare the property for partition and/or sale. Although the court can make whatever order is deemed fair and necessary, the commissioner(s) are usually compensated by receiving a sales commission.
In most cases partition actions do not involve defenses allowing on or more owners to block the sale (unless they want to buy out the other owner(s)). That being the case, partition actions that do not involve other related issues can be handled fairly quickly without excessive expense. Nonetheless, because an Arizona partition action must be filed in the Arizona Superior Court and must strictly comply with the statutory guidelines, a party seeking to force partition of a property or facing a partition complaint filed against him or her should seek professional advice.
An experienced Arizona real estate lawyer should be able to help guide you through a partition action. If you’d like to force a partition a lawyer can help make sure your partition complaint meets the statutory requirement and that the order compelling the partition provides the relief you seek. If a partition action has been filed against you an experienced Arizona real estate attorney can help make sure you receive an equitable hearing and distribution of any partition proceeds.
Kevin R. Harper is an Arizona real estate and business litigation attorney, representing individuals and small businesses throughout the state of Arizona from his Central Phoenix and Chandler, Arizona offices. His primary office is located at 1 N. Central Ave., Suite 1130, in downtown Phoenix.
Methods for Managing Commercial Real Estate Today – Tips for Property Managers
In commercial real estate today, the property management process is quite complex. The larger the property and the tenancy mix, the greater the number of issues that need to be reviewed and controlled. This then says that you need excellent systems and qualified people to provide specialized property management services.
There are significant differences between managing Office Property, Retail Property, and Industrial Property. They all have factors of special consideration when it comes to property occupancy, operations and function. Yes, they all have tenants and those tenants need to be managed, and the function of the property is different.
Here are some tips to help you manage those investments today.
The property manager should be comfortable with property type. There is no point in putting a manager on to a property if they really do not understand the way in which it works and the complexity of the property performance. Choose the manager with care and precision. Monitor their skills and services provided to the landlord. Know that the manager is servicing the tenants comprehensively to remove any threats of income or tenancy disruption.
The income for the property is of primary concern. The income needs to be protected and that will generally be through enforcing established lease documentation. Those leases need to be understood and correctly policed. The critical dates from each lease should be merged into a diary alert system. Pay particular attention to rent reviews, options, lease renewals, lease expiries, and renovation requirements. The obligations of the tenant to the landlord need to be applied.
The income for a property will be a number of things. In basic terms it will be the rental, but there will be other things to look at including the recovery of outgoings costs from the tenants. Understand how the outgoings recovery provisions apply when it comes to each lease and tenant occupancy. Enforce the recovery requirements when it comes to all outgoings. Over the years I have seen many property managers make mistakes when it comes to outgoings recovery, and that will in turn impact the cash flow for the landlord.
The expenditure for the property should be managed to a budget. Throughout the financial year, there will be costs to the property; some are controlled and others are uncontrolled. The budget needs to remove the uncertainty from what could otherwise be a volatile cash flow. The property manager should be looking forward in cash flow capability to produce a budget that removes uncertainty for the landlord.
The maintenance of the property will be ongoing and driven from property usage and occupancy. The older the property, the more challenging and expensive the maintenance programs can be. The maintenance program will feed into the property budget from an expenditure perspective. Talk to the contractor’s in the property today to identify factors of maintenance and break down that can be predictable. There will also be capital expenditure items that will need to be identified and handled separately from a taxation perspective.
On a final note, care should be taken to preserve the relationships with existing tenants within the property. This will allow you to establish a tenant retention plan, and stabilize the income stream. Split your tenants into groups of desirable and undesirable occupants. Over time you can replace the weaker tenants with better quality tenants. That is why you have a tenant retention plan.
So these are some of the main strategies to managing commercial and retail property today. You can add to this list based on your location and property type. You will find that it is very helpful to have a checklist when it comes to property handover, and property management systems.