Family Apartment Building

Appraisal Fee: This requirement is helping the bank to assess the market value of the property, so that it can estimate the LTV (loan-to-value). If the appraised value is $500,000 and the LTV is 80%, then the bank is willing to loan $400,000 out of the total assessed value. Appraisal fee is usually a must with insured mortgages, but for conventional mortgage, it can sometimes be waived at the discretion of the bank that provides the mortgage. Appraisal fee depends on the size of the multi-family buildings and other considerations. The appraisal directly correlates to the size of the building: the larger the building, the higher the appraisal’s fee.

Phase 1 Environmental Fee: Environmental analysis of the property and all surrounding uses or conditions to make sure the property and its surrounding aren’t contaminated from any past use of chemical, oil tanks and other hazards. Usually this fee is associated only with insured mortgages only and not with conventional ones.

Inspection Fee: Inspection fee includes careful inspection of each unit in the building to make sure there is no structural problem with any of the units and the building overall. Inspection should be done only by a professional, since missed issues by him can later on cost you a lot of money to repair. The more units to inspect, the higher the fee that is charged by the inspector.

Land Transfer Tax (LTT): This fee depends on the province the multi-family building is purchased in. Specifically, if the property was purchased in Toronto, the land transfer tax needs to include Ontario LTT and Toronto LTT.

Legal Fees & Title Search & Disbursements: Each transfer should be reviewed legally by a lawyer. A lawyer is in charge of completing the transfer of the deed, preparing the mortgage, and conducting various searches such as, title search.

Land Survey Fee or Title Insurance Fee: A recent survey of the property is usually a requirement of the lender. If non is available, then title insurance can replace it.

Mortgage Application and Processing Fees: This overall fee depends if the mortgage is insured or not. If the mortgage is insured, then the investor needs to pay both the insurance company (CMHC or GE) and the lender itself. CMHC charges processing fee and mortgage insurance premium depending on the amount being loaned and the amortization period. On top of that, each lender charges application fees as well. The lender’s application fee depends on the institution the money is being lent from.

Reserve Fund: Reserve fund should be added to the closing costs to make sure that in the first couple of years (before any cashflow has been accumulated) there is enough money to be spent in case “big item ticket/s” need/s to be fixed/replaced, such as leaked roof, furnace stopped working, etc.

It is very important that you search around for different professionals before deciding on which one to go with. Your considerations when choosing should include price, reputation, and efficiency.

In conclusion, the total amount spent on closing costs can start from 2.5% of the purchase price and go up to much higher amount depending on various factors, such as the amount put into the reserve fund, the province you choose to buy your investment property in, etc

Lihi Pearl: B.Eng, MBA

Lihi Pearl is the VP of L & L Real Estate Investment Inc. which specializes in buying, selling, managing, and arranging mortgage financing for multi residential apartment buildings located all over Ontario, Canada.

Family Apartment Investment

• Savings in Repair and Maintenance

The unit cost for repair and maintenance can be significantly reduced in multi-family property investment whether you are contracting the volume work from a service provider or hiring your own in-house service personnel. If you will consider the savings that you generate over a period of time, the amount will definitely be very significant.

• Upgrades and Purchases

Whether it is brand new painting units or refrigerators, you can leverage for better deals and discounts from suppliers and dealers when you negotiate for volume purchases. The potential number of units to be purchased is one great equalizer for property investors to clinch good deals and substantial cutbacks on the purchase price. With this significant leverage, you achieve a certain degree of clout when dealing with dealers and suppliers of furnishings, appliances and other items that you will need in the operation and maintenance of your property.

• Property Insurance

Building apartment units is less expensive than building single detached homes. Thus, it is logical that the property insurance will also be lower for the former. In addition to this built-in advantage of apartment units, there is also that leverage of owners of multi-family property investment when negotiating for insurance. With apartments, you will only have one single policy to cover all the units of your apartment property. The significant reduction on the price of the property insurance is due to the distribution of the overhead cost to a greater number of units compared to individual single detached units where each will have to bear the brunt of the full amount of the overhead cost.

Financing Options for Apartment Property Investments

Capital requirement for a property investment of this scale is one of the major challenges. Property investors must really need to have deep pockets if they intend to enter into this kind of venture. Property construction is not easy and it requires substantial amount of capital. In most cases, not many people have this amount of money available to start such a big project. However, with proper planning and careful management of available finances, one can avail of financing to support multi-family property investment. Those who don’t have sufficient amount of capital can opt for multi-family property refinance loans.

You can check out potential financing programs for your property investment online. You can easily get a quote for a particular loan amount in addition to the details and terms of the financing programs on offer in these websites. This makes it easier for property investors to shop around and weigh their options without having to physically coordinate and consult with all these banks and mortgage companies. It also simplifies the process as you already have all the information that you need at your fingertips, and you can confidently make your decision and come up with your short list of choices or options.

Investing in multi-family apartment is not a piece of cake. It requires years of experience, training and sufficient amount of cash. However, with proper planning and support, you can enjoy better earning capacity and maximize the returns of your investment in real estate properties.

Family Apartments

Tips on How to Invest In Multi-Family Apartments:

It is necessary to identify a stable, profitable multi-family apartment, have a good idea of the local market and the have the ability to estimate the land value as well as the building value properly.

It is essential to make a financial as well as marketing analysis of the property.

Present a well thought out irresistible offer to the seller once you have made sure the necessary finances are in order.

Proceed with the due diligence and not be satisfied until you have studied in detail every document relating to the building and the maintenance of its equipments etc. The title deeds, tax returns of last 3 years if possible, insurance policies, financial records, information of any existing liens, all leases and all contracts for equipment maintenance, parking lot contracts, all utility bills, fire systems, litigation history, tenant and associated problem records etc. will be appraised. Engineering inspection, environmental inspection etc. will be conducted on site.

Have an attorney study all the documents and explain them to you.

Once the due diligence matters have been cleared it is time to bargain for as low a price as possible and legally purchase the property if it suits your needs and seems a profitable venture.

Try, and get a triple net multi-family apartment, as it could be a hassle-free investment as the owner just has to receive monthly rental checks and does not have to worry about maintenance etc. as the tenants are in charge of that!

People like investing in multi-family apartments because of increased cash flow, competition is less, if indeed you are in charge of maintenance because of the big cash flow it will be easier to hire a manger to take care of the property and deal with its problems. Multi-family apartments are also in demand because the property appreciates better than a single-family property. Some creative real state investors make fortunes rehabbing run down condos and giving them a face-lift! Thus, multi-family apartments are ideal suited for those who have large sums of money on hand to buy and invest in high yielding properties. They should have the expertise to deal with tenants and collecting rents on time and know what action to take incase the tenant defaults on payments.

There are firms offering products as well as services to help run businesses successfully.

How To Start Investing In Multi Family Apartment Houses

I’ve been asked many times what is best way to begin investing in commercial multi family real estate. To decide what is best for you you need to keep the following in mind: How much money do you have, your skill set, and of course your expected profits.

The task of a new real estate investor who wants to learn about multi family investing takes much time and involves developing new skills sets that can be prone to mistakes. This is probably why many people either fail to start, or fail to succeed. I have found that most people would rather be part of a multi family apartment house deal where they can learn about multi family ownership, and secondly also put money into an investment that gives them a fantastic return. I suggest that the best way for a new investor to succeed with the least risk, and best return is to piggy back on the experience of others investors who have already been successful

What is The First Step and How?

You should simply create a commercial multifamily investment fund and bring in experienced partners for a share of the profits! This is very simple to do. Now, before you solicit the first membership, you need to sit down with an SEC attorney and ask them to create an investment fund that allows for the collection of investment dollars for the purpose of acquiring multi family property. You do not even have to have had a property identified; just the purpose of the fund would have been established and documented.

Then you will open the fund to potential investors. Then anyone you speak to about the opportunity, you hand them an “accredited investor questionnaire” that they would have to sign. Once that is returned to you, then you give them an “Offering Memorandum” describing the fund and how it worked. There is one more important document to create and that is called a “Private Placement Memorandum” that will satisfy the SEC’s requirements of complete disclosure. Here’s the real catch, this is the one that would keep you out of jail.

All the funds you are going to collect should be held by an escrow agent. You should not take control of the funds personally and if an investor wanted their money back before you purchased a property, they would be entitled to because it was clearly stated in the Private Placement Memorandum that they could do that up to thirty days before the scheduled closing date of a property. So that’s all the legal stuff! You want to make sure this is in place before you even start to talk to investors.

What about buying the property?

The type of property that you are going to go after is to be clearly stipulated in your Private Placement Memorandum.. This is where it gets fun! I believe that with the impending commercial foreclosure crisis, you should be looking for either a B+ to an A class multi family property that can be purchased for pennies on the dollar. None of this no-money-down stuff. The number one criteria is that you are going to buy a great asset at a ridiculously low price from a bank who is desperate to get these non performing loans off their books.

Why would you be able to do this?

Because since you are shopping with cash; no schemes, no seller-carrybacks, just cold hard cash will give you the upperhand in negotiating. Here is how it works. Let’s say that 100 investors put up $35,000 apiece into the fund. When the fund closes, you can contact several lenders and say that you have $3,000,000 available to help their balance sheet and take some troubled assets off their books. The remaining $500,000 should be kept in reserve to run the property. I can assure you, there are many banks right now that have been told by the FDIC that they need to raise cash fast. These banks should be your first stop. Your objective should be to buy good property, property that you would want to live in yourself, fix the problems with it and then sell it and do it again. Every step of the way, the investors would be involved and would see how the process works and everyone gets paid accordingly to their proportional investment.

Writing For Professionals

Having a great resume is the first step to landing that ideal job. Resume writing can be the most stressful part of the job search. But it is also the most effective way to share your experience and qualifications. The purpose of your resume is to create enough interest that the employer will want to see you for a more in-depth face to face interview. Those resumes receiving the most attention are structured with the following components:

Value Proposition Statement

This section should state to the employer the immediate value you will bring to their organization. If you are a business development professional with successful experience working with companies in the medical industry you should have this listed in this section. An example of this statement would be “an experienced business development professional with established existing relationships in place with key regional medical equipment companies. These established relationships will allow me to gain immediate access to key decision makers early within the sales cycle”. The value proposition statement allows the employer to visualize you in this position and as an immediate contributor to their organization.

Keywords In Resume Writing

Effective resume writing should be done in a way that allows you to stand out from the crowd. One of the most effective ways to do this is to make sure you use the appropriate keyword (s) for the job posting. So we know that most companies are using parsing software in reviewing resumes. This software is designed to filter for keywords from the resumes they receive. This software will look through resumes for these keywords.

So simply put keywords are those words that easily describes the position you are applying for. In the example above the position is business development professional. So what words immediately come to mind with this position? Correct, business development. Therefore you will want the keywords to be the words business development. To tell your story you should use these keywords in a natural story telling manner.

Highlight Your Experience

Many professionals have a wealth of valuable relevant experience to share. The key is how much of this experience should you share on your resume? Resumes are parsed and if selected will be reviewed by the employer for about 20 seconds or less. In resume writing it is totally acceptable to construct a 2-3 page resume if you are applying for an executive level position. All other positions 1-2 pages are common. Remember most employers know that the average job seeker has three plus jobs in their career. The length of the resume is not as important as the use of keywords and highlighting your relevant experience and qualifications. The only experience you should highlight are those experiences that apply to the job. As mentioned above you should naturally tell your story using keyword and relevant job experience.

Having a great resume is easily accomplished and doesn’t require fancy words, design or layout. There are many free resume writing templates on the internet that can help you with layout etc. Because this document is so important in getting you closer to your new job we encourage you to devote the necessary time to get it right. Most importantly before you send your resume to a perspective employer you should have a trusted person review it and provide feedback. Be sure to use spellcheck and look for grammatical errors etc. Remember you only get one chance to make a great first impression.

Resume Writing Made Affordable

Many professionals choose to write their resumes and with tremendous results. But if you feel the need to use a professional service know that these companies and professionals fees range in price from $300-$1500 based on the required technical copy writing skills. In other words if you are applying for an IT or Medical position you would want a resume writer with that level of experience to write impact copy or content on your behalf.

You are now closer to securing that position that most fits your skills and qualifications. Wishing you the very best

We hope this article clarifies some of the confusion in the use of keywords and value proposition statements. Resumes are designed to gain the attention of the prospective employer. Take some time in listing your qualifications and skills. With this article you are now equipped to tell a great story about your qualifications and experiences.

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How Does an Encinitas Bail Bond Work at the Vista Jail?

When a parent or loved one gets a call in the middle of the night, it can be very stressful and mind-boggling to figure out how Encinitas Bail Bonds work at the Vista jail. If you make a mistake, it can cost you lots of money in bail bond premium.

Firstly, anyone arrested in North County San Diego or Encinitas Ca will be taking over to the Vista Detention Center in Vista California. It’s at the Vista jail where the arrest and the booking process begins. If you were hoping for a quick bail bondi process and getting your loved one out very quickly, forget it. The bail process at the Vista jail takes anywhere from 4 to 12 hours until your family member is released after a bail bond is posted.

For every crime you can imagine, there is already a set amount in which the defendant has to pay in order to get out of the Vista jail during their court case. This is usually 10% of the entire bail amount. The bail bondsman puts up the other 90% with a bond and promises that the defendant will show up for all the court cases or the Encinitas bail bondsman will be responsible for the entire bill amount if the defendant skips bail.

Secondly, once the defendant is in the Vista Jail they will be fingerprinted and their identity verified. They are then sent to the FBI to check for any outstanding warrants in any other state in the USA. The fingerprinting process can take anywhere from 2 to 6 hours depending upon how busy the Vista jail is and how busy the FBI is processing fingerprints from around the country. Once to fingerprint check comes back and there are no outstanding warrants, then in Encinitas bail bondsman can post the bail at that time.

Thirdly, once it has been posted at the Vista Detention Center, the defendant will go into an exit process that could take anywhere from 1 to 5 hours. If the defendant was arrested for DUI, they are required by law to stay in jail for at least 8 hours before they are released back into the public. This helps drunk driving defendants when they get out of jail that they are completely sober and there’s no liability at the Vista Detention Center if they get into another accident. In the exit process, the arrestee will get all our possessions back, including their phone, money, jewelry, and any other articles that they were arrested with.

The defendant will have a future court date that they need to appear at once they are out back into the public on a bail bond. It’s very important that the defendant does not violate the bail contract and commit no additional crimes once an Encinitas bail bond has been posted.

Common Bail Bond Questions and Answers

There is a lot to know about bail and bail bonds. Many people are very unfamiliar with the difference between the two, and the details of the industry and the services they offer. Fortunately, you have resources like these to help you understand what bail bonds are, what a bail bondsman does, and how to obtain bail in your time of need. In this article, we will cover plenty of frequently asked questions regarding the bail bonds industry, arrest warrants, getting out of jail, and more. Continue reading to learn about all of these topics, and more, when it comes to the indemnity industry.

What is Bail? What are Bail Bonds?

Bail bonds are formal documents that allow a release from jail for a person being detained on suspected charges or crimes. Bail is the amount of money or surety set by the courts. These amounts differ for everyone; depending on the crime, a person’s criminal history, and more. Once bail is set, a bail bond can be obtained so that a person can be temporarily released from jail to await their following court hearing at home.

What is a Bail Bondsman? How Much is a Bail Bond?

A bail bondsman, or bail agent, is the individual who operates a service that provides bail bonds for people who need to turn themselves into authorities, or need a release from jail. They operate by lending, or covering, the bail amount for those who cannot afford the entire fee upfront, in exchange for a non-refundable fee. Bail can be set as low as a few hundred dollars for minor infractions, and some in the high-thousands.

To get out of jail, a person has the option to pay this money as a deposit to the court, and then receives this money back when they show for their scheduled court hearing. The issue is that not everyone has this type of cash on hand, and cannot afford to pay the courts these amounts to get out of jail. This is where a bail bond agency comes in handy. They will pay the entire bail amount for you, in exchange for a fee.

These fees are regulated by the state, so bail bondsmen can only charge between 10-15% of the person’s total bail amount. So if a person’s bail is $5,000, they would pay a bail agency $500-$750 for bail. They do not get this money back. They are also obligated to sign a contractual agreement promising their return to court. If a defendant obtains a bail bond, then skips their court date, the bail bondsman does not get that money back. This is when they come for you.

Are Bail Bondsmen Bounty Hunters?

Bounty hunting is not a real vocation, and bail bondsmen are nothing of the sort. If a person skips bail, the bail bondsmen will simply track them down with the information they have, and give police a heads up on the whereabouts of a fugitive. They do this in order to get their bond money back. They will send police to your home, office, work, daycare, gym, friend’s house, and any other place they think you may be. Before they come looking for the fugitive, they will contact the person who signed for the bail contract, and pursue recompense from them. Since most individuals do not wish for their loved ones to get stuck paying thousands of dollars, most people choose to show up for court. An arrest warrant is issued for anyone who skips a court date, so police can arrest them anywhere at any time; such as routine traffic stops, the BMV, the post office, border crossing, and more.

Important Facts About National Impaired Driving Prevention Month

The Purpose of National Impaired Driving Prevention Month

Since December is one the busiest months of the year full of winter holiday celebrations like Christmas and New Year’s Eve, there are a lot more social events and late night get-to-gathers where alcohol is available. Sadly, driving under the influence is quite common during holiday season. Impaired driving puts drivers, passengers, and pedestrians at risk, and each year it claims the lives of thousands of Americans. In December, we observe National Impaired Driving Prevention Month to create more awareness on the issue.

Some Important Facts About This Month

It is reported that every year, around 30 million people drive while intoxicated and around 10 million drivers go behind the wheel after taking illegal drugs.

Nearly 25 people a day were killed in alcohol-impaired driving crashes in 2010. Drinking and driving can be deadly, especially for teens.

Young adults (ages 21-34) are much more likely to die in a car crash after drinking alcohol.

According to the Centers for Disease Control and Prevention (CDC), every day, 28 people in the United States lose their lives in motor vehicle crashes that involve an alcohol-impaired driver.

In 2014, of the 1,070 traffic deaths among children (ages 0-14), nearly 19% involved alcohol-impaired drivers.

Drugs other than alcohol are also a factor for traffic accidents.

Effective Preventive Measures

Prevention starts with our sense of personal responsibility. It is high time that drivers, irrespective of their age, start thinking about how they can practice safe driving and re-evaluate their driving habits.

Conducting school programs and educating teens on how important it is NOT to get in the car with a driver who’s under the influence would be an effective solution.

Electronically monitoring repeat DWI offenders also appears to be effective. Ignition interlocks in cars prevent operation of the vehicle by anyone with a blood alcohol concentration (BAC) above the specified level.

If you come across a possibly drunken driver on the road, immediately contact the police! Your timely action might save someone’s life.

Families play an essential role in putting an end to impaired driving. We should all educate our children about the risks involved in consuming alcohol or illicit drugs and especially how dangerous this is while driving.

If your holiday plans involve drinking liquor, make sure to always plan ahead for a safe ride home.

Every year, a higher volume of vehicles flood the roads. People rush to see their loved ones for the holidays and the odds of getting into a driving accident increase during these periods. While most people are well informed, there are still many other people who are not aware about how this easily avoidable problem could affect their loved ones. It is our personal duty to help people understand how dangerous this habit actually is.

Organize a local awareness campaign to explain the risks involved and how drinking and driving can affect families. Surprise the attendees with customized giveaways. Silicone wristbands are perfect for such campaigns because they are original, durable, long-lasting and inspiring. You can get them in different colors, fonts, sizes and styles. Wristbands carry messages. Choose from “Think and Drive”, “Never Drink and Drive” or come up with something of your own.

7 Common Immigration Mistakes To Be Avoided

While applying for immigration benefits, there are some common mistakes people make, but can be avoided. These mistakes can sometimes cause serious trouble at the end of the road, like not being able to reunite with their family, loss of both the application filing fee and the immigration fee, being deported and inability to re-enter the US. So, caution must be taken to avoid these simple mistakes listed below.

1. Providing Incorrect information:

When applying for immigration benefits, it is necessary to provide all the right information. This is right from the point where the immigration forms are filed. Fraudulent information or misrepresenting any facts for obtaining the immigration benefits must be avoided.

2. Late Responses to USCIS queries:

If the US Citizenship and Immigration Services needs any additional information for processing any immigration application, it sends a Request for Evidence (RFE) to the applicant. This request has to be replied with sufficient documentation within the stipulated deadline. Ignoring or missing the deadline for the RFE can lead to denial of the application.

3. Immigration Interviews and Court Hearings:

Attending the interviews set up by the USCIS and the court hearings is very important in the process of granting an immigration. Ignoring these interviews and court hearings can also lead to the application being rejected.

4. Filing application without the fee:

USCIS forms usually have a processing fee. Fee waiver is also available for most forms. Those who cannot afford to pay the fees, can send the application along with a request for fee waiver. USCIS does not process any application which does not have the fee or the proper fee waiver request.

5. Send the application to the wrong office:

The instruction form along with the application should be read carefully. The address to which the application form should be sent to is given clearly in the instruction form. The application must be sent to the correct address to avoid delay where the application is either returned to the sender or sometimes forwarded to the right address.

6. Not everyone who applies is successful:

Some of the applicants, even though they do not meet the criteria for immigration benefits, simply apply because their friends or relatives have applied and have obtained the benefits. Every applicant is evaluated and not everyone who applies is eligible for the benefit. Reading the instruction forms thoroughly clarifies the eligibility criteria and provides newer options available.

7. Eligibility:

Applying for an immigration benefit for which they are not eligible is a very common mistake. Reading the Instruction Form before applying and checking for an individual’s eligibility can be done before applying.

The Ideal Cars for Transporting Many People

Do you ever find that you need to transport many people at a time but don’t have a big enough car to do it? Maybe it’s time for you to get a bigger car. Here are a 6 bigger cars to consider.

Ford Transit Connect LWB

This seven passenger car can fit two more people than the average car. The passengers also don’t feel as cramped as they would in a standard car. Not only does it have extra leg space but it also has head space for the taller people. The car also doesn’t use too much fuel considering its size and the amount of people it can carry.

Mercedes-Benz M-Class

Although it is considered a status brand, this might be one of the cars that could fit many people. It’s bigger than many other SUVs and it also has an impressive engine. It is powerful and comes with the option of 4matic all-wheel drive.

Honda CRV

This is an SUV that has loads of space. It has more than enough space for large items of luggage and a decent amount of space for any of your passengers. It is also a modern and affordable car that can accommodate a number of passengers.

BMW X Series

Like the Mercedes, BMW is also on top of the status list because of how amazing the engineering is. The X series might be a five seater car but it has a large amount of space in the back. Packing luggage and briefcases won’t be a problem with this car.

Kia Soul

Perhaps one of the cheapest cars for a family, it still has the quality and space that you are looking for. The Kia Soul is nicely compacted for easy driving and parking. Plus the frame of the car is quite large so you will have extra space on the inside.

Toyota Fortuner

This off-road car is one of the older models that have always been a favorite for adventure enthusiasts. Going on a camping trip with friends has never been easier and as comfortable. Not only can you enjoy the space on the inside but you also won’t have to worry about damaging the suspension and the tyres because of the way it was built.

When traveling with many people you have to make sure that you are doing it legally. By law, you are not allowed to overload a car with more than the intended amount of people.