You may have noticed that Sacramento’s economic condition has not exactly been strong, of late. In fact, while conditions across the country are trying, to say the least, Sacramento, and California as a whole, seems to be leading the pack in economic devastation. With a State budget on the verge of collapse, years of arguing and posturing over the use of public funds, and what appears to be the breakdown of our State’s entire public service sector, local entrepreneurs are turning to online businesses to supplement, and in some cases actually replace their income streams.Over the last several years, but specifically in the last six to nine months, direct sales companies have seen a surge in their membership numbers. Those companies experiencing the highest growth are companies utilizing the internet as a primary means of member recruiting as well as well-developed web purchasing interfaces.We know this economy has been hard on everyone, and we felt that this list would be timely and helpful to our readers. What follows is a list of the 10 best home based business ideas.Leading the pack of home-based direct sales companies are those that offer access to goods and services used by people on a regular basis, and especially those that offer discounts and/or rebates on these every day purchases. People are not interested in buying things they don’t view as necessary any more. Today what they are looking for is access to those items they have to have, and they are looking for ways to buy them cheaper and more efficiently.And clearly in this list, the online options dominate. Fully six of the top 10 best home based business ideas we researched were online opportunities. There is no doubt that online commerce is just in its infancy. According to one report this $305 Billion industry is likely to triple in the next 5 years, and that is allegedly a conservative estimate. More and more businesses are finding online sales to be lucrative, as well as more efficient and cost effective. There are less employees required and businesses can sell to a broader range of clients spread out over a greater geographical territory. The potential is limitless.So, without further ado, our list of the 10 best home based business ideas (in reverse order).10. Home Day Care Center Believe it or not, the home daycare center still ranks in the top ten for home-based businesses. The reason is that in these economic times it is becoming more and more difficult for families to stay afloat on just one income. Everyone is looking to supplement their incomes, and those with two spouses working, and kids at home, must have an alternative to the daily care of their children. Parents of young children looking to supplement income from home may find day care an excellent way to bring in income as well as spend time with their own children. There are some other benefits to this profession as well, such as the opportunity to socialize your own children at a young age. But, beware of the potential pitfalls of this industry: many children find it hard to share their personal space in their own home for lengthy periods of time, this may result in frustration for the care-giver’s own children. Also, licensing is required in most jurisdictions, so be sure to check with your local authorities before you launch a home day care.9. Medical Transcription This is an excellent choice of careers for people with excellent English language skills and typing ability. Many doctors outsource their transcription functions rather than pay employees to handle them. It is more cost effective for the doctors since they do not have to pay Medicare, SDI and other taxes that accompany hiring employees. This business is excellent for start-ups since it requires very low overhead and equipment purchases, and can be done in a minimal amount of space. In fact, most people already have the necessary equipment such as a desk, computer, and tape recorder. Incomes can range from $25,000 per year for part-time work to more than $90,000 per year for full-time efforts.8. Accounting For those would-be stay-at-home working parents, especially those with a strong background in accounting and/or financial skills, an accounting or bookkeeping career may be just the right choice. This career option offers a tremendous amount of flexibility to the working parent, and an excellent income opportunity. You can start the business right from your own home, building on referrals and low cost advertising, but it has the potential to grow with you as your children age and become less dependent, entering school, and freeing up more of your own time. Look heavily to building relationships with other professions, such as attorneys, insurance professionals and real estate agents as they will often refer clients to you. You can begin this business from scratch, or you can buy a tax and accounting franchise (a slightly more expensive option, but perhaps a shorter start-up period). Again, check with local authorities for licensing requirements in your area. Regulations can change from state to state, and there is also a wealth of information available at the American Institute of Certified Public Accountants.7. Catering Many parents love to cook and entertain, and catering can provide Moms (or Dads) an opportunity to work from home, but still get out and socialize and do what you enjoy. Most of the upfront preparation work can be done from your own home while looking after children, and then meals can be delivered, or in some cases even picked up, for delivery to the event. Parents with a modest approach can make an excellent income by simply providing the meals, those looking to satisfy a larger dream can also provide staff for set up, waiting, and tear down, or even do it themselves. Income potentials can be very good with catering services, and the most successful home-based caterers might make close to six figures.6. Online Affiliate ProgramsOne of the internet’s greatest introductions to home based business owners over the last decade has been that of the affiliate marketer. This is the first of our online business opportunities, and is a position that does not require you to work for a company, purchase products, carry inventory, or even to interact with customers. You can easily start a successful and lucrative affiliate marketing business by simply finding products on the internet that you are interested in, joining the company’s affiliate program, and then marketing those products online. Most affiliate programs pay directly to a Pay Pal (or other payment processing service) account on a monthly basis. Of course, this business may require some start up capital if you choose to market through pay for service venues, such as pay per click. There are plenty of free marketing sources online as well, but they may require more effort. Still, this can be an excellent way for work-from-home parents to supplement a one-income family. You can find out all about it by Googling “Affiliate Programs” or on resource sites such as Affiliate Programs and Affiliate Scout. While this is a viable internet opportunity, it does require you to seek out and market individual companies and their products. In my opinion, a far better opportunity to consolidate this effort into a more lucrative, efficient and profitable business exists in item number one below.5. Freelance Writing Everyone has considered writing a book at some point in their lives, or at least liked the sound of that idea. Today’s market for writers is wide open, everything from relevant articles on travel, the arts, local scenes and business to fully fledged e-books on both technical as well as tactical topics. Especially if you are already familiar with a specific subject, this is a great way for you to share that expertise with a very broad market. There are literally millions of people searching the internet every day for information on specific subjects, and they are willing to pay for that information. Try your hand at writing first with shorter venues, and as your skill and experience grow, branch out into more aggressive projects. An excellent resource for freelance writing on the internet can be found at the Freelance Writing Jobs Network or, become an Examiner in your area.4. Business Coach While this opportunity is not necessarily an “online” opportunity, it is a bit of a hybrid, and it really plays to those individuals at the top of their game. This opportunity requires someone with a very strong business background, or at least some formidable business training. In today’s climate with so many people becoming displaced or seeking opportunity outside of the traditional corporate walls, there is a tremendous need for someone off which to bounce ideas, to assist in the business planning activities and to keep over-energetic CEO’s feet on the ground. If you have experience in corporate management, business acumen or other specialized skills then you can share them with those who have ideas but less experience. There is even a coaching certification program and referral service provided to the members of the International Coach Federation.3. Web DesignWeb sites are a must in today’s business climate, even for traditional brick-and-mortar type businesses. With online shopping and information dissemination becoming more and more a requirement companies are jumping onto the web in droves, and they need excellent web site designers to guide them through the process. This is truly a case where it is difficult to see the forest for the trees. There are so many facets to web design and a web presence that it is almost impossible to get started without some heavy duty assistance. For anyone familiar with html programming, CSS, SEO, or even WYSIWYG editors, this opportunity can be a gold mine. Much of your work can be done after hours when the kids are in bed, and this is one thing that makes this opportunity perfect for moonlighters and all-day parents.2. Online Shopping PortalOnline shopping is already a $305 billion industry, and according to most reports, we have barely scratched the surface. There are several companies on the internet now that allow entrepreneurs and home-based business owners to purchase a web portal and profit from sales that occur through that web portal. Several of these companies will not only pay owners for purchases they have made through their websites, but also for the purchases made through the web sites of people they have personally referred. This is the affiliate program on steroids. This business is poised for tremendous growth, and companies also capitalizing on the “green” movement will benefit even more. Recent earth day articles and studies pointed out that online shopping is far more efficient and less harmful to the environment than traditional shopping. Watch this market explode in the next 5 years.1. Online Marketing Education and Financial TrainingOur number one pick of the 10 best home based business ideas – drum roll please – CarbonCopyPro. Whatever business you are in, and whether it is online or brick-and-mortar, these days you have to be able to market yourself online. It is essential in today’s marketplace, and will be indispensable in the future. The best money you can spend is to invest a little in your own training before you begin your online marketing campaign. And if you are going to spend a little on yourself, why not do it in a place where you can also earn while you learn? By far, the best training (and income opportunity) we have found for internet marketing, both free and paid, is through CarbonCopyPRO. At CarbonCopyPRO you will learn from the best of the best, internet marketers earning tens of thousands of dollars online every month, and they have a rather auspicious goal of creating 100 millionaires by 2012 – will you be one of them?So, now you have the 10 best home based business ideas. Of course, there are a number of other considerations you must keep in mind, such as which opportunity best fits your lifestyle, avoiding scams, etc.; and we will delve into some of these issues in future articles. All that is left now is for you to do your own homework and decide which opportunity is best suited to your tastes. Happy hunting.
Construction And Real Estate Litigation Safeguarding Your Interests
The latter-day problems that are arising in the housing industry has resulted in cancelled and discarded construction projects. As a consequence, there is an increased need of construction and real estate litigation like never before.
The project of construction comprises a range of contracts between numerous parties. Real estate law is not an ordinary law because of involvement of so many people in a single project. As it is related with many people, among those people anyone who feel he is not treated as mentioned in contract, can seek legal help.
As construction litigation covers a plenty of issues, so you need a construction law attorney who can help with proper formulation, reviewing and negotiation. A construction lawyer helps you in making a legal contract that provides you protection for your business interest and gives you real peace of mind. If a contract has been already made, a lawyer can help you with the reviewing. This will prevent you from future problems by detecting the loopholes in the project (if any). A lawyer can also help you with the negotiation like he can negotiate with the customers, sub contractors and suppliers. He can help you to divide money according to the priorities assigned.
There are numerous real estate law firms all of them deals in some specific issue like:
Delay in construction that leads to constructor’s problem as he has invested his money in the project, cost overruns and change orders, contracts, defective work claims including roofing defects, water intrusion, safety issues regarding structural life, liens, mold and mildew claims, insurance coverage issues and the related documents including loan documentation. Choose the appropriate lawyer who is experienced enough to handle that particular issue.
If you have already entered into a project, you can still seek help from construction lawyer. He can help you with the administration, enforcement, documentation and providing you with the best possible defence.
Administration: Your attorney will help you to stay within your contract limits. If you will understand clauses thoroughly, it will help you at the time of execution of the contract.
Enforcement: A lawyer can help you in setting right agreements especially if you are entering a contract with sub contractors or material suppliers so that the agreements will be maintained legally.
Documentation: A lawyer will ensure you proper protection with the legalised documentation so that if you encounter any problem in future, you can seek legalised help.
Defence: Your attorney is the only person who can defend you from legal obligations or for the loopholes o the contract.
You must have understood the need of real estate litigation. So, be prepared with your attorney whenever you are going to sign any new contract or deals with the other parties involved in the project. Make sure you have chosen the right lawyer who has done expertise in the particular arena in which you are seeking his help. As only an experienced lawyer can help you resolving your litigation related issues and provide you with legally sound solution.
Getting The Most From Your Investment: GO Zone Property Management Options
INTRODUCTION
In Part 1 of this series, we went over some of the basics for getting a tenant into your newly purchased GO Zone property. In this article, we will go into more details on the options you have for getting that tenant and, more importantly, starting that cash flow as soon as possible.
As you may remember, there is a lot involved with getting to that first rent check. All the marketing, potential tenant due diligence, and then management of the tenant after they get into the property can be very taxing on an individual.
RENTING FROM LONG DISTANCE
All the previous discussions are further complicated depending on how far you live from the property. Take it from me, trying to do all the lease-up work and property management yourself from a long distance is an all consuming task; one which I do not recommend to anyone who has other obligations (i.e. a life). More on this shortly.
PROFESSIONAL PROPERTY MANAGERS
Enter the professional Property Manager. Typically, a property manager gets paid for both the lease up of a property, and also on the management of the tenant once in the property. During the lease up, property managers spend very real dollars advertising the property and thus they typically can command a lease up fee. In many locations (both inside and outside of the GO Zone), this typically equates to a charge of 1/2 of the first month’s rent.
In addition, a management fee is also received by the property manager on a monthly basis and is a percentage of the monthly rent amount. For long term leases, this averages in the 10-12% range. Note that the actual management fee can vary widely depending upon the area where the property is located, the type of property, etc.
OPTION 1: DOING IT YOURSELF
If you are like the overwhelming majority of GO Zone investors, you most likely do not live near your GO Zone property. In this situation, as a property owner and a real estate investor you need to think hard about taking on the property management task yourself.
With the Internet, you may be tempted to do some of the marketing on your own. However, there still is the need for the local presence on the ground for showing the property to potential tenants, getting contracts and agreements in hands, reviewed and executed, and for knocking on the door when rent is late.
In addition, if you are new to real estate investing and new to rental properties, it is probably not a good idea to try this on your own from a distance. It is usually recommended that you try your hand at self property management in your own back yard first before even considering the task of doing this long distance.
OPTION 2: COMBO PLATTER 1
Here is the case where you would pay someone else to lease up your property, and then you manage the property yourself. For this, you may get a property manager, licensed professional or other lease-up specialist to go out and market your property, find a tenant, do the tenant screening, etc.
Unfortunately, not many professionals, rental managers, etc., want to do all this work and only get some of the front end funds. IF you can find someone to take on this portion of the front end business, you should really also consider the additional lease up time that may be required; especially if they are managing other similar properties where they also get a portion of the monthly rent that comes in.
The only time that this situation works well for all parties is if you know of a real estate professional (or other person) that already knows of a tenant and does not have an available property to put them in.
OPTION 3: COMBO PLATTER 2
In this case, you try your hand at doing the front end marketing and obtaining the tenant yourself. Similar to the above situation, You figure that you may be able to save on some front end marketing costs (i.e. 1/2 of the first month’s rent as the front end cost) if you can do it on your own.
However as previously mentioned, you not only need the local presence on the ground for the showing of the property and getting the tenant into contract, but there is still something to be said about meeting the (potential) tenant face to face as part of the screening and having someone who is geared up to do this on a day in and day out basis do this for you. The old expression of “Penny-Wise, Pound-Foolish” comes into play here.
OPTION 4: PAYING SOMEONE ELSE
As implied by the above, this is where you let someone else completely to the front end work, get the tenant into your property, and completely manage the tenant and the property for you. As someone who is and out of state real estate investor, this is the most common path you will likely go down.
From the GO Zone property point of view, you do want to have your hands in the pot some to make sure that you are involved in the management process. This may be as simple as working closely with your property manager on screening criteria, final approval of tenants (if outside of your normal criteria for screening), etc. Make sure, however, that you are very responsive in this situation as time is critical with getting someone into a property.
When you hire someone else to completely manage your property for you, you are typically signing an agreement with them (usually for at least 12-months) that spells out all the terms, fee schedule, services offered, payment/rent collection and the transfer of funds to you (after expenses, etc.).
OPTION 5: LEASEBACK WITH BUILDER (SEE NOTE)
Remember that this article series is about getting your GO Zone property rented as soon as possible and getting cash flowing into your pockets quickly. While this option is not really a property management solution in the traditional sense, it definitely solves the issue of rent-up times.
I will point out again (as I did in the first part of this series), that you should not run out and start getting properties that are offering lease back just on that merit alone. Remember that as an investor, the property still needs to stand on its own and “make sense” before a leaseback offer is even thrown on the table.
Some property owners and builders may throw a long-term leaseback into the deal to sweeten things up and make the overall sale attractive. You need to ask yourself, how will the property rent out without the leaseback? Is this a situation where a developer may have excess inventory on hand and is offering a leaseback on everything to make the sale (and adding it to the pricing as well)? So as an example, condos on the beach in the Mississippi Gulf Coast. Without the leaseback these do not seem like a very sound investment based on the strong competition from the casinos for short term rentals and given the fact that the Mississippi Gulf Coast is really not a hot beach destination. In this case a leaseback does not make sense.
In the case where a builder of single family homes has 1 or 2 model homes that they would like to build, use as a model home, and would also like to keep that off their builder’s line, then offering a 12-month (with additional options typically) leaseback while building out that phase of the community makes perfect sense. Here you would only need to convince yourself that the community is where you would like to invest in.
Advantages of this option, other than the obvious cash flow from day 1, is that you do not have to spend any funds on marketing fees or even on property management fees since you are dealing with the builder directly.
Another advantage of this option is that if your tenant (i.e. the builder) is also using this as a model home, you have built in marketing for a home sale once the builder is finished using it as a model.
SUMMARY
There are many different paths and options for you to consider when trying to rent out and manage your GO Zone property including:
Doing it all yourself;
Having someone else find a tenant and you manage;
You find the tenant and have someone else manage;
Have someone else do it all for you
Find the right leaseback situation
Whichever path you go down, make sure that you do your homework before the property purchase.
In the next part of this series, the author goes over the key point of finding the right property management group to help you with getting someone in your GO Zone property fast.