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A little research and data, combined with a solid plan of action, can turn an ailing property into a cash flowing asset.
Here are three tips to help you succeed.
Step 1: Why is the property not succeeding?
Things that should be considered in this analysis are the condition of the property, the condition of the surrounding properties and submarket, and demographic trends in the area. Does the property have physical or functional obsolescence issues that make it less than desirable for today’s businesses? Has the property not been maintained well compared to surrounding properties?
Having a “green” business doesn’t necessarily mean building a state-of-the-art facility that has its own recycling center. There are simple, affordable steps you can take to make your business more eco-friendly, even if you rent your office space.
Change your office habits
Installing a bike rack or offering bus passes to your employees promote alternatives to driving to work. Recycle paper, plastics, toner containers and batteries. Instead of disposable break room supplies, invest in washable dishes, glasses, coffee cups, etc. Instead of offering bottled water, install a UV type water filtration device in your break room and encourage the use of water bottles and glasses.
At least 30 billionaires in the United States made their money from real estate. Here are some tips to help you build an income from real estate.
Determine your goals
Are you investing in real estate as a way to supplement income, now or in retirement? Do you see your real estate income as a way to replace the traditional income source of full time employment? Will you want to be a hands on investor or a passive investor? Will there be partners involved in your investments or do you envision a solo investment strategy? Do you prefer to develop or purchase existing property, or are you open to both?
Current market conditions, including lower interest rates, have created an attractive environment for small business owners to shift from leasing to buying their workspace. Business owners opt for owning instead of renting for a variety of reasons, including tax benefits, increased control and security over the location of the business enterprise, expense management, building credit and asset value, and pride of ownership.
If you are a business owner interested in purchasing real estate for your operations, consider these solid suggestions.
Each year, more than 2 million Americans are injured so severely at work that they are unable to return to their jobs for extended periods of time, if at all. Some of these accidents are unavoidable, but many can be prevented.
We've compiled a few simple steps to reduce or eliminate accidents in your workplace.
Eliminate distractions and shortcuts
We are all incredibly busy these days, and multitasking can often result in distractions that create safety hazards. Distracted driving, not focusing on the task at hand, and rushing can all create opportunities for accidents and injuries. Make sure your company has a vehicle policy that addresses distracting driving, and consider providing affected employees with Bluetooth devices to assist in mitigating this risk. Encourage employees to execute their responsibilities with care and caution at all times.