Flipping Houses in Florida: For Individuals and Businesses

Flipping houses in FloridaHouse-flipping in Florida and throughout the United States has become increasingly popular. There are even entire television channels devoted to shows about people purchasing properties, fixing them up, and then selling them for a profit.

If you are interested in flipping houses in Florida, then it is important for you to not only find a real estate agent who you trust, but it is also a good idea to develop a relationship with a Florida real estate closing attorney. Here at Boyer Law Firm, we have assisted both individuals and businesses with Florida real estate closings, including performing a closing on multiple properties with the same person or business.

Developing a relationship with a Florida real estate closing attorney will assist you not only in making the closing process go smoother, but by developing that relationship with a law firm such as Boyer Law Firm, P.L., we will also be able to assist you with other aspects of your business, such as contracts, ensuring that your company documents are properly drafted and recorded, estate planning for the owners and employees of the company, referrals to other professionals you will need to work with during running your business, and more.

If you are a foreign individual who is interested in starting a business flipping houses in Florida, then this could also be a path towards and investment visa. It is important to note that a real estate investment company does hold a higher standard as to the amount of capital the investor must commit, but if you are willing to do so, then it could be a great business to start.

Difference: Florida Residential & Florida Commercial Real Estate

Florida Commercial Real EstateTwo types of properties when it comes to Florida Real Estate are Residential and Commercial.

Residential real estate refers to properties intended for people to reside in, such as houses, apartments, etc. Commercial real estate refers to a building or land intended to generate profit from capital gain or rental income, such as a storefront, apartment complex, office building, mall, etc.

It is important to differentiate between these two types of real estate when hiring a Florida real estate attorney because the process of buying or renting these properties can be very different.

Here at Boyer Law Firm, we concentrate on buying and selling both residential and commercial properties, and we handle commercial rentals and commercial landlord/tenant issues. We do not practice residential landlord tenant issues or assist tenants with residential leases.

If you are interested in purchasing a commercial property, then our commercial real estate attorneys can assist you with determining whether you should buy or rent the property. Commercial real estate transactions can be must more complex then residential real estate transactions, which is why it is important to hire a Florida commercial real estate attorney.

When renting a commercial property, it is important to have a Florida commercial real estate attorney review the lease agreement BEFORE you sign it. Remember, a lease agreement is a contract which can run up to 75 pages long! We have received many calls from people attempting to get out of a bad commercial lease agreement, and their issues could have been solved in a much easier and cost-efficient way if they had hired an attorney to review the lease before they signed it.

Our residential real estate attorneys can assist you in purchasing a Florida residential property in a quick and efficient manner. It is important to hire an experienced residential real estate attorney to assist you with the closing, including making sure the property has a clear title, which is done through a title search. If a proper title search is not performed on the property, then the buyer can potentially be stuck with many detrimental issues, such as these horror stories.

Contact our office today to see how our Florida real estate attorneys can assist you.

What to Do Before Closing on a Property

Before closing on a propertyWhen purchasing a home or office space, there are many factors to consider before closing on a property. Once you have found a property that you think you want to purchase, you want to make sure that you do your research before the closing.

Before you make an offer on the property, it may be a good idea to hire a Florida real estate closing attorney to perform a title search on the property, but at the very least, a title search should be performed before closing on the property.

Additionally, you want to make sure of the following before closing on a property:

–          A proper title search was conducted and the property is now free of all liens and encumbrances. If a proper title search is not performed, then you may end up in a horror story situation where the previous owner’s debts become yours.
–          A home inspection was performed on the property. Don’t put this off to the last minute.
–          Verify, or have your closing attorney verify, that all utility bills are up to date including electric, water, etc.
–          Determine if flood insurance will be required, as flood insurance rates are expected to increase by 25 percent.

Don’t wait until the last minute to have these items completed. You should contact a Florida real estate closing attorney at least three weeks before the date of your closing if you are currently in Florida, and more than a month before if you are overseas, in order for the closing to be performed correctly.

Buying an Existing Business in Florida Saves Time and Money

Buy an Existing BusinessMost people think that in order to be an entrepreneur you need to start a new business; this is not true. Many entrepreneurs start their businesses by buying an existing business. Buying an existing business in Florida can be more advantageous than starting from the ground up and can save the business owner a lot of start-up time and effort.

When you purchase a new business, it will usually include an existing customer base, existing location, existing product(s), and existing physical assets.

An existing customer base is the number one reason to buy an existing business, but you need to make sure that this existing customer base will be loyal to the business, not to the old owners or old employees.

Often times, the loyalty of the customer base will be determined by the type of business you are buying. If you are buying a hair salon, for example, many of the customers are not loyal to the actual hair salon; they are loyal to the hair stylist who is used to them and knows how they want their hair cut. On the reverse side, if you are buying something like a restaurant, then the customer base should be pretty loyal unless you drastically change the menu items or other important aspects of the business.

The second thing that will come with buying an existing business in Florida is the location. This is an important thing to consider when purchasing a business because the location can either help or hurt you.

The business you are buying will also most likely have an existing product, whether it be recipes for a restaurant or clothing for a store. The business may also come with trademarks and certifications on the products that the previous owners obtained.

Lastly, the business will usually come with physical assets. In the case of a restaurant, these would include ovens, tables, kitchen equipment, and more. If the business you are buying is selling for a low price, then you may be able to get a great deal for these business assets.

If you are interested in buying an existing business in Florida, contact Boyer Law Firm’s business law attorneys today.

How to Lose Your Property: Don’t Do a Title Search

Title searchWhen purchasing a property, one of the most important things is to perform a proper title search and purchase title insurance. If you do not, then you could very easily lose that property.

Forgery:

If a title search is not performed, then there is no way of knowing that the person selling you the house is the actual owner of the house. They could be a neighbor who knows that the actual owners go out of town for several months a time. They could have an ex-spouse, sibling, or other person on the title who does not want to sell the property. If you purchase a house from someone who is not the owner, or is just a partial owner, then you DO NOT own the house.

Contractor’s Lien Claim

If the person you buy the house from has had work done on the property and did not pay the contractor, or the contractor did not pay the sub-contractors, sub-sub-contractors or materials men, then there will be a lien, or debt, placed on the property. If you do not perform a proper title search, then this debt will become yours when you purchase the property, and the lien placed could potentially be more than the value of the property.

Easement

An easement occurs when a piece of the property extends onto another person’s land. If this easement is done without permission of the land owner, then the new owner of the property could be forced to deconstruct the portion of the structure that is located on that property, costing them time and money.

Zoning and Building Restrictions

These can also be detrimental to a purchaser who does not perform a title search. What if you purchase a property to start a business only to find out that it can only be used for residential purposes? You are out of luck. What if the building that you purchased is not up to code or building regulations? It is now your responsibility to fix it, once again costing you time and money.

The best way to prevent any of these situations from happening is to hire an experienced real estate attorney to ensure that a proper title search is performed and that you receive title insurance on the property.