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Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™
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Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™
Check out our other webinars at www.financialpoise.com/financialpoisewebinars
Practical and entertaining education for
attorneys, accountants, business owners
and executives, and investors.
2
Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™
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DISCLAIMER
The material in this webinar is for informational purposes only. It
should not be considered legal, financial or other professional advice.
You should consult with an attorney or other appropriate professional
to determine what may be best for your individual needs. While
Financial Poise™ takes reasonable steps to ensure the information it
publishes is accurate, Financial Poise™ makes no guaranty in this
regard.
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MEET THE FACULTY
Moderator:
Bill McGuinn - Sugar Felsenthal Grais & Helsinger
Panelists:
Tracy Treger - Syndicated Equities
Victor Faiz Simon - Simon Group Holdings
Ingrid Carlino - CIBC US
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ABOUT THIS WEBINAR:
Investing in Commercial Real Estate
Before taking the plunge into commercial real estate investing, one should have a clear understanding of how
to select the right location, preferred type and class of property, what due diligence to do, how to secure
financing, how to negotiate a deal, and how to manage the property going forward as a commercial landlord.
This Financial Poise panel explains the process from looking for the investment, to contract, to closing, and
beyond.
This webinar is delivered in Plain English, understandable to you even if you do not have a background in the
subject. It brings you into an engaging, even sometimes humorous, conversation designed to entertain as it
teaches. And, it is specifically designed to be viewed as a stand-alone webinar, meaning that you do not have to
view the other webinars in the series to get a lot out of it.
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ABOUT THIS SERIES:
Real Estate Investing - 101
Real estate has always been a popular asset class for investment. After all, as the adage says, “they’re
not making more of it.” More and more investors are turning to real estate as an investment class.
Investors considering making an investment in real estate have a variety of choices: retail, office
buildings, industrial, raw land, and, of course residential. This Financial Poise webinar series
covers several types of real estate classes that one may choose to invest in, explaining where to look
for opportunities; how to diligence them; possible funding solutions; and best practice for
execution.
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EPISODES IN THIS SERIES
Episode #1:
Investing in Commercial Real Estate
Episode #2:
Commercial Leases, Their Provisions and Pitfalls to Avoid
Episode #3:
Investing in Residential & Multi-Family Real Estate
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Dates shown are premiere dates.
All webinars will be available
On Demand approximately 4 weeks
after they premiere.
2/14/19
3/14/19
4/18/19
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EPISODE #1:
INVESTING IN COMMERCIAL
REAL ESTATE
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CHOOSING COMMERCIAL PROPERTY
Why choose commercial real estate/property for investment and what
do we mean “Commercial Real Estate”?
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DEFINING COMMERCIAL PROPERTY
⚫ Multi-family
⚫ Industrial (single vs. multi-tenant)
⚫ Office (single vs. multi-tenant)
⚫ Retail (single vs. multi-tenant)
⚫ Hotel
⚫ Land
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SOURCES OF EQUITY
⚫ Individuals
⚫ Joint Venture Partners
⚫ Broker Dealers
⚫ Crowd Funding
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WHAT TO EXPECT
What can an investor expect from the various property types?
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PROPERTY CONSIDERATIONS
What are the biggest risks associated with different classes of
commercial real estate?
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ECONOMIC DUE DILLIGENCE TIPS
⚫ Determine market rates for similar properties in same area
⚫ Determine vacancy rates in area
⚫ Determine costs for repairs/painting and maintenance
⚫ Estimate operating costs
⚫ Fixed expenses – obtain copy of seller’s insurance policy, property tax
bill, utilities bills, management company bills
⚫ Variable expenses – obtain property’s financial statements & compare to
actual invoices. Consider cost to eventually replace roofs, HVAC, etc.
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KEY CONSIDERATIONS
⚫ Tenant turnover
⚫ Collections
⚫ Maintenance
⚫ Potential for appreciation
⚫ Discounted price
⚫ Fixer upper
⚫ Rezoning potential
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EXPENSES TO CONSIDER
⚫ Advertising
⚫ Cleaning and maintenance
⚫ Commissions paid to rental agents
⚫ Insurance premiums
⚫ Legal fees
⚫ Mortgage interest
⚫ Taxes
⚫ Utilities
⚫ Management fees
⚫ Tenant improvement costs
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ACQUISITION COSTS
⚫ Transfer taxes
⚫ Title insurance
⚫ Loan fees (tax and insurance escrows)
⚫ Move in- move out fees
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KEY CONTRACT PROVISIONS
⚫ Contingencies – inspections and attorney review
⚫ Tax proration – make sure you understand local taxes, payment and
reassessment dates
⚫ Seller reps and warranties
⚫ Required condition of title
⚫ Default and remedies
⚫ Amount of Earnest Money required and who holds
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KEY CONTRACT PROVISIONS (cont.)
⚫ Proration of Rents and assignment of Security Deposits
⚫ Assignment of leases and collection of rents following closing
⚫ Need to understand all provisions of leases in place and any
surviving contracts
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TITLE AND SURVEY CONSIDERATIONS
⚫ Boundary line issues – (Insured over by title?)
⚫ Easements (must be reviewed and understood)
⚫ Liens – should be released at closing
⚫ CCR – covenants, conditions and restrictions of record – should be
reviewed and understood
⚫ Any applicable maintenance issues
⚫ Tax status
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HOW TO TAKE TITLE
⚫ Personally?
⚫ LLC, Partnership or Corporation
⚫ Advantage is limitation of liability to assets of the entity
⚫ Holding title personally is never recommended
⚫ Lender issues with holding in an entity
⚫1031 exchange-friendly structures (tenancy in common, Delaware
Statutory Trust, land trust)
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MANAGING
⚫ Deciding between self-managing vs. property manager
⚫ Factors include size of building, number of tenants, location,
management experience
⚫ Property managers generally provide owners with expertise in both
securing tenants and maintaining the property that owners may
not have
⚫ Downside - fees
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FINANCING
⚫ Commonly based on property’s ability to generate income as
opposed to buyer’s credit
⚫ Sometimes such investing is encouraged through favorable
financing regs
⚫ Leverage – pros and cons
⚫ Amount of equity invested can change risk profile
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CAP RATES
⚫ If you collect $1,000,000 in rents and other income (i.e. vending
machines, satellite tower) and pay $600,000 in expenses
(excluding major capital expenditures), your “Net Operating
Income” is $400,000
⚫ Once you have the NOI, divide the price or value of the property
into it. For example, if you have $400,000 in NOI, and you paid
$4.8 million for the property, the Cap Rate is = 8.33%.
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GENERATING AN OPERATING PROFORMA
⚫ Revenue: Rent and other income (parking, utility/tax
reimbursement, etc.)
⚫ Expenses: Property Taxes, Insurance, Repairs & Maint., Turnover
Costs (leasing & make ready), Landscaping, Utilities, Contract
Work, Legal, etc.
⚫ Net Operating Income: Revenue less Expenses (NOI: Purchase
price creates a cap rate value)
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GENERATING AN OPERATING PROFORMA
⚫ Financing Expenses: Interest, Principal, Reserves
⚫ Capital Expenses (roof, windows, appliance replacement, major
repair, etc.)
⚫ Cash Flow: NOI less financing costs and Capital Items – when
created for a predicted investment hold period, a DCR analysis can
be completed.
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CASH ON CASH RETURN
⚫ If you have a mortgage, your return isn't the money you collect in your NOI.
It's what you have left after making your mortgage payments
⚫ To calculate your after-debt return, called a cash-on-cash return, you divide
that net cash flow by your down payment. If you put $700,000 down on that
$2.4 million property, you would owe $1.7 million
⚫ If your annual debt service was $130,000, and you took it out of the $200,000
NOI, you would end up with a $70,000 annual cash-on-cash return
⚫ When you relate the $70,000 to your $700,000 down payment, you would
end up with a 10 percent cash on cash return
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ALTERNATIVE TO CAP RATE
A Discounted Cash Flow analysis assumes an investment for a period of
time, and discounts it back at an investment rate. This can be analyzed
as an IRR or Net Present Value. Ignoring the NPV for now, the IRR
allows one to determine the return of an investment over a period of
time. The calculation includes the initial investment, a projected end
value for the investment and all of the distributions in between. While it
has some faults, it can be a more accurate tool than a cap rate.
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HOW DO YOU CALCULATE NOI?
Net Operating Income Formula:
Potential Rental Income
- Vacancy and Credit Losses
Effective Rental Income
+ Other Income
Gross Operating Income
- Operating Expenses
Net Operating Income
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INDIRECT INVESTING
⚫ Investing in a fund/with a syndicator
⚫ Advantages/drawbacks to indirect investing
⚫ How to evaluate your fund sponsor/REIT/syndicator
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ABOUT THE FACULTY
William McGuinn - wmcguinn@sfgh.com
Bill’s real estate practice extends to the acquisition, development, sale, leasing and financing of commercial,
office,residential and retail properties. In his affordable housing practice, Bill has represented owners and
developers of thousands of housing units in numerous states with multi-layered financing including taxable
and tax exempt bonds, low income housing tax credits, HOPE VI, Community Development Block Grants,
Neighborhood Stabilization Program funds, Tax Credit Assistance Program and Tax Credit Exchange Program.
Bill has also represented developers of conventionally financed projects, both residential and commercial. He
also guides buyers and sellers, landlords and tenants through all aspects of their respective transactions.
Aside from real estate matters, Bill has worked with numerous closely held businesses on a variety of matters
including representing business in obtaining credit facilities, structuring start-up organizations and the
purchase and sale of a number of business entities.
Bill is an avid sailor and participates annually in the Chicago Yacht Club Race to Mackinac. Bill has also
competed in the Transpac, racing from Long Beach, California to Honolulu, Hawaii.
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ABOUT THE FACULTY
Tracy Treger - ttreger@syneq.com
Tracy Treger is Principal at Syndicated Equities. Tracy helps high net worth individuals and family offices to
profitably invest in real estate. She also assists investors in identifying appropriate replacement property to
complete tax-deferred exchanges under Section 1031 of the Internal Revenue Code. Drawing upon her 20 years
of legal experience in the areas of real estate, bankruptcy and corporate restructuring, finance, and commercial
law, Tracy seeks out opportunities to improve the relationship between Syndicated Equities and its investors,
to cultivate new investors, and to identify new investment opportunities and align them with investors’ goals.
Tracy joined the Syndicated Equities team in 2013 after serving as vice president and assistant general counsel
for a private REIT, where she handled all legal aspects of the company’s daily operations and its joint venture
relationships in the U.S. and Mexico. Prior to working with the REIT, she was a partner in two large Chicago-
based law firms with national and international practices. Tracy holds a B.A. in Psychology and an M.S. in
Psychological Services from the University of Pennsylvania, and a J.D. from Chicago Kent College of Law. She
is a committee chair for CREW Chicago, and actively serves on the Global Advisory Committee, Foundation
board, and regional board of the Anti-Defamation League (ADL).
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ABOUT THE FACULTY
Victor Faiz Simon - vsimon@Simongroupholdings.com
Victor Simon is responsible for operations and management of the Real Assets team within Simon Group
Holdings. He manages a core group that originates, structures and negotiates acquisitions and dispositions as
well as leads the turnaround and repositioning of distressed assets for the real estate funds under Simon Group
Holdings.
Victor leads capital market activities and is responsible for exit strategies. He has significant experience in
multi-family, retail, commercial-residential, and industrial real estate as well as discounted Note purchases
and distressed asset repositioning. His geographical focus has primarily been the Midwest with a successful
track record of managing and repositioning distressed and under-performing retail properties, including
properties in bank receivership.
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ABOUT THE FACULTY
Ingrid Carlino - Ingrid.Carlino@cibc.com
Ingrid Carlino is a Managing Director and Head of Underwriting & Portfolio Management of Loan
Syndications at CIBC, where she leads a team responsible for structuring, underwriting, distributing and
portfolio managing CIBC-agented, multi-bank credit facilities. Prior to joining CIBC, Ingrid was a Principal at
Wrightwood Financial where she originated and structured preferred equity investments to best-in-class
commercial real estate owners/operators. Ingrid also previously worked in credit and portfolio management at
GE Capital Real Estate where she managed a $1 billion troubled portfolio through the real estate downturn.
Her prior experience also includes commercial real estate lending at Merrill Lynch Capital, Corus Bank and
First American Bank. Ingrid earned a B.A. in Economics from The University of Chicago.
Ingrid has been a member of CREW Chicago since 2005 and volunteers in numerous organizations including
Junior Achievement and her local church.
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QUESTIONS OR COMMENTS?
If you have any questions about this webinar that you did not get to ask during
the live premiere, or if you are watching this webinar On Demand, please do
not hesitate to email us at info@financialpoise.com with any questions or
comments you may have. Please include the name of the webinar in your email
and we will do our best to provide a timely response.
IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily
for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education.
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ABOUT FINANCIAL POISE
DailyDAC LLC, d/b/a Financial Poise™ provides
continuing education to attorneys, accountants,
business owners and executives, and investors. Its
websites, webinars, and books provide Plain
English, entertaining, explanations about legal,
financial, and other subjects of interest to these
audiences.
Visit us at www.financialpoise.com.
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Investing in Commercial Real Estate (Series: Real Estate Investing 101)

  • 1. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars 1
  • 2. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars Practical and entertaining education for attorneys, accountants, business owners and executives, and investors. 2
  • 3. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars DISCLAIMER The material in this webinar is for informational purposes only. It should not be considered legal, financial or other professional advice. You should consult with an attorney or other appropriate professional to determine what may be best for your individual needs. While Financial Poise™ takes reasonable steps to ensure the information it publishes is accurate, Financial Poise™ makes no guaranty in this regard. 3
  • 4. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars MEET THE FACULTY Moderator: Bill McGuinn - Sugar Felsenthal Grais & Helsinger Panelists: Tracy Treger - Syndicated Equities Victor Faiz Simon - Simon Group Holdings Ingrid Carlino - CIBC US 4
  • 5. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ABOUT THIS WEBINAR: Investing in Commercial Real Estate Before taking the plunge into commercial real estate investing, one should have a clear understanding of how to select the right location, preferred type and class of property, what due diligence to do, how to secure financing, how to negotiate a deal, and how to manage the property going forward as a commercial landlord. This Financial Poise panel explains the process from looking for the investment, to contract, to closing, and beyond. This webinar is delivered in Plain English, understandable to you even if you do not have a background in the subject. It brings you into an engaging, even sometimes humorous, conversation designed to entertain as it teaches. And, it is specifically designed to be viewed as a stand-alone webinar, meaning that you do not have to view the other webinars in the series to get a lot out of it. 5
  • 6. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ABOUT THIS SERIES: Real Estate Investing - 101 Real estate has always been a popular asset class for investment. After all, as the adage says, “they’re not making more of it.” More and more investors are turning to real estate as an investment class. Investors considering making an investment in real estate have a variety of choices: retail, office buildings, industrial, raw land, and, of course residential. This Financial Poise webinar series covers several types of real estate classes that one may choose to invest in, explaining where to look for opportunities; how to diligence them; possible funding solutions; and best practice for execution. 6
  • 7. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars EPISODES IN THIS SERIES Episode #1: Investing in Commercial Real Estate Episode #2: Commercial Leases, Their Provisions and Pitfalls to Avoid Episode #3: Investing in Residential & Multi-Family Real Estate 7 Dates shown are premiere dates. All webinars will be available On Demand approximately 4 weeks after they premiere. 2/14/19 3/14/19 4/18/19
  • 8. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars EPISODE #1: INVESTING IN COMMERCIAL REAL ESTATE 8
  • 9. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars CHOOSING COMMERCIAL PROPERTY Why choose commercial real estate/property for investment and what do we mean “Commercial Real Estate”? 9
  • 10. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars DEFINING COMMERCIAL PROPERTY ⚫ Multi-family ⚫ Industrial (single vs. multi-tenant) ⚫ Office (single vs. multi-tenant) ⚫ Retail (single vs. multi-tenant) ⚫ Hotel ⚫ Land 1 0
  • 11. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars SOURCES OF EQUITY ⚫ Individuals ⚫ Joint Venture Partners ⚫ Broker Dealers ⚫ Crowd Funding
  • 12. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars WHAT TO EXPECT What can an investor expect from the various property types?
  • 13. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars PROPERTY CONSIDERATIONS What are the biggest risks associated with different classes of commercial real estate?
  • 14. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ECONOMIC DUE DILLIGENCE TIPS ⚫ Determine market rates for similar properties in same area ⚫ Determine vacancy rates in area ⚫ Determine costs for repairs/painting and maintenance ⚫ Estimate operating costs ⚫ Fixed expenses – obtain copy of seller’s insurance policy, property tax bill, utilities bills, management company bills ⚫ Variable expenses – obtain property’s financial statements & compare to actual invoices. Consider cost to eventually replace roofs, HVAC, etc.
  • 15. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars KEY CONSIDERATIONS ⚫ Tenant turnover ⚫ Collections ⚫ Maintenance ⚫ Potential for appreciation ⚫ Discounted price ⚫ Fixer upper ⚫ Rezoning potential
  • 16. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars EXPENSES TO CONSIDER ⚫ Advertising ⚫ Cleaning and maintenance ⚫ Commissions paid to rental agents ⚫ Insurance premiums ⚫ Legal fees ⚫ Mortgage interest ⚫ Taxes ⚫ Utilities ⚫ Management fees ⚫ Tenant improvement costs
  • 17. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ACQUISITION COSTS ⚫ Transfer taxes ⚫ Title insurance ⚫ Loan fees (tax and insurance escrows) ⚫ Move in- move out fees
  • 18. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars KEY CONTRACT PROVISIONS ⚫ Contingencies – inspections and attorney review ⚫ Tax proration – make sure you understand local taxes, payment and reassessment dates ⚫ Seller reps and warranties ⚫ Required condition of title ⚫ Default and remedies ⚫ Amount of Earnest Money required and who holds
  • 19. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars KEY CONTRACT PROVISIONS (cont.) ⚫ Proration of Rents and assignment of Security Deposits ⚫ Assignment of leases and collection of rents following closing ⚫ Need to understand all provisions of leases in place and any surviving contracts
  • 20. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars TITLE AND SURVEY CONSIDERATIONS ⚫ Boundary line issues – (Insured over by title?) ⚫ Easements (must be reviewed and understood) ⚫ Liens – should be released at closing ⚫ CCR – covenants, conditions and restrictions of record – should be reviewed and understood ⚫ Any applicable maintenance issues ⚫ Tax status
  • 21. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars HOW TO TAKE TITLE ⚫ Personally? ⚫ LLC, Partnership or Corporation ⚫ Advantage is limitation of liability to assets of the entity ⚫ Holding title personally is never recommended ⚫ Lender issues with holding in an entity ⚫1031 exchange-friendly structures (tenancy in common, Delaware Statutory Trust, land trust)
  • 22. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars MANAGING ⚫ Deciding between self-managing vs. property manager ⚫ Factors include size of building, number of tenants, location, management experience ⚫ Property managers generally provide owners with expertise in both securing tenants and maintaining the property that owners may not have ⚫ Downside - fees
  • 23. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars FINANCING ⚫ Commonly based on property’s ability to generate income as opposed to buyer’s credit ⚫ Sometimes such investing is encouraged through favorable financing regs ⚫ Leverage – pros and cons ⚫ Amount of equity invested can change risk profile
  • 24. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars CAP RATES ⚫ If you collect $1,000,000 in rents and other income (i.e. vending machines, satellite tower) and pay $600,000 in expenses (excluding major capital expenditures), your “Net Operating Income” is $400,000 ⚫ Once you have the NOI, divide the price or value of the property into it. For example, if you have $400,000 in NOI, and you paid $4.8 million for the property, the Cap Rate is = 8.33%.
  • 25. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars GENERATING AN OPERATING PROFORMA ⚫ Revenue: Rent and other income (parking, utility/tax reimbursement, etc.) ⚫ Expenses: Property Taxes, Insurance, Repairs & Maint., Turnover Costs (leasing & make ready), Landscaping, Utilities, Contract Work, Legal, etc. ⚫ Net Operating Income: Revenue less Expenses (NOI: Purchase price creates a cap rate value)
  • 26. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars GENERATING AN OPERATING PROFORMA ⚫ Financing Expenses: Interest, Principal, Reserves ⚫ Capital Expenses (roof, windows, appliance replacement, major repair, etc.) ⚫ Cash Flow: NOI less financing costs and Capital Items – when created for a predicted investment hold period, a DCR analysis can be completed.
  • 27. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars CASH ON CASH RETURN ⚫ If you have a mortgage, your return isn't the money you collect in your NOI. It's what you have left after making your mortgage payments ⚫ To calculate your after-debt return, called a cash-on-cash return, you divide that net cash flow by your down payment. If you put $700,000 down on that $2.4 million property, you would owe $1.7 million ⚫ If your annual debt service was $130,000, and you took it out of the $200,000 NOI, you would end up with a $70,000 annual cash-on-cash return ⚫ When you relate the $70,000 to your $700,000 down payment, you would end up with a 10 percent cash on cash return
  • 28. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ALTERNATIVE TO CAP RATE A Discounted Cash Flow analysis assumes an investment for a period of time, and discounts it back at an investment rate. This can be analyzed as an IRR or Net Present Value. Ignoring the NPV for now, the IRR allows one to determine the return of an investment over a period of time. The calculation includes the initial investment, a projected end value for the investment and all of the distributions in between. While it has some faults, it can be a more accurate tool than a cap rate.
  • 29. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars HOW DO YOU CALCULATE NOI? Net Operating Income Formula: Potential Rental Income - Vacancy and Credit Losses Effective Rental Income + Other Income Gross Operating Income - Operating Expenses Net Operating Income
  • 30. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars INDIRECT INVESTING ⚫ Investing in a fund/with a syndicator ⚫ Advantages/drawbacks to indirect investing ⚫ How to evaluate your fund sponsor/REIT/syndicator
  • 31. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ABOUT THE FACULTY William McGuinn - wmcguinn@sfgh.com Bill’s real estate practice extends to the acquisition, development, sale, leasing and financing of commercial, office,residential and retail properties. In his affordable housing practice, Bill has represented owners and developers of thousands of housing units in numerous states with multi-layered financing including taxable and tax exempt bonds, low income housing tax credits, HOPE VI, Community Development Block Grants, Neighborhood Stabilization Program funds, Tax Credit Assistance Program and Tax Credit Exchange Program. Bill has also represented developers of conventionally financed projects, both residential and commercial. He also guides buyers and sellers, landlords and tenants through all aspects of their respective transactions. Aside from real estate matters, Bill has worked with numerous closely held businesses on a variety of matters including representing business in obtaining credit facilities, structuring start-up organizations and the purchase and sale of a number of business entities. Bill is an avid sailor and participates annually in the Chicago Yacht Club Race to Mackinac. Bill has also competed in the Transpac, racing from Long Beach, California to Honolulu, Hawaii. 3 1
  • 32. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ABOUT THE FACULTY Tracy Treger - ttreger@syneq.com Tracy Treger is Principal at Syndicated Equities. Tracy helps high net worth individuals and family offices to profitably invest in real estate. She also assists investors in identifying appropriate replacement property to complete tax-deferred exchanges under Section 1031 of the Internal Revenue Code. Drawing upon her 20 years of legal experience in the areas of real estate, bankruptcy and corporate restructuring, finance, and commercial law, Tracy seeks out opportunities to improve the relationship between Syndicated Equities and its investors, to cultivate new investors, and to identify new investment opportunities and align them with investors’ goals. Tracy joined the Syndicated Equities team in 2013 after serving as vice president and assistant general counsel for a private REIT, where she handled all legal aspects of the company’s daily operations and its joint venture relationships in the U.S. and Mexico. Prior to working with the REIT, she was a partner in two large Chicago- based law firms with national and international practices. Tracy holds a B.A. in Psychology and an M.S. in Psychological Services from the University of Pennsylvania, and a J.D. from Chicago Kent College of Law. She is a committee chair for CREW Chicago, and actively serves on the Global Advisory Committee, Foundation board, and regional board of the Anti-Defamation League (ADL). 3 2
  • 33. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ABOUT THE FACULTY Victor Faiz Simon - vsimon@Simongroupholdings.com Victor Simon is responsible for operations and management of the Real Assets team within Simon Group Holdings. He manages a core group that originates, structures and negotiates acquisitions and dispositions as well as leads the turnaround and repositioning of distressed assets for the real estate funds under Simon Group Holdings. Victor leads capital market activities and is responsible for exit strategies. He has significant experience in multi-family, retail, commercial-residential, and industrial real estate as well as discounted Note purchases and distressed asset repositioning. His geographical focus has primarily been the Midwest with a successful track record of managing and repositioning distressed and under-performing retail properties, including properties in bank receivership. 3 3
  • 34. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ABOUT THE FACULTY Ingrid Carlino - Ingrid.Carlino@cibc.com Ingrid Carlino is a Managing Director and Head of Underwriting & Portfolio Management of Loan Syndications at CIBC, where she leads a team responsible for structuring, underwriting, distributing and portfolio managing CIBC-agented, multi-bank credit facilities. Prior to joining CIBC, Ingrid was a Principal at Wrightwood Financial where she originated and structured preferred equity investments to best-in-class commercial real estate owners/operators. Ingrid also previously worked in credit and portfolio management at GE Capital Real Estate where she managed a $1 billion troubled portfolio through the real estate downturn. Her prior experience also includes commercial real estate lending at Merrill Lynch Capital, Corus Bank and First American Bank. Ingrid earned a B.A. in Economics from The University of Chicago. Ingrid has been a member of CREW Chicago since 2005 and volunteers in numerous organizations including Junior Achievement and her local church. 3 4
  • 35. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars QUESTIONS OR COMMENTS? If you have any questions about this webinar that you did not get to ask during the live premiere, or if you are watching this webinar On Demand, please do not hesitate to email us at info@financialpoise.com with any questions or comments you may have. Please include the name of the webinar in your email and we will do our best to provide a timely response. IMPORTANT NOTE: The material in this presentation is for general educational purposes only. It has been prepared primarily for attorneys and accountants for use in the pursuit of their continuing legal education and continuing professional education. 3 5
  • 36. Copyright © 2019 by DailyDAC, LLC d/b/a Financial Poise Webinars™ Check out our other webinars at www.financialpoise.com/financialpoisewebinars ABOUT FINANCIAL POISE DailyDAC LLC, d/b/a Financial Poise™ provides continuing education to attorneys, accountants, business owners and executives, and investors. Its websites, webinars, and books provide Plain English, entertaining, explanations about legal, financial, and other subjects of interest to these audiences. Visit us at www.financialpoise.com. 3 6 Our free weekly newsletter, Financial Poise Weekly, updates you on new articles published on our Website and Upcoming Webinars you may be interested in. To join our email list, send an email to info@financialpoise.com with “Subscribe to email list” in the subject line. Or add yourself by going to: https://www.financialpoise.com/newsletter/ Email addresses are never sold to or shared with third parties.