Look Past the Bottom Line for a Property's Investment PotentialWritten by Elaine Voncannon
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There are lots of great examples of properties with potential. I’d like to share some background about one of my own listings, a motel in Williamsburg that has not been open for three years. The owners do not know when it was built – probably in 50s or 60s. The motel sits on 2 1/3 acres of land, which is all zoned commercially. The motel is situated right on a main thoroughfare that was once called “The Golden Mile” of Williamsburg. It’s geographic location is near York County a phenomenal leader in economic development. York County is enticing businesses by zoning northern section of town commercial and it will be site of new hospital complex that is currently housed in Williamsburg. Thinking Outside Box An important fact is not widely known about motel’s location, which is key to its investment potential. One mile from motel property, across from Williamsburg Pottery, a gated senior community with full amenities (golf courses, recreation center, pool) will break ground in April 2004. The Fortune 500 Company behind building of this project is set to build 3,000 homes, with an estimated completion date of 2006. Scanning area, it is obvious there are no European Bakeries, international shops, or stores and eateries which deliver (drug stores, groceries, take out, etc.). A strip mall with leasing options for different businesses, or even an extended stay hotel could be built on this land, and run for a profit. Investors I have shown property to are wary of $1,000,000 price tag on motel. In coming years this price will seem like a steal for commercial property in area. There are many other examples of properties whose potential have not yet been discovered. Remember, once you land that investment property of your dreams, make sure you have a marketing plan, which includes a decent web site, to launch your business. When speculating, trust your creativity and vision, and rely upon expertise of a REALTOR who knows area, and shares your vision.
Elaine’s Bio Elaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she manages investment property as part of her business. Her husband Joe is a contractor who collaborates with her on rehabilitation of properties. She has helped numerous clients invest in and make money on property investments in Southeastern Virginia.
| | Work From Home and Make More MoneyWritten by Lorraine Pirihi
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It was very interesting that both property managers contacted me only when they had been notified by my new property management company that their services were no longer required. In fact, both of them were very upset. They were upset? I'm one who was paying them, not other way around. They both wanted to know why I was changing and I certainly told them. When new property manager did an inspection on one of properties, tenants were home. They told my new property manager that old company provided very poor service and they were very slow following up any problems they had. I told that to old company and manager replied "tenants always say that". Anyhow point of this story is to spell out that because people don't say anything, doesn't mean they are happy with your services. Also as a business person you need to be on ball. Be pro-active, not re-active. And to do all of this you need to learn how to get organised, manage your time and yourself as effectively as possible. These are not skills most people are born with. They need to be learned. When you work from home it is vital that you circulate in real world and grow your mind. The Final Word There is plenty of business around, however most people spend heaps of time chasing it, take money and run off to next person. Yet it would be so much easier to look after what you already have. (And same applies to your personal life.)
Lorraine Pirihi is Australia's Personal Productivity Specialist and Leading Life Coach. Her business The Office Organiser specialises in showing small business owners and managers, how to get organised at work so they can have a life! Lorraine is also a dynamic speaker and has produced many products including "How to Survive and Thrive at Work!" To subscribe to her free ezine visit www.office-organiser.com.au
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