I read once that if you took all the real estate lawyers in Illinois and laid them end to end along the equator – it would be a good idea to leave them there. That’s what I read. What do you suppose that means?I have written before about the need to exercise due diligence when purchasing commercial real estate. The need to investigate, before Closing, every significant aspect of the property you are acquiring. The importance of evaluating each commercial real estate transaction with a mindset that once the Closing occurs, there is no going back. The Seller has your money and is gone. If post-Closing problems arise, Seller’s contract representations and warranties will, at best, mean expensive litigation. CAVEAT EMPTOR! “Let the buyer beware!”Paying extra attention at the beginning of a commercial real estate transaction to “get it right” can save tens of thousands of dollars when the deal goes bad. It’s like the old Fram® oil filter slogan during the 1970′s: “You can pay me now – or pay me later”. In commercial real estate, however, “later” may be too late.Buying commercial real estate is NOT like buying a home. It is not. It is not. It is NOT.In Illinois, and many other states, virtually every residential real estate closing requires a lawyer for the buyer and a lawyer for the seller. This is probably smart. It is good consumer protection.The “problem” this causes, however, is that every lawyer handling residential real estate transactions considers himself or herself a “real estate lawyer”, capable of handling any real estate transaction that may arise.We learned in law school that there are only two kinds of property: real estate and personal property. Therefore – we intuit – if we are competent to handle a residential real estate closing, we must be competent to handle a commercial real estate closing. They are each “real estate”, right?ANSWER: Yes, they are each real estate. No, they are not the same.The legal issues and risks in a commercial real estate transaction are remarkably different from the legal issues and risks in a residential real estate transaction. Most are not even remotely similar. Attorneys concentrating their practice handling residential real estate closings do not face the same issues as attorneys concentrating their practice in commercial real estate.It is a matter of experience. You either know the issues and risks inherent in commercial real estate transactions – and know how to deal with them – or you don’t.A key point to remember is that the myriad consumer protection laws that protect residential home buyers have no application to – and provide no protection for – buyers of commercial real estate.Competent commercial real estate practice requires focused and concentrated investigation of all issues material to the transaction by someone who knows what they are looking for. In short, it requires the exercise of “due diligence”.I admit – the exercise of due diligence is not cheap, but the failure to exercise due diligence can create a financial disaster for the commercial real estate investor. Don’t be “penny wise and pound foolish”.If you are buying a home, hire an attorney who regularly represents home buyers. If you are buying commercial real estate, hire an attorney who regularly represents commercial real estate buyers.Years ago I stopped handling residential real estate transactions. As an active commercial real estate attorney, even I hire residential real estate counsel for my own home purchases. I do that because residential real estate practice is fundamentally different from commercial real estate.Maybe I do “harp” on the need for competent counsel experienced in commercial real estate transactions. I genuinely believe it. I believe it is essential. I believe if you are going to invest in commercial real estate, you must apply your critical thinking skills and be smart.POP QUIZ: Here’s is a simple test of YOUR critical thinking skills:Please read the following Scenarios and answer the questions TRUE or FALSE:Scenario No. 1: It’s Valentine’s Day. You are in hot pursuit of the love of your life. A few weeks ago, she confided in you that all she ever dreamed of for Valentine’s Day was that her lover would show up at her door, dressed in a white tuxedo with tails and a top hat, and present her with a beautiful bouquet of flowers. You’ve rented the tuxedo, but now you are concerned about how much money you are spending.TRUE OR FALSE: Since flowers are pretty much all the same, it is OK for you to skip the roses and show up with a bouquet of fresh yellow dandelions.Scenario No. 2: For several years you eyesight deteriorated to the point where you can barely see your alarm clock. You are now considering corrective eye surgery so you won’t need glasses. Your sister-in-law had corrective eye surgery and has had spectacular results. She recommends her eye surgeon, but mentions the cost is about $5,700 for both eyes and that the surgery is not covered by insurance. A few years ago, you had surgery to correct your hemorrhoids and it cost you only eight hundred bucks.TRUE OR FALSE: Since surgeons all went to medical school and are all medical doctors, you are being frugal and wise by asking the surgeon who performed your hemorrhoid surgery to perform your corrective eye surgery.Scenario No. 3: Several years ago, when you first got married, you asked a former classmate who is a lawyer to represent you in the purchase of your townhome. The cost was only $375. A year later, you started a family and decided you needed a Will. The same attorney prepared Wills for you and your wife for a total cost of $700. You started your own business and your attorney friend formed a corporation for you and charged you only $600 plus the cost of the corporate minute book. Years later, when your son was arrested for misdemeanor reckless driving, your attorney friend handled the criminal case and got your son off with supervision for only $1,500.Your business has been successful and you have built a pretty sizable nest egg, but you are tired of working for every dime and want to try investing in real estate. You have your eye on a strip shopping center. It includes a grocery store, bank, hardware store, dry cleaners (on a month to month tenancy), a couple of fast food restaurants, a gift shop, dental office, bowling alley (with a lease about to expire), and wraps behind a gas station/mini-mart on the corner. The purchase price is $8,000,000, but the net operating income looks pretty good. You figure if you turn the bowling alley into a full service restaurant/banquet facility, and convert the dry cleaners into a 24-hour coin laundry, the net operating income will increase and the shopping center will turn into a spectacular investment. You plan to pull together much of your life savings and put down $2,000,000 to buy this strip shopping center, borrowing the balance of $6,000,000. You remember that your lawyer friend handled the purchase of your home several years ago, so you know he handles real estate.TRUE OR FALSE: Commercial real estate is the same as residential real estate [Hey, its all dirt, isn't it (?)], so you are being a shrewd businessman by hiring your lawyer friend who will charge much less than a lawyer who handles shopping center purchases several time a year. [What is this "due diligence" stuff anyway?]ANSWERS:If you answered “TRUE” for any of the foregoing ScenariosSTOP!The Quiz is over.Please find a quite place to reflect upon your life and consider whether the decisions you make consistently give you the results you desire.If, on the other hand, you understand that the answer to each of the foregoing questions is FALSE, I am available to help you in Scenario No. 3.For Scenario No. 2, you should follow your sister-in-law’s suggestion and contact her eye surgeon, or some other eye surgeon with equal skill.For Scenario No. 1, you are on your own. [But, if you answered TRUE for Scenario No. 1, you may be FOREVER on you own.]Investing in commercial real estate can be profitable and rewarding – but it requires good critical thinking skills and competent counsel.You have a have a brain. It is strongly recommended that you use it.
Why You Should Think About Starting an Online Business
The internet has created many entrepreneurs across the globe.Some people not having any experience, tech savvy, or any money have created online businesses that prosper.There are lots of benefits of starting your own online business.If you’re someone who’s on the fence about starting your own business I think you should take some time to reflect on how it could change your life and the benefits are starting one.My reason for starting an online business was not wanting to have to work for someone else.I wanted to have freedom, flexibility with my time, and an opportunity to make money 24 hours a day.If you’re someone who doesn’t like having to punch the clock this post is for you.Today I wanted to discuss why you should start your own online business and the benefits it can offer.Starting Your Online BusinessStarting an online business isn’t as difficult as one might think.You can get your business started with less than about $100.You’ll need web hosting, a domain name, and an autoresponder.Now just because you have these three things does not mean you’ll be well on your way to quitting your job, but it does mean that you have taken the necessary steps to creating an online business that can potentially allow you to quit your job somewhere down the line.If you never get started then you’ll never have the opportunity to get yourself from where you are to where you want to go.Benefits of an Online Business1) Low CostsAs noted earlier to get started with your own online business, the costs are low compared to other ventures.There are some business opportunities on the web that don’t even require you to have a website.So people make a living online just building an email list and marketing various affiliate products or even their own.It’s not like an offline business where you have rent, employees, inventory, and have to drive to every day.With an online business you have the opportunity to work in the bed, the living room, your favorite coffee shop, etc.Anywhere!You can run your business from the power of your laptop and be profitable doing it with the right plan and work ethic.2) You Control Your IncomeOne of the biggest reasons I wanted to start an online business was to be able to control my income.With most jobs there is a cap on what you can make.If it’s salary, you work at the mercy of your boss only to see the same pay every pay period.It it’s by the hour, you only have a limited amount of hours you can work in a day.With an online business it can work for you 24 hours a day 365 days a year.Who wouldn’t want that?What you earn is solely based on YOU and your EFFORTS of creating the kind of business you want for yourself.3. People Spend Money on the InternetIt’s been reported that consumers will spend about $327 Billion online in 2016.That’s a huge amount of money and if you can tap into a small percentage of that you can make a decent living for yourself.It’s all about finding your place on the web and carving out your own little niche.Internet spending is estimated to account for 40% of all retail sales by 2020 and 84% of the world’s internet users now shop online.People enjoy spending money from the comfort of their own home.These are just a few of many benefits when it comes to a business online.If you are looking to start your own online business do your research and figure out your niche.There is money to be made on the internet, but it’s going to take some work.If you are looking for a new way to make a living, freedom, more time to spend with family, or to quit your job then starting your own business could be the way to go.It’s created new lives for countless others and you could be the next.See you at the top.Best Wishes!
The World of Sports Nutrition
Advancements in medicine and an increase in capitalism in the world as well as other factors all contributed to the development of the field of sports nutrition.As scientists learned more and more about our bodies and the optimum level of strength and physical fitness they can harbor, businessmen jumped the gun and manufactured products and services that actually help athletes meet these optimum levels. The media joined in the ruckus and published materials leading to the promotion of both the scientific and the commercial side of the field.Sports nutrition has been changing through the years around the world. It’s not just that the topics are different – the emphasis and approach have also changed.Peak Performance, a sports magazine carried an article on dehydration in runners on October 1990, its maiden issue. This article compared the benefits of plain water with those of dilute glucose solutions, which are more isotonic and therefore absorbed more rapidly.Today, go into almost any supermarket, convenience stores and even school cafeterias and you’ll find a ready supply of sports drinks aimed at maintaining hydration just like glucose solutions.The difference is that by using soluble long-chain glucose polymers instead of simple glucose, it’s now possible to create an isotonic drink that hydrates and also supplies significant amounts of carbohydrate to working muscles. And, the good thing is, sports drinks also taste better.More than 10 years ago, it was made public that muscle damage brought about by free-radicals may be reduced by having supplements of antioxidant vitamins A; C and E. Years after, antioxidant supplementation became a norm in the world of sports nutrition.Now, researchers are also beginning to understand that muscle damage is a more complex subject. It is difficult to assess free radical damage in athletes and it has been found out those large amounts of antioxidant nutrients may actually cause cellular damage and impair performance.The carb loading technique has been widely used over the years by athletes all over the world. A carbohydrate-rich diet is important in maintaining muscle glycogen stores thus ensuring high endurance levels.However, in the 1990′s it became clear that the glycemic index and release rate of different carbohydrates had important influence on when they should best be consumed in relation to physical activity.The relationship of carbohydrates and proteins were also discovered namely that carbohydrates promote protein-sparing in the body. It was also discovered recently that consuming carbohydrates before and during prolonged bouts of strenuous exercise can help protect the immune system.One of the most exciting recent developments in sports nutrition has been the rise of creatine supplementation. The use of creatine is now very common. Creatine renews the muscles essential energy source, ATP or adenosine triphosphate. Increased levels in muscles optimizes energy turnover meaning you’ll more energy for high power exercise and faster recovery during and after workouts. Creatine also increases the athlete’s maximum effort, delays fatigue and therefore prolongs endurance.New wisdom and therefore new products have definitely enabled athletes to fuel themselves better, work harder, train longer and recover more rapidly. However, as in any kind of innovation there will always be downsides.Nutritional supplements available to most athletes in the 80′s were very straightforward. Some athletes took drugs but the boundaries between nutritional supplements and drugs clear. Today, the race to find new formulas to boost performance has resulted to the availability of sports nutrition supplements which do not really occur naturally. The result is that the distinction between a nutrient and a performance-enhancing substance has become increasingly blurred.Some of these supplements contain ingredients that can cause athletes to violate the rules and regulations governing their sport because of unintentional contamination by other, ‘exotic’, substances present in the supplement manufacturing environment.More developments will be created in the world of sports nutrition and these will definitely spawn ethical questions. “Nutrigenomics”-the relationship between genetics and nutrition-will be more researched upon.As scientists become more skilled at discovering the processes of our genes, it will be possible that rather than adopting a general approach for sports nutrition, athletes around the world will be genetically tested to help them determine precise individual requirements for optimum health.The next years will predictably be more exciting for the world of sports nutrition.