HalpinLawFirm

Investing in Commercial Real Estate - Top 10 Mistakes

Kirk Halpin — Fri, 02 Apr 2010 00:00:00 ET

I regularly assist accredited investors in reviewing prospective commercial real estate investment opportunities as well as preparing investment opportunities and structuring commercial real estate projects on behalf of my clients.

As a result of my representation of real estate investors over the past 14 years, I have identified the top 10 mistakes made by investors in commercial real estate:

1. Just Looking at the Returns.
2. Not Understanding the Local Market.
3. Not Underwriting the Sponsor of the Project.
4. Not Underwriting the Current Tenants.
5. Being Over-Leveraged.
6. Not Asking Questions about where Additional Cash, if needed, would come from.
7. Not Reviewing the Underlying Documents.
8. Not Understanding the Risks.
9. Not Challenging the Assumptions and Asking \"What if\" Questions.
10. Failing to Hire the Right Professionals.

Starting a Business - Top 10 Legal Mistakes

Kirk Halpin — Fri, 26 Mar 2010 00:00:00 ET

Prior to last year, around 627,000 new employer small businesses began operations in the US and these small businesses have generated 64% of net new jobs created over the last 15 years according to the US Small Business Administration. Unfortunately, the number of small businesses that closed or filed bankruptcy beginning in 2008 exceeded the number of new businesses that began that year.

Some of these business owners fail because they make the costly mistake of not having a professional help advise and guide them. As managing partner of the Law Offices of Kirk Halpin & Associates, I have more than 14 years experience in helping small business owners with general business, contract, employment, real estate, and other legal needs.

The following is a list of the top 10 legal mistakes that business owners frequently make when they do not have professional assistance:

Not having a written partnership agreement and a written buy-sell agreement
Not understanding applicable local, state or federal regulations
Not complying with state & federal securities laws when raising funds from investors
Disclosing proprietary companyh information without a signed non-disclosure agreement
Hiring new employees without checking restrictions in their current or past employment agreements
Not having written employment agreements with new employees
Ignoring intellectual property rights
Copying contracts from the internet or using standard contracts from competitors
Signing a lease without an escape clause or addressing \"what if\" scenario
Failing to hire the right professionals

Leasing Office Space - Top 10 Mistakes Made

Kirk Halpin — Fri, 19 Mar 2010 00:00:00 ET

After payroll, office lease expenses are generally the second highest expenditure for a company. The impact office leasing has on a company goes far beyond the bottom line; it plays an important part in employee retention, the level of productivity, and workplace morale. It is for these reasons that companies should work on ensuring that their office lease allows a business to thrive.

The following is a list of the top 10 mistakes that business owners frequently make when they do not have professional assistance with regard to leasing office space:

Not Understanding that 1 square foot does NOT always equal 1 square foot.
Not Designing the New Space Prior to Lease.
Not Understanding the Expenses.
Not Reviewing any Restrictions or Limitations with Regard to Parking.
Not Asking Questions about Signage.
Not Anticipating Future Growth or Contraction.
Not Contemplating the Need to Assign the Lease or Sublet the Space.
Not Understanding the Work Letter.
Not Reviewing the Building Systems.
Failing to Hire the Right Professionals.

Buying an Office Condominium - Top 10 Mistakes Made

Kirk Halpin — Fri, 12 Mar 2010 00:00:00 ET

Buying a commercial condo can be a great move for a business, from the tax advantages, cost savings and predictability in expenses, it makes sense in many situations. Here are ten pitfalls to avoid when buying an office condominium space.

1. Not Understanding That 1 Square Foot Does NOT Always Equal 1 Square Foot.
2. Not Designing the New Space Prior to Purchase.
3. Not Anticipating Future Growth.
4. Not Understanding the Expenses of Owning a Condominium.
5. Not Understanding Restrictions or Not Anticipating the Lack Thereof.
6. Not Understanding the Finish Condition of the Condominium Unit.
7. Not Reviewing any Restrictions or Limitations with regard to the Parking.
8. Not Asking Questions about Signage.
9. Not Reviewing the Zoning, Site Plan & Condo Plat.
10. Failing to Hire the Right Professionals.

Selling Your House by Owner - Common Mistakes Made

Kirk Halpin — Fri, 05 Mar 2010 00:00:00 ET

For Sale by Owner

Thousands of people nationwide sell their house every week without using a real estate agent. Unfortunately, many of these people make costly mistakes by not having a professional help them through this process. Kirk Halpin, Managing Partner of the Law Offices of Kirk Halpin & Associates, P.A. is not only a real estate broker, but also a real estate attorney that brings more than 14 years experience in helping his clients sell their home without using a realtor.

Lease Assignments: A Window of Opportunity for Landlords

Kirk Halpin — Fri, 26 Feb 2010 00:00:00 ET

In the ever changing business world, it is not uncommon for a tenant to decide, for a variety of reasons, to leave a location and assign its lease. Most (good) leases provide that some level of approval and consent is necessary from the landlord before the tenant can proceed. Although a proposed assignment is not always welcome by the landlord, it does provide a window of opportunity as it creates a point of leverage for the landlord.

How to Make Lease Assignments a Win-Win Opportunity

Kirk Halpin — Fri, 19 Feb 2010 00:00:00 ET

In the ever changing business world, it is not uncommon for a tenant to decide, for a variety of reasons, to leave a location and assign its lease. Most leases provide that some level of approval or consent is necessary from the Landlord before the tenant can proceed. Although a proposed assignment is not always welcome by the Landlord, forcing an unhappy tenant to stay is not always the best alternative.

Dealing with Financial Obligations in a Down Economy

Kirk Halpin — Fri, 12 Feb 2010 00:00:00 ET

Almost all business owners knew long before the official announcement on December 1, 2008 that we are in a recession and have been for quite some time. There are few segments of the economy that have not experienced decreases in sales while still incurring many of the same expenses in the form of rent, mortgage, lines of credit or equipment lease obligations.

Square Footage

Kirk Halpin — Fri, 05 Feb 2010 00:00:00 ET

A new building is being built and the owner wants to lease 10,000 square feet. You, as the tenant, have 2 offices that you are looking to consolidate, each existing office containing 5,000 square feet. You sign a long-term lease and begin working with a space planner. After several meetings, the space planner informs you that you don\'t have enough space for 5 of your current employees. How is this possible?