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Simple Suggestions For Commercial Property Real Estate Ventures

Commercial and industrial properties are always being listed on the market, but they are not highly advertised, like residential homes are. The tips and advice provided in this article will help you learn how to navigate the market and find these listings.

Purchasing commercial properties is more time-consuming and complex compared to the purchase of a home. Understand, however, that the intensity and duration of the process is necessary to achieve the higher return on your investment.

Your investment might be very time consuming at first. You will have to hunt for a good opportunity, and once you have bought property, you might have to do some repairs or remodel it. However, don’t give up just because this will take time. The investment will be repaid as time goes on.

When choosing brokers with whom to work, find out the amount of experience they have dealing with commercial properties. Make sure that the agent has the proper expertise with the type of real estate purchase or sale you are looking for. Entering into an exclusive contract with that particular broker is a good idea.

When selling a piece of commercial property, it is wise to ensure that you ask a realistic price. There are many variables that can greatly impact the true value of your lot.

Make sure you have sufficient utility to access on any commercial piece of real estate. Your business has its own utility needs, but you are most likely going to need water, sewer, electric and possibly even gas.

If you put the commercial property up for sale, have it inspected. If they should discover even a single issue with the property, repair or resolve it immediately.

Advertise your property for sale locally and outside your region. Many sellers mistakenly presume that their property will appeal only to local buyers. Many private investors are interested in cheap or affordable properties in other areas of the country or world.

Keep your focus on the largest issues when writing your letters of intent. Keep it simple and save the smaller issues for later in the negations. This way, negotiations will be smoother, and agreements on the small issues are more likely to be reached.

If you are viewing more than one property, you may wish to create a checklist for each site. Accept the proposal responses from the first round, but be sure to inform the property owners directly if you decide to go further in your inquiries. There is nothing wrong with hinting that you have other properties in mind. The information may help you to negotiate more favorable terms on your deal.

Have an understanding on what exactly it is you are looking for when it comes to commercial real estate. You should write down the features you are looking for, such as size or settings.

Brokers Represent

Different commercial brokers represent different parties. Some brokers represent tenants only, while full service brokers will work with landlords and tenants. You may benefit significantly better from hiring the services of a broker working with tenants exclusively, as he has significantly more experience representing tenants successfully.

Identifying the commercial real estate property that you want to invest in is only the first step. A little knowledge can go a long way.

Best Locations For Your Business: How To Find Them

Commercial real estate isn’t a career to be taken lightly. These strategies can help you succeed in commercial real estate.

Take some digital photos of your property. Take pictures of the damages, for instance spots and stains, holes or even discoloration on the bathtub.

Buying commercial properties requires plenty of perseverance and calmness. Do not be hasty about making a investment decision. You could end up finding that the property falls short of your total goals, making it a regretful purchase. It could take some months, possibly a year, for your dream investment to appear in the market.

Real Estate

Search online for websites that provide information about real estate investments. These general interest websites can provide you with useful information whether you’re new to the world of real estate investment or have made a career out of investing. You can never have too much knowledge.

Location is the most important factor in choosing a commercial property to buy. Think about the neighborhood your property is located in. Look at the growth in similar areas. The ideal location is situated in an area that can sustain economic growth for many years to come.

Buying commercial property takes more time, and the process is far more labyrinthine, than buying a house. You need to understand, you have to be diligent in order to get a profit.

You might have to spend a lot of time on your investment at first. Hunting for the opportune property will take time and effort, and even after you have purchased it, upgrades and reconditioning might be necessary. You should never give up because it is time consuming. You will reap the rewards in the near future.

Don’t become greedy and over-inflate your real estate asking price. There are a lot of uncertainties which can have a huge impact on the price of your lot.

One major part of commercial real estate deals is inspections. When property you are involved in is being inspected, take steps to verify the legitimacy of every inspector. This is even more important for those who deal in pest removal, as many of them work without accreditation. Ultimately, this can help you to bypass larger, more expensive problems.

Commercial rental buildings should feature sturdy construction and simple details. These units draw in the best tenants because they are higher in quality and have nicer appearances. They are also easier to keep in good repair and require less repairs, which will save you and your tenants money over time.

Be certain the commercial property you are considering has good utilities access. Your business has its own utility needs, but you are most likely going to need water, sewer, electric and possibly even gas.

While searching through different properties, make a checklist of each tour you went on. Allow yourself to consider the initial proposal responses, but avoid carrying it any further without informing the current owners. There is nothing wrong with hinting that you have other properties in mind. Making them aware you have other options may get them to accept a lower offer.

Know what your specific needs are prior to starting your commercial real estate hunt. You should list the most important things that you are looking for, such as space, restrooms, conference rooms, etc.

Real Estate

Read the disclosures when you’re ready to hire a real estate agent. One thing you should specifically watch out for is dual agency. With a dual agency, you have the real estate broker working on each side of the transaction. In other words, the agency represents the landlord and the tenant simultaneously. When it comes to dual agencies, both parties should actually agree to it and it should be disclosed.

The borrower of a commercial loan is the one that orders the appraisal. The bank will not allow you to use it later. Order your appraisal yourself to ensure that you will be eligible for commercial loans.

Put the tips in this article into practice to begin making money by investing in commercial real estate. Commercial real estate presents may exciting and well-paid opportunities if you know where to look for them. Apply the above advice to your own needs in order to excel!

Commercial Real Estate Advice That Puts You Bank Account At Ease

Industrial and commercial properties are sold regularly but do not expect to see listings like you would for a regular home. You have to successfully find them by hunting, and the advice in this article can assist you in doing so.

Whether buying or selling, negotiate. Be sure that your voice is heard so that you can get yourself a fair price on the property you are dealing with.

Bugs and rodents are always looking to ruin your property, so factor pest control into your business strategy when renting commercial property. If the area that you are renting in is known for pest infestations, it is especially important for you to talk to your rental agency about their policies for pest control.

Residential property transactions are much less intricate and protracted than are commercial transactions. Keep in mind, though, that the complexity is required to ensure that your real estate investment gives you a high return.

If you have two commercial properties on your short list, you should buy the larger one, if at all possible. Regardless of whether the property you decide on has twenty units or fifty, the process of obtaining financing will be the same, and in both cases will require substantial effort. This just reflects the general advantage of buying anything in bulk; when you buy a property with more units, you get a lower average price for each one.

Make sure that the broker you decide to work with has experience in the commercial market. Look for someone who knows the area you are interested in. Make sure you find an exclusive agreement that works for you and your broker.

Make sure that you’re not asking for an unrealistic price for your property. Different variables can have an impact of the value of a lot.

Be careful to choose commercial properties that are solidly and simply constructed if you plan to use them as rental properties. These properties are generally top sellers because prospective tenants can see how well-built and maintained they are. These properties are also more cost effective for you and your tenants due to the fact that they only require minimal upkeep and repairs.

Look at the surrounding neighborhood before you decide on purchasing a specific commercial property. Your business might do better in affluent communities, since your prospective foot traffic has more money. However, if your products or services correspond to a specific social category, make sure you find a property in an area that corresponds to your target audience.

Aim to avoid default before you sign a real estate lease. Your tenant will be less likely to default on the lease if you do this. You definitely don’t want this to occur.

Advertise the commercial property to both locals and non-locals. There are a lot of people who make the big mistake who think that only local people want to purchase their property. Many private investors find it appealing to purchase properties that are affordably priced outside of their direct area.

Take a look around properties you are interested in. Bring a contractor along so that you don’t forget to inspect any important features. Open negotiations after making your offer. Think long and hard about the counteroffer before deciding to accept or decline.

You will need to know what you are looking for in a commercial property prior to beginning your search. Write down the features of a piece of property that are the most essential to you, such as how many square feet it must be and the number of specific rooms it should have, including conference rooms, offices, and restrooms.

You might need to make improvements to your new space before you can use it. It could be as simple as a coat of paint or replacing some carpet. However, many people find they need to take out or add walls to make modifications to the basic floor plan. Be sure to negotiate who is responsible for these changes ahead of time so that you do not have to pay for the full cost.

Identifying the commercial real estate property that you want to invest in is only the first step. Having the proper knowledge can take you far.

Practical Commercial Real Estate Advice For Everyday People

Industrial property and other commercial properties are going up on the market all the time, but this type of property does not get preferential listings like regular homes. Read on to learn the best ways to find commercial properties for sale or lease.

When you are buying or selling commercial real estate, always negotiate. It is important that your concerns and opinions are heard and recognized by the other parties; you must always put forth the effort to ensure fair pricing for the commercial property.

You must be patient to succeed as a real estate investor. Make decisions calmly and slowly–don’t be in a rush to buy a piece of property. Don’t jump into any investment without doing your research. Going too fast could result in a loss that you could have seen coming had you stopped, researched, analyzed, evaluated, and cross-checked the potential with your desired goals. It could take as long as a year to find the right investment in your market.

Initially, your investment will take up a great deal of your time. The time aspect of the investment includes finding the property and making any repairs to the property. Although it may take time to get your investment property up to speed, do not abandon your project. Your efforts will be rewarded.

When selling a property, you should make certain that whatever price you set is realistic. There are a lot of factors that determine the value of the lot.

Commercial rental buildings should feature sturdy construction and simple details. These spaces are more likely to fill quickly with paying tenants who are drawn towards something that is well maintained. This type of property will also make maintenance much easier on both you and your tenant.

Have a professional do an inspection of your commercial property prior to you listing it as available on the market. Fix all problems that they find as soon as possible.

A letter of intent should be kept simple by focusing on larger issues and leaving smaller issues to negotiate later. Doing it this way will allow the negotiations to be less intense and get them to agree faster.

Using a checklist is useful when you have multiple properties that you are considering. Accept responses to the initial proposals, but don’t go further than that unless you inform the property owners. You may want to offhandedly let the owners know that theirs is only one of a few properties in which you are currently interested. This may provide you with more room for negotiation.

Plan on doing some improvements to your new commercial space before you can inhabit it. Cosmetic changes like painting walls and rearranging furniture might be needed. Normally, however, it may be something a little more involved like walls being moved. Remind the landlord that these improvements are necessary, and use them to negotiate a lower deposit or reduced rent.

Dual Agency

Read the disclosures when you’re ready to hire a real estate agent. Never neglect the fact that you may be dealing with a “dual agency.” What this means is that your chosen agency has an interest in buying and selling the property. Dual agency occurs when the landlord and the tenant hire the same agent. Dual-agency situations require disclosure and the agreement of both parties.

When you begin to invest, it is wise to only have one investment in mind at a time. Select a type of property that you think would make a good place to begin, and focus on it. You can be more successful when you’re good at one type as opposed to just average at different types.

Identifying the commercial real estate property that you want to invest in is only the first step. When you have the information you need, decisions are much easier to make.

Reasons To Rent A Place For Your Business

Investing in commercial properties is not the same game as home buying. Keep reading for great advice on how you can achieve your goals in the commercial real estate industry.

Fair Price

Regardless of which side of the negotiations you’re on, learn to haggle. Both the buyer and seller should attempt to negotiate a fair price rather than accepting the other’s first offer. Be sure that your voice is heard so that you can get yourself a fair price on the property you are dealing with.

Use detailed photos to create this documentation. The picture needs to show defects like carpet spots, wall holes, or discolored sinks and tubs.

Another factor to be aware of when shopping for property to rent or lease is who pays for pest control. If the area that you are renting in is known for pest infestations, it is especially important for you to talk to your rental agency about their policies for pest control.

If you are purchasing commercial real estate for rental purposes, look for structures that are uncomplicated and sturdily built. Tenants are more likely to move in when they know the property is well taken care of. Maintenance is also easier, because these buildings require less repair.

If you rent out your commercial properties, always remember to keep them occupied. If you’ve got open spaces, then the person will end up paying for maintenance and upkeep. If you’re struggling to keep your properties rented, you should consider why that is, and try and fix anything that might be scaring away prospective tenants.

The neighborhood where the property is located is very important. Purchasing a property in a neighborhood that is filled with well-to-do potential clients will give you a lot better chance of becoming well-to-do yourself! Or, if you are offering a service particularly attractive to the less wealthy, you should purchase in a less well-to-do area.

You need to advertise that your commercial property is for sale to both locally and non-local people. Too many sellers assume that their property is likely to only sell to someone local. This is a way of thinking you should avoid. Many private investors are interested in cheap or affordable properties in other areas of the country or world.

Visit the commercial real estate properties that you are interested in. It’s a good idea to hire a building contractor to come with you and do on-the-spot inspections of properties you are considering. Once that is done, you can submit your proposal and begin negotiations. Prior to making any final decision, you should thoroughly go over the counteroffers you have received.

Know your needs before you even start looking for a commercial real estate. Draw up a list of specific attributes your office space must have, including size, number of meeting rooms, and available bathrooms.

It may be necessary to invest in some renovations before you can move into the space. Cosmetic changes like painting walls and rearranging furniture might be needed. However, in other cases, reconfiguration of the walls will be required. The contract you negotiate should clearly spell out whether you or your landlord will pay for these changes, or whether the cost will be shared and in what proportions.

Dual Agency

Check all disclosures of the chosen real estate agent that you wish to work with. Make sure you understand the potential for the existence of dual agency. In this type of transaction, a real estate agency acts on behalf of both parties involved in the deal. Dual agency occurs when the landlord and the tenant hire the same agent. If there is a dual agency, everyone should be honest about it and find an agreement.

During the commercial loan process, the person who is the borrower will need to order the appraisal. The bank won’t accept it as valid. Protect yourself from this problem and get the appraisal done on your own dime.

If you want to spend some money on commercial real estate, consider tax breaks you may get. Depreciation benefits and interest reductions are given to investors in commercial real estate. However, investors are sometimes taxed on income that they do not actually receive in the form of cash. This is known as “phantom income.” Try to understand this before you invest.

Real Estate

As you have read, there are many things to know when you shop for your commercial real estate. Remember what you have learned in the preceding article, and you will be able to get a good deal on a piece of real estate that meets your needs.

Find The Right Spot For Your Business Fast

There typically is far more profit to be made in buying commercial real estate than there is in home purchases. It can be difficult to find good opportunities. Here are a variety of tips that will help you get the most from your commercial real estate venture.

Regardless of whether you are buying or selling the property, it is in your best interest to negotiate. You should make sure that they hear you and you get the fairest price for your property.

Major Employers

Before you buy or sell a commercial property, find out several key economic indicators for the region, including trends in unemployment and income, as well as major employers in the region. Properties located near major employers, like hospitals, schools or distribution centers, are often more in demand at every price range.

Before you sign a lease, find out about pest control. This is especially important when an area is known to have pest and rodent problems. Prior to signing a lease, ask your agent what the current pest control policies are.

Location is vital to commercial real estate. Consider the neighborhood of the property. Also review the expected growth of other similar communities. You want to make sure that in 5 or 10 years down the road, the area is still a descent and growing area.

You may find that you spend a large amount of time at first on your investment. It takes time to find a lucrative opportunity and purchase a propriety, adding to that time to carry out any repairs and alterations that are needed. Although it may take time to get your investment property up to speed, do not abandon your project. The investment will be repaid as time goes on.

Unit Apartment Complex

If you are hesitating between different properties, buy the larger of the two. Obtaining adequate financing is a major undertaking, whether you opt for a ten-unit apartment complex or a twenty-unit apartment complex. Generally, this is much like the principle of buying in bulk; the more units you buy, the lower the price per unit.

When choosing a broker, ask about their experience specifically in the commercial real estate market. Verify they have experience in working with the type of properties you are interested in. Then if they meet the criteria you are looking for, you can agree to work with that broker exclusively.

Learn about Net Operating Income, or NOI, a metric in commercial real estate. To be successful, you must stay profitable.

If you have the intention of offering your commercial real estate for rent, look for buildings that are simple and solid in construction. These will attract potential tenants quickly because they know that these properties are well-cared for. This sort of building is virtually maintenance-free, so there will be fewer headaches for owners and tenants.

Using a checklist is useful when you have multiple properties that you are considering. Don’t go any further than 1st round proposal responses, unless you let the owners of the property know. Do not be afraid to let it slip to the owners that there are other properties that you are considering. It may help get you a better deal.

Commercial Real Estate

You now have a clear understanding of what it takes to work with commercial real estate. Keep in mind that the world of commercial real estate is always shifting so you have to constantly think about your next step, and be able to adapt quickly. This will help you find the good opportunities, and make the most out of your time, efforts and investments.

Why You Should Buy Commercial Property For Your Business

Commercial property is a very exciting endeavor, however, it takes a ton of work. It can be quite intimidating, and leave you wondering how to even start organizing the things that have to be accounted for. It can be hard to make sure you know everything about commercial property, but the more you know, the better, and this article is a good place to start.

When diving into the world of commercial real estate, it is important to stay calm and be patient. Do not go into an investment out of haste. The property you buy in a hurry might not deliver what you need to reach your goals, leaving you to regret the purchase afterward. Realistically, it can take upwards of a year to find the right investment in your local market.

Location is vital to commercial real estate. You will want to focus on the actual neighborhood for starters. Cross-check similar areas to see how they are growing. Since you will likely still own the property in ten years, you want it to be located in an area that is likewise still desirable in ten years.

If you are involved in renting commercial properties, try your best to keep them filled. If you have an unoccupied property, you will be the person paying for the maintenance and upkeep. If you discover that you have multiple properties that are unoccupied, you should attempt to ascertain the underlying reason. Further action may be required on your part to avoid scaring off potential tenants.

Ensure there is adequate access to utilities on the commercial property. Your particular business might need additional services, such as cable, but at the minimum there should probably be sewer, water, phone, electric and gas.

One of the biggest considerations in the process of attaining commercial property is to know the neighborhood of each and every prospective location. If you purchase it in a more affluent neighborhood chances are your business will be more successful, because the pockets of your potential clientele are a bit deeper. Yet, if you have a business that might thrive in a neighborhood where the not so well-off would opt to go to your business, then maybe that kind of neighborhood is for you.

Prior to selling commercial property, have it inspected first by a professional. You can fix any problems right away so you have the best available property.

When advertising your available commercial property, do so locally, but also regionally and even nationally. It is a mistake to think that only people in the immediate area will have an interest in your property. In fact, the interest level can expand far beyond the local scene as private investors expand their interest. These investors are searching for affordable property and may be interested in yours.

Buying and owning commercial property does require work, effort, and research in order to be able to have a good experience. Perseverance is another important attribute for anyone interested in this market. If you abide by these guidelines, you will be that much closer to securing a lucrative commercial real estate deal.

Simple And Straight Forward Recommendations For Your Commercial Real Estate Ventures

Commercial property is a hard and time-consuming investment. Nonetheless, it is possible to make a profit. By carefully applying the advice in this article, it will help you to succeed.

You should negotiate if you are the seller or the buyer. Make sure that you are heard and that you fight for a fair price for the property.

Take plenty of pictures of the building. Make certain that the pictures show irregularities, such as holes or bad paint on walls, carpet stains, and bathtub or sink discoloration.

Compared with buying a home, purchasing commercial real estate requires more time, money and paperwork. Although commercial property purchases take longer you will normally receive a higher return on the investment.

You will probably have to put a lot of effort into your new investment at the beginning. Not only will you have to search out the right property, you’ll likely have to make repairs or renovations to it after the purchase. Even though this work takes time, don’t lose heart! The rewards will show themselves later.

Don’t become greedy and over-inflate your real estate asking price. Most appraisers can’t take all factors into account because there are an infinite number of variables involved in determining the value of a piece of property. These variables can all make your property worth less than the appraisal claims it is worth.

Strive to keep your commercial properties occupied at all times if you choose to rent them to tenants. If there is still open space, it will be incumbent upon you to pay for maintenance. If you have more than one property without someone in it, think about why that is, and fix any problems that might be occurring.

Check out where the utility hook-ups are on any commercial property. Your business is sure to have unique utility requirements, but services typically required by most include sewage, water, power, telecommunications and maybe even natural gas.

Make sure that you explicitly welcome both local and non-local buyers when you sell a piece of commercial property. There are a lot of people who make the big mistake who think that only local people want to purchase their property. There are many private investors who prefer to purchase reasonably-priced real estate that is not local to where they reside.

Commercial Real Estate

As previously noted, the profitability of commercial real estate can be very rewarding. Make sure to follow the advice in this article in order to avoid traps and succeed with commercial real estate.

Choosing The Right Lease Is Important In Commercial Real Estate

The first commercial property purchase is always the hardest. Take the time to read this advice.

To prepare for any sizable investment in commercial real estate, investigate indicators of fiscal health around the property in question, such as average income levels for nearby residents, rates of employment and unemployment, and whether jobs in the area are rising or falling. For example, buying a home near a large employment center, such as a university or hospital, will lead to a higher value and faster sale down the road.

Pest Control

If you are looking to lease or rent, the issue of pest control is a critical one to address. If the area that you are renting in is known for pest infestations, it is especially important for you to talk to your rental agency about their policies for pest control.

Consider visiting websites that contain a wealth of information beneficial to new and seasoned commercial real estate investors alike. Learning more about real estate will always benefit you, and you can never learn enough.

Location is a very important part of commercial real estate. Think about the type of neighborhood the property is in. Cross-check similar areas to see how they are growing. Since you will likely still own the property in ten years, you want it to be located in an area that is likewise still desirable in ten years.

If you are selecting a broker, ascertain the amount of experience they have had within the commercial real estate market. Look for someone who knows the area you are interested in. Also, consider entering into an agreement that will be exclusive between you and that broker.

Research local prices similar properties have sold for before setting a price for your commercial real estate. Most appraisers can’t take all factors into account because there are an infinite number of variables involved in determining the value of a piece of property. These variables can all make your property worth less than the appraisal claims it is worth.

Search for buildings that are simply designed and constructed if you’re planning on renting out commercial property. These are the most likely to quickly invite tenants into the space, because they know it is well-cared for. Since these properties probably do not need many repairs, they will require less maintenance from the owner and tenants.

It is important that each property offers unhindered access to utilities. Your business has utility needs of its own, but you will also need water, electric, sewer and maybe even gas.

If you are negotiating a commercial lease, make sure nothing can be considered as events of default. If you are thorough, you are less likely to experience a tenant default. You don’t need this to happen.

Using a checklist is useful when you have multiple properties that you are considering. Whilst you can take the first proposal responses, make sure that you don’t go any further without first informing the property owners of your plans. Don’t hesitate to let it be known that you are entertaining other options. This may help you by creating a sense of urgency on the seller’s part.

Plan on doing some improvements to your new commercial space before you can inhabit it. It may be cosmetic changes like rearranging the furniture or painting the wall. Other changes may be more significant, such as moving walls or installing new doors. You should pre-negotiate the cost of these alterations with the landlord, and try to get them to contribute towards at least part of them.

A variety of kinds of commercial property real estate brokers exist. For example, some brokers represent landlords as well as tenants, while others only work with tenants. Consider hiring a tenant-only broker as he’ll have the most experience in dealing with situations such as yours.

The purchase or sale of commercial property should now be a lot easier thanks to the advice contained in this article. Take advantage of what you’ve learned, and continue to inform yourself about the commercial real estate market.

Commercial Real Estate: Tips You Need To Know

You can turn a great profit by putting your money into commercial real estate, but you must be patient and an avid learner. The advice in this article has helped many first-time investors like yourself turn a profit in the tough commercial real estate market.

As you comb through possible brokers, search for those who have extensive experience in commercial markets. It is important that their experience fall in line with your buying and/or selling goals, so make sure to ask what their specialty is. Sign an exclusive agreement once you’ve found a broker you want to work with.

If you are purchasing commercial real estate for rental purposes, look for structures that are uncomplicated and sturdily built. These buildings give off an appearance of being well-maintained and are more inviting to potential tenants. This sort of building is virtually maintenance-free, so there will be fewer headaches for owners and tenants.

You must know how to deal with an emergency, should it arise. One way to develop such a list is to ask current commercial investors who they use in the event of an emergency repair. Have a list of phone numbers to call if you need emergency repairs, and know how much time it usually takes for repairmen to arrive. Work with your landlord to create a contingency plan in the event that an unforeseen disaster occurs; this will allow you to avoid customer service or public relations nightmares.

You can find different kinds of brokers. Some agents represent tenants only, while brokers work alongside tenants and landlords alike. If you’re going to be a tenant, working with a tenant-exclusive broker benefits you because of their relevant and deep expertise.

It’s up to the borrower, that’s you, to order an appraisal for a commercial loan. There is a good chance that the bank may not validate it otherwise. Cover your bases and order the appraisal yourself.

When you are first starting out in real estate investing, the best thing is to keep it simple and start with one investment strategy at a time. Select one type of property that appeals to you, and devote your undivided attention to it. It is advisable to try to do a good job at one type of investment as opposed to being average on a lot of different types.

Commercial Real Estate

With careful consideration and application of these tips, you have a solid foundation to build your commercial real estate investment strategy. If you use the tips provided in this article, you will see why so many people are successful at commercial real estate, and you can start to reap the rewards.