AboutJim Avancena Expertise I am best qualified to answer any questions that involve commercial leases, the complexities and inter-relationships of the myriad provisions that a lease may contain, and explain how they commonly effect a landlord or tenant in their day-to-day business operation. I can explain most matters that will come up during of the full lease cycle from standard industry practices regarding the lease acquistion process, concerns related to remodeling/improving the leased premises, moving-in, subletting or assigning the leased space, and a long list of other problems that may come up during the lease term. I have practical experience with most property management issues and resolving landlord and tenant disputes. Note that I am not an attorney and cannot provide legal advice.
Experience Twenty-eight years active experience in the commercial real estate industry as a licensed real estate broker in the Washington DC Metro area(DC, Northern Virginia & Maryland). I have been admitted (approved) by the Maryland and DC courts to testify as an expert witness on the subjects of Commercial Leasing and Property Management in the area of standard industry practices. I have had a business for the last 14 years advising virtually every form of business entity from large national corporations to the smallest ma & pa new businesses regarding a wide range of commercial real estate matters in addition to property management and commercial leasing.
Organizations Currently my three children keep me so busy that it is difficult to find time to participate in organizations.
Publications I publish a local commercial real estate newsletter titled: "Tenants First". My firm was the subject of a high profile Washington Post business section cover page (2.25 page)feature story on January 13, 1993; "Overcharging Overhead".
Education/Credentials BA in Political Science from Memphis University, and five years of study in the real estate development summer program at MIT. I was certified as a commercial property manager (CPM-IREM), and currently hold a brokers license licensed in Maryland and the District of Columbia.
Awards and Honors Routine, the same plaques and honors that most others in my industry have earned, none that are significant.
Past/Present Clients Past clients include: The World Bank, George Washington University, National Association of Criminal Defense Attorneys, US Department of Commerce, The American Benefits Council, K-Mart Development, many law firms, a national union, other major organizations, and many, many small business firms and retail operators that I am most honored to serve. I estimate more than 1,500 firms/organizations.
I never owned property before. I just have been using master card for over 15 years. I know I have good credit because I was never negligent on paying my bills or my monthly rent checks, and I never had any debt problems because I am a money saver. I do not know my credit score, for I never applied to purchase any house or property before. I think my score is fine. The U.S. Department of Defense had to check my credit in order to grant me my security clearance, which I was qualified to receive. If I buy something, I will be first time property buyer. At this time I am working overseas. I do not know when I am going back to the states because it is up to the company that I work for, but I can have up to 2 weeks vacation time every year, so I can make a trip for one week or two to visit every year.
I am 33 years old single financial security seeker, who likes to plan to build a solid financial future before starting a family. I want to transform some old limiting patterns and choose new and more creative options. When I return to America, I will be going back to my mother's house located in Michigan. Before or after my arrival to the states, I will need to embark on something different to start moving forward and get settled. I will need to do something that can provide me with stable income, but I do not feel comfortable to buy property. My mother bought a ranch house 15 years ago for $144,000. She spent another $12,000 for basement remodeling and she was trying to sell this house for the past 8 years, but she still cannot get any buyers even after reducing her original price to $120 thousand; however, if my project can generate nice profit, I might consider doing one of the following ideas:
Renting or buying a ranch house and finding some roommates who can help me with expenses, or getting a duplex home and living in first floor while putting other tenants upstairs, so I can receive monthly rent from them, or buying a property and putting it under section 8, or condo, or motel, or apartment building, or any other idea that can guarantee a successful and stable monthly income flow. I also like to invest in real estate and stock market, but I do not have any experience in all of these projects.
Is there will be a big difference whether I start the project next year versus if I start it 2 or 3 or 5 years from now? Is the difference advantage or disadvantage? I do not have a specific area in mind, but I will need an area where it can help me generate profit as soon as this project is ready for work. Please send me any ideas you may have, so we can think together to produce good results.
Thanks for being a volunteer to help.
Answer Karam-
There are entire books written everyday advising people how to make profit and cash flow simultaneously - and may also provide a place to live. Many people have similar ideas such that you have described. Your mother may have had similar ideas to you 15 years ago when she bought her ranch house.
The value in all of your ideas are in the endless number of small component procedures involved that get you from the beginning of your efforts to the profitable end you desire. Those small procedures are where everything can go wrong and your plans can get derailed.
You should first spend some time studying and talking with others that have already learned the ins and outs of each step in the process to be successful. Having that knowledge first; before putting your funds at risk, is critical.
Finally, there is a best selling book out now that you must read that deals with another important element involved in successfully investing money - and everything else in your life.
The book is titled "blink", and the core point the author makes in his book over and over again, is that it is important to have the knowledge necessary to doing anything, however, he believes that too many people think that if they accumulate enough knowledge about a subject, that they will then be successful. The author says the knowledge is important, but that it is more important to "UNDERSTAND" what the knowledge means, because understanding that knowledge will give you good judgement. You can have all the facts on real estate investment in your brain, however, if you don't understand how all that information goes together, you may not also have good judgement, and you may fail.
Most people who are successful in some industry or other matter, will usually exercise good judgement in that specialized matter. It may take you some time to gain the good judgement that is necessary to being a successful real estate investor.
