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The Due Diligence Process Plan Handbook for Commercial Real Estate Investments, by Mr. Brian Hennessey
PDF Ebook The Due Diligence Process Plan Handbook for Commercial Real Estate Investments, by Mr. Brian Hennessey
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There's a huge problem in the commercial real estate business that nobody is talking about- DUE DILIGENCE. The vast majority of investors, real estate brokers and commercial real estate professionals barely scratch the surface conducting their due diligence when purchasing commercial real estate investments. Investors are taking unnecessary risks and throwing money away or making bad investments, by not properly performing due diligence. Brokers are putting themselves at risk for potential litigation and missing an opportunity to help their clients as a true ally by learning these principles.
Having and adhering to a proven system keeps you from missing something and allows you to do it faster, easier and more efficiently.
I've been in the commercial real estate industry for over 30 years and "didn't know what I didn't know" until I became an acquisition person for an investor and his investors. Some of these lessons were expensive, embarrassing and quite frankly, gut-wrenching. Many times I vowed "never again will I let that happen to me".
Some of the things you will learn:
* What to negotiate in the purchase and sale agreement so that you can maximize the opportunities for yourself when it comes time to negotiate further with the seller
* How to properly review leases so that you know what to look for that could be cause for concern
* How to choose a lender or mortgage broker
* Third party reports, such as Environmental; Property Condition Assessment; Seismic/PML; Geologic and other reports that a lender may require and what to look for in them
* Tips on how to negotiate loan terms and specific provisions in them so you can avoid getting burned later
* Conducting tenant interviews and what questions to ask them so that you can uncover any problems or issues that you would otherwise not be made aware of (Super Powerful. Must learn or you'll miss out.)
* Cost cutting tips and strategies that will help you add value to the property once you own it
* What to look for when reviewing books and records and what to ask the seller for
* One of the most critical processes done during the due diligence process is the underwriting and financial analysis, which is constantly being revised during that process. In the book there is a list of questions that must be addressed and answered while adjusting your financial analysis of the investment and will help you to more accurately assess the potential of how the numbers should work
* How to deal with the appraiser and appraisal process to be more proactive and enhance the potential for the highest possible loan amount
* How to ensure that you are getting everything you deserve when finalizing the transaction and what to look for on the closing statement that may be added by the seller or lender as a credit to them, that you can get eliminated or at least negotiated down by being aware of what to look for
In addition, you get at the end of the book:
* A Sample Lease Abstract Form (which shows you how to fill in all the salient deal points and provisions of a lease document)
* Due Diligence Checklist (an essential list of most all items of which you should ask a seller for when negotiating a purchase)
* Due Diligence Document Checklist (an essential list of most all of the documents you should request from a seller when negotiating a purchase)
* Sample Tenant Questionnaire (a sample list of questions that you should ask of tenants when conducting a tenant interview)
The fundamentals remain the same when it comes to due diligence for any of the commercial real estate genres, whether it be office or industrial properties; retail or multi-family residential. It is all relevant as well as applicable, and this information can be used to purchase any of them. It will pay for itself many, many times over. I still use it as a reference tool whenever I'm involved with due diligence. We need reminding as much as we need learning. There's just too many things to remember.
- Sales Rank: #655620 in Books
- Published on: 2012-09-18
- Original language: English
- Dimensions: 11.00" h x .10" w x 8.50" l,
- Binding: Paperback
- 44 pages
About the Author
Brian Hennessey has been in the commercial real estate industry for 30 years as: a commercial broker; a Senior Vice President of Acquisitions and Dispositions and ran his own real estate syndication/asset management company. He has represented a number of Fortune 500 Tenants including Bank of America, The Walt Disney Company, DuPont and Baxter Healthcare. With over 9 million square feet of sale transactions; some of which were with some of the largest Owner/Landlords in the country, a wealth of experience was accumulated. The Due Diligence Process Plan Handbook for Commercial Real Estate Investments was written originally as a personal reference tool/checklist because of the many facets and volume of information that is needed to be remembered for each transaction. Since each transaction is unique, there are many lessons that were learned, that were added over time, so that similar mistakes and lessons, some of which were expensive, embarrassing and humiliatingly "gut wrenching", did not have to be re-learned. It is a proven system that makes the entire buying process easier and is useful in any commercial real estate investment purchase, from the smallest to the largest. Investors at all different levels have found it to be an invaluable tool.
Most helpful customer reviews
11 of 12 people found the following review helpful.
Whatever your experience level, this book will make you better.
By Jon Nesbitt
Although there is no replacement for direct, hands-on experience, the benefit of an expert's knowledge and direction makes for a great substitute. An excellent "how to" guide, The Due Diligence Process Plan Handbook for Commercial Real Estate Investments is tremendously helpful in coaching-up both less experienced investors/advisors and seasoned professionals. This thorough book will help guide any real estate practitioner through simple and complicated transactions alike, preventing and minimizing costly due diligence mistakes. Whether acting as a principal or as an advisor, this book will help you be more successful in investing for your own account, or in advising your clients. Likewise, whatever your experience level, you will be better with this book as a resource because of its thoughtful and precise instruction --- it is real-life, practical application at its best, not untested theory. Finally, having known Brian as a friendly competitor and colleague for over 20 years, I recommend this book mostly because of its author. Written by a veteran real estate professional that is trusted and respected among his peers, Brian's advice in The Due Diligence Process Plan Handbook for Commercial Real Estate Investments is financially and ethically sound.
11 of 12 people found the following review helpful.
Highly Professional
By cccdyle
As a real estate lawyer with more years' experience than I'd care to mention, I can tell you that if you follow the instructions set out in this book, it will save you a lot of time, trouble and money! Clearly written and highly professional.
6 of 6 people found the following review helpful.
If you're a broker, lender, buyer or seller in real estate, this is a must read.
By Amazon Customer
I'm glad to have come across this book recently and recommend it highly to anyone involved in real estate, commercial or residential. The Author did a fantastic job breaking down all aspects of what to look for when buying commercial real estate which can be also highly useful for sellers as well in preparing their properties for sale.
The book gives you a very strong foundation in all areas of how commercial real estate works, leaving the reader with a very good overview of what to focus on prior to making the offer as well as during their 'free-look' period. I learned more reading this book than I learned in my college real estate courses.
Easy read, well written and an excellent reference manual you'll want to keep on your desk going forward. Two thumbs up!
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