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COMMERCIAL REAL ESTATE INVESTING

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COMMERCIAL REAL ESTATE INVESTING

A Creative Guide to Successfully Making Money

DOLF DE ROOS

John Wiley & Sons, Inc.

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This book is printed on acid-free paper. ∞

Copyright © 2008 by Dolf de Roos. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted inany form or by any means, electronic, mechanical, photocopying, recording, scanning, orotherwise, except as permitted under Section 107 or 108 of the 1976 United States CopyrightAct, without either the prior written permission of the Publisher, or authorization throughpayment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to thePermissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions.

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Library of Congress Cataloging-in-Publication Data:de Roos, Dolf.

Commercial real estate investing : a creative guide to successfully making money / Dolf de Roos.

p. cm.ISBN 978-0-470-22738-1 (pbk.)1. Commercial real estate. 2. Real estate investment. I. Title. HD1393.55.D47 2008332.63’24—dc22

2007039477

Printed in the United States of America.

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http://www.copyright.comhttp://www.wiley.com/go/permissionshttp://www.wiley.com

Contents

Preface xi

Acknowledgments xiii

Notes on Reading This Book xv

Introduction xvii

CHAPTER 1 Just What Is Commercial Real Estate? 1

CHAPTER 2 People versus Contracts 5

CHAPTER 3 Why Invest in Commercial Real Estate? 11Lease Duration 11Assignment of Lease 15The Tenants Pay the Outgoings 17Tenants Earn Their Income on Your Premises 18Landlord Pays for Improvements to Commercial Premises 21Certainty of Collecting Rent 22Upward-Only Rent Reviews 24

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Government Interference 25Management Overhead 27

CHAPTER 4 The Downside of Commercial Real Estate 29Much More Difficult to Acquire Commercial Tenants 29Banks Will Lend a Smaller Proportion of a

Commercial Property 30

CHAPTER 5 The True Value of Real Estate 33

CHAPTER 6 How to Overcome the Disadvantages of Commercial Real Estate 41

CHAPTER 7 How to Attract a Tenant 45Who Wants to Run a Funeral Business? 45Finding a Tenant for a Warehouse in an

Oversupplied Market 50The Power of the Internet 55Many Prospective Tenants Know Your Building 56Engage a Real Estate Firm or Property Management

Company to Find a Tenant 59Wait for (or Cause) a Zone Change 60Split a Single Tenancy into Multiple Tenancies 62Consolidate Multiple Tenancies into One 64The Ultimate Way to Attract a Tenant 66

CHAPTER 8 How to Increase Rental Income (and hence the Capital Value) 71

Helipads 72Cell Phone Towers 73More Rooftop Antics 74Naming Rights 76Air Space 77

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Parking 81The Humble Webcam 89Interior Remodel 93The Triple Win of Alarm Systems 100Rent Reviews to Market 101

CHAPTER 9 What Were the Disadvantages of Commercial Real Estate? 103

CHAPTER 10 Finding Commercial Real Estate 107Newspaper Advertisements 107Real Estate Firms 112The Internet 114Keeping Your Eyes Peeled 116Networking 118Word of Mouth 118Helping Other People 124The 100:10:3:1 Rule 126Summary 130

CHAPTER 11 Analyzing Deals 131Due Diligence 132Four Questions to Ask about Any Commercial Property 142Return on Investment 144

CHAPTER 12 Negotiating Commercial Real Estate Deals 155The Uncooperative Seller 156Other Negotiations 159

CHAPTER 13 Financing Commercial Real Estate 163Proposal for Finance 166Summary Paragraph 171General Description of Property Offered as Collateral 174

Contents vii

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Property Portfolio Statistics and Cash Flows 176Statement of Assets and Liabilities 177What to Include in the Appendix 178How to Use the Proposal for Finance 179Umbrella Loans 182

CHAPTER 14 Structuring Commercial Real Estate Ownership 183

CHAPTER 15 Managing Commercial Real Estate 187Tenant Selection 188Rule Enforcement 189Rent Reviews 190How to Get a Tradesman to Do Your Work First 190Accounting 193Summary 193

CHAPTER 16 How to Beat the Average 195Geography 196Zone Changes 199Proximity to Views 200The Center of Town 200High Technology 201Leasing and Management Tactics to Beat the Average 202Combining All Methods of Beating the Average 202

CHAPTER 17 Raw Land 205Best Choice Properties 208Spring Mountain Ski Ranch 211The Benefit of Having Great Partners 214Getting Back to Commercial Real Estate Investing 216

viii Contents

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CHAPTER 18 Extraordinarily Odd Commercial Deals 217Oil in Them Thar Hills 219Marine Farms 222

CHAPTER 19 Property Ventures Limited 225Five Mile 230

CHAPTER 20 Never Sell 233

CHAPTER 21 Thirteen Golden Rules of Commercial Real Estate Investment 239

Golden Rule 1: Risk Is Equal to Yield 239Golden Rule 2: Ensure Safety of Principal 240Golden Rule 3: Control Your Liabilities 240Golden Rule 4: Add Value to a Deal 241Golden Rule 5: A Broker or Agent Must Bring Something

to the Deal 242Golden Rule 6: Real Estate Is a Long-Term Investment 243Golden Rule 7: The Number of Voting Partners Is

Directly Proportional to the Failure of the Project 244Golden Rule 8: You Are Going to Be in a Lawsuit 244Golden Rule 9: It Only Takes One Deal to Go Broke 245Golden Rule 10: It Only Takes One Deal to Make a

Million Dollars 245Golden Rule 11: The Value of a Property Is Limited

by the Tenant’s Ability to Pay Rent 246Golden Rule 12: Appreciation and Inflation Are

Compounded Annually 246Golden Rule 13: You Cannot Give Kindness Away—

It Is Always Returned 247

Contents ix

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CHAPTER 22 Investing Abroad 249

CHAPTER 23 Live Life to the Fullest 261

About the Author 269

Appendix: Resources 271

Index 281

x Contents

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Preface

Anyone with $20 million in his pocket can go out and buy a $20million real estate portfolio. This book is not for those people—it isfor those with little or even nothing in their pockets, who want togo out and make a fortune anyway.

Of course, if $20 million is just a little to you, you can stillbenefit from this book and learn how to easily acquire $200 millionor more of real estate. In my experience, though, people with thiskind of cash often do not have the time or inclination to do so.Therefore, those with no money and lots of drive may do wellteaming up with people with lots of money and no inclination, toform a truly symbiotic investment partnership.

Beware, however, that your perception as to what constitutesa lot of money inevitably changes as you start to accumulate some.While this book focuses on how you can amass a fortune, remem-ber that in a hundred years’ time, how much you will have madewill not be of much importance to anyone. In the final analysis,

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how much fun you have along the way could be the ultimate re-ward. That is why I say, above all else, be curious, learn somethingnew each day, help other people, be grateful, and have fun!

Successful investing!

Dolf de RoosAugust 2007

xii Preface

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Acknowledgments

My passion for commercial real estate has been inspired and fu-eled by many people. While my thoughts, theories, and methodshave been formulated over many years, countless people have—wittingly or unwittingly—contributed to my thinking, from realestate agents, bankers, mortgage brokers, and appraisers, to ten-ants, members of real estate investment associations, accountants,and literally thousands of investors (both budding and experi-enced) who have honored me by attending my events and whohave forced me to expand my thinking.

While it is impossible to acknowledge everyone, many peo-ple deserve and have my deep appreciation. If I have missed you,then I apologize in advance; know that my appreciation is realnonetheless.

Sincere thanks go to Jay Abraham, Anthony Aoun, John Baen,Wayne Bourke, James Burgin, Randy Carder, Stephen Collins,Allen and Kenina Court, Keith and Sandi Cunningham, CurtDenny, Ross Denny, Craig Donnell, Charles Drace, Cary Ferguson,

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Andy Fuehl, Paul Gibbard, Andrew Gibbons, Daniel Godden,Pepi Gomez, Anthony Gough, David Grose, Datuk MaznahHamid, Laurie Harting, Paige Hemmis, Dave Henderson, AdrianHeyman, Ian Jackson, Larry Jellen, Bob Jones, Stefan Kasian,Cindy Kenney, Rich Lamphere, Patrick Liew, Dave and VickiLovegrove, Katie Moustakas, Nick McCaw, Wayne and LynnMorgan, Mike Pero, Craig Peters, Neale Petersen, Kean Pitcairn,Jim Poignand, Carrie Putman, Trevor Quirk, Tony Robbins, AlexRodriguez, Paul Roussell, Trevi Sawalich, Constantine Scurtis,Mike Sexton, Bill Shopoff, Scott Sullivan, Garrett Sutton, Davidand Julia Sykes, Richard and Veronica Tan, Brian Tracy, DonaldTrump, Dr. Robert Tybon, Andrew Waite, Jon Ward, Tung DesemWaringin, Richard Watters, Ron Whiteley, and Paul Wright.

xiv Acknowledgments

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Notes on Reading This Book

Numerous photos are included in this book to illustrate propertiesbeing discussed or points being made. Because of printing con-straints, these photos are reproduced in black and white. Full-color versions of these photos, as well as other supportingdocumentation, photos, and newspaper articles, can be found onthe web site www.dolfderoos.com.

Many examples of real estate bought or negotiated are dis-cussed, ranging in value from $59,000 to hundreds of millions ofdollars. As this book is intended for those who are relatively newto commercial real estate, an emphasis has been placed on usingmodest examples of properties that hopefully are within the com-fort zone of most readers. Bear in mind, however, that the effort re-quired to complete an $80,000 deal is about the same as thatrequired to complete an $80 million deal, so do not intend to focuson smaller properties forever.

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http://www.dolfderoos.com

Finally, please accept that any instances of words like he, she,his, or her, unless specifically referring to a person of known gen-der, are generic. Sometimes it is too cumbersome to write “he orshe” or “his or her portfolio,” but the points being made apply toanyone.

xvi Notes on Reading This Book

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Introduction

If you think commercial real estate is just like residential real estateexcept that you need more capital to get started, you are in for asurprise. Commercial real estate is completely different and oftenrequires little or no capital.

If you think, like the masses, that commercial real estate isrisky because you have often seen vacant commercial premisesand thanked your lucky stars that you are not the owner, you arein for a shock. For reasons that I am excited to share in this book, Iseek out vacant commercial buildings, as I have figured out a wayof making money, huge sums of it, seemingly out of thin air, bydoing something very straightforward with these vacant build-ings—something that you cannot do with residential buildings.

If you think commercial real estate is too complex, too spe-cialized, too esoteric, and too difficult for you to even consider,then let me take you on a journey to convince you that it is none ofthese things. In fact, I firmly believe that after reading this book,you will no longer want to even consider residential real estate as

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an investment option, and will focus instead on commercial realestate with both enthusiasm and confidence. The only regret youmay have is that you didn’t discover this information sooner.

Consider this: Of all the wealthy ($100 million-plus networth) property investors I have come across in over 30 years ofinvesting and teaching real estate in more than 25 countries (I havehad the privilege of working with many prominent people in realestate all over the world), at most two have made their fortunethrough residential property—the rest have all done it throughcommercial property.

Think about this. You wouldn’t choose a surgeon with alow patient survival rate when there are others with a high sur-vival rate. You wouldn’t choose a car with a low crash-test rat-ing over one with a high rating, or a school for your kids with alow graduation rate over one with a high graduation rate. Sonow that you know that nearly all wealthy property investorshave achieved their wealth through commercial real estate, howcan you justify even thinking of buying one more residentialproperty? It would be like dropping your kids off at a badschool, and driving yourself in an unsafe car to a hospital tohave surgery performed on you by a surgeon with a low patientsurvival rate. That is nuts, right? Well, in relative terms, so is in-vesting in residential real estate.

This last fact alone should be enough to convince you to con-vert to commercial real estate, and you could save yourself a lot oftime by not having to read the rest of this book if you converted onthat basis. However, you would miss out on a lot of fun, whichbrings me to my next point.

If you think commercial real estate is dry and boring, and theonly reason you’d even consider it is that it is lucrative, then youare in for a real surprise. Residential real estate, for reasons I ex-

xviii Introduction

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plain in this book, can be repetitious and therefore somewhatbland, but commercial real estate has so many opportunities forcreativity, thinking outside of the box, and coming up with wackyideas, that it genuinely is a lot of fun. At any rate, after I presentmy case, you can decide for yourself.

In case you think that I am contradicting myself and the 10books I have written on residential real estate, think again. I standby everything I have said in those books: Residential real estatetruly is, in my opinion, a much better investment than stocks,bonds, mutual funds, Treasury bills, certificates of deposit, com-modities, options, futures, and unit trusts, for reasons that I haveexplained in some detail in those books. However, when facedwith a choice between residential and commercial real estate, Iwould recommend commercial real estate as your way to riches.Certainly, with my own investing, I have long ago focused almostexclusively on commercial properties, for reasons that I share inthis book.

There are, of course, many ways of investing in commercialreal estate, as evidenced by the number of existing books on thesubject. You will find this book to be different. The fact that I havea different approach, philosophy, and strategy does not, however,invalidate others. You may successfully implement the ideas inthis book, and you could also successfully implement the ideas ofother commercial real estate books. (You may also be unsuccessfulin either case, although it is difficult to fail in real estate as the mar-ket is so forgiving of tactical errors.)

At the end of the day, it is not just knowing a strategy, buthow you implement it, that can be the difference between a suc-cessful experience and a learning experience. If you have an angry,gruff, stern, and rude nature, you could go on vacation to some ex-otic place and conclude that all the locals are angry, gruff, stern,

Introduction xix

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and rude. Similarly, if you are optimistic, happy, bright, andcharming, you will more than likely conclude that the locals arejust that. The reason, in both cases, should be obvious: How youact, behave, and treat others will largely determine how others act,behave, and treat you. In this way, we create our own reality.

If you believe that commercial real estate is difficult, requireshuge amounts of capital, will involve you in endless trauma, andwill burden you with stifling vacancies, then those beliefs willmanifest themselves in your life. If, however, perhaps with the aidof this book, you believe that commercial real estate is inherentlyinteresting, remarkably simple, an opportunity to help many peo-ple, a vehicle for releasing your latent and pent-up creativity, un-believably lucrative, and a lot of fun on top of it all, then thosebeliefs will manifest themselves in your life.

Let me show you why I like commercial real estate.

xx Introduction

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CHAPTER 1

Just What Is Commercial Real Estate?

From the outset, we need to agree on exactly what constitutescommercial real estate.

We may all agree that a four-bedroom, three-bathroom resi-dence is residential real estate, and that a block of four shops iscommercial real estate, but what about a block of 10 units in anapartment complex that both the bank and broker classify as com-mercial real estate? The fact is, for reasons that seem to me to beentirely arbitrary, where there are four or more units in a residen-tial complex, the building is often classified as commercial formortgage and insurance purposes and for transaction commis-sions. What about industrial properties, such as an assembly plant,paint shop, or warehouse; or hospitality properties such as hotels,motels, or amusement parks? Are they in yet other categories?

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And what about specialist properties such as a quarry, a hospital,an airport, or a rocket launchpad?

Let me therefore make it perfectly clear what I mean by resi-dential and commercial real estate. I know that simplifying things isnot very popular these days, but for the purposes of this book, Iwant to make the following definitions:

Residential real estate is real estate where people live (in resi-dences!).

Commercial real estate is real estate where commerce is con-ducted.

Based on this simple and sensible concept, it becomes easy tocategorize any piece of real estate. Houses, individual apartments,apartment complexes, condominiums, duplexes, and triplexes areclearly all residential real estate. Conversely, shops, offices, assem-bly plants, paint shops, warehouses, hotels, motels, amusementparks, quarries, hospitals, airports, and rocket launchpads are allcommercial real estate.

In case you want to argue that hotels, motels, and student ac-commodation should, by my definition, all be classified as resi-dential real estate, as people quite clearly live there, then note thefollowing subtle distinction. The operators of hotels, motels, andstudent accommodation are definitely renting out short-term resi-dential accommodation to their clients. However, if you lease yourbuilding to a hotel, motel, or student accommodation operator ona long-term commercial lease, then from your point of view, yourtenants conduct a commercial operation there, and these proper-ties are all examples of commercial real estate.

What if three doctors operate their medical practice out ofwhat was formerly a home? Well, they are not living there, and

2 Commercial Real Estate Investing


commerce is conducted, so it is commercial. What if a carpet fac-tory is converted into loft accommodation? In this case, the use isfor residential purposes, so it is residential. Be prepared for manymore examples of blatant simplicity in this book.

Just as residential real estate can be further subdivided intocategories such as freestanding single-family homes, single-storymultiunits, and multistory apartment complexes, so can commer-cial real estate be further subdivided into categories such as indus-trial, hospitality, office space, retail, and specialist. The featurethese categories all have in common, though, is that commerce isconducted there. The significance of that distinction will becomeapparent as we proceed.

Just What Is Commercial Real Estate? 3


CHAPTER 2

People versus Contracts

For some reason that I cannot understand, most of the people Ihave met or taught in the past two decades (and we are talkingabout literally hundreds of thousands of people) think that com-mercial real estate works just like residential real estate, exceptthat the dollars involved are much larger, and that the potentialrisks and problems are also much larger. In order to convince youthat both assumptions are wrong, we will explore real estate froma number of different angles throughout this book.

There are in fact many differences between residential andcommercial real estate from legal, practical, and operationalpoints of view, all of which, without exception, make commercialreal estate a far superior investment. We discuss these differencesin Chapter 3. For now, I want to highlight the biggest fundamen-tal difference between residential and commercial real estate.Philosophically, with residential real estate, you are dealing with

5


people, whereas with commercial real estate, you are dealing withcontracts.

Before you counter by saying that you have seen a residentialtenancy agreement (a contract!) and know of at least one commer-cial tenant who has met with his landlord (a person!), I want tostress that I am speaking philosophically. Of course there is paper-work involved with residential real estate—application forms,background check authority forms, tenancy agreements, and soforth. And of course commercial real estate involves dealing withpeople—brokers, property managers, leasing agents, and the like.However, in essence, when you own residential properties, as Isuspect you already may, you end up spending a lot of time talk-ing with people.

You get a call from a tenant telling you that a faucet is leak-ing, and you have to negotiate a time to have it repaired; 9 A.M. onFriday does not suit him, 4 P.M. on Thursday does not suit you,and bingo, you are dealing with people. You get a letter from thelocal council telling you that the grass is too long at one of yourproperties, and you have to call the tenant to get him to do some-thing about it. The tenant, of course, swears that he just cut it theweek before, so what is all the fuss about? You counter by sayingthat nonetheless you have this letter from the council requiring ac-tion—and, just like I said, you are dealing with people. You get acall about a blocked toilet. You tell the tenants this is the third timein two months, and what on earth are they putting in there tocause it to block, to which they reply that it’s none of your busi-ness, just fix it—and hey, presto, you are dealing with people. Res-idential real estate by its very nature involves dealing with people.

Now in case you are thinking, “I am a people person, I likepeople, so what is the big deal?” let me tell you that most peoplewho decide to get out of residential real estate do so because they



simply get fed up dealing with all the people and their incessantcomplaints, tardiness, whining, avoidance, carelessness, rudeness,indifference, hang-ups, foibles, idiosyncrasies, and lack of respectfor other people and their property.

Furthermore, in case you are thinking, “Has Dolf not heardabout property managers?” let me respond by saying that I en-dorse and encourage the use of property managers, especiallywith residential real estate. However, while they serve as a bufferbetween you and your tenants, the fact remains that residentialreal estate is a people-centric business, and now you are depend-ent on the interpersonal skills of your property manager (whomay not have your interest at heart the way you do) to deal withall your tenant issues such as scheduling a time to fix the leakingfaucet, debating whether the grass needs to be cut, or discussingwhat is causing the lavatory to block so often. If these issues donot get handled promptly and properly, the situation can quicklyescalate out of control. The point is not whether it is you or theproperty manager who ends up dealing with people (the tenants).Rather, the point is that residential real estate is, by its nature andby governmental and local body regulation, essentially a people-centric operation.

Commercial real estate, by contrast, is in essence driven bycontracts. The central contract is, of course, the lease document,which may run to well over 100 pages on large premises and goesinto a lot of detail on every aspect of the tenancy. For instance, youwill never be phoned about a leaking faucet, as most commerciallease documents have a clause stipulating that it is the tenant’s re-sponsibility to keep the premises in a fully functioning conditionand, further, that at the end of the tenancy, the premises will behanded back in exactly the same condition it was in at the begin-ning of the tenancy, except for normal wear and tear. Thus, most

People versus Contracts 7


commercial tenants know and are entirely comfortable with theidea that they have to fix leaking faucets, replace burned-out lightbulbs and fluorescent tubes, repair broken locks, clean carpets,and repair any damages to the property.

In fact, with most commercial lease documents, the landlordis only responsible for maintaining the building in a watertightcondition (no leaking roofs or walls). Thus, painting the exterior,refurbishing the interior, and maintaining the grounds are the re-sponsibility of the tenant. In Chapter 3 we explore why commer-cial tenants not only agree to this, but want to do it.

With residential real estate, you may specify that rent has tobe paid on the first of every month, and you may even get awaywith a $25 late payment penalty in some jurisdictions, but what ifthey still don’t pay? Depending on where you live, your optionscould be severely limited. In California, for instance, you cannottake any significant action to evict them until 90 days after the renthas been in default—90 days, despite the fact that they signed atenancy agreement to pay on the first of each month! If you fillyour car’s tank at a gas station and then drive off before paying, itis considered theft; the police will be dispatched to arrest youstraight away, and no one would think that the arrest was unwar-ranted. And yet, after signing an agreement to pay rent on time,legislators have sanctioned a tenant not paying rent for 90 days be-fore you can take any significant action.

With commercial real estate, the lease document covers mostbases. For example, it may stipulate that the rent has to be paid onthe first of each month, and it may have clauses adding that if therent is late there will be a late payment fee, plus interest will ac-crue at the monthly rate of 1 percent of the amount outstanding.Furthermore, if the rent is still not paid within two weeks of thedue date, then (depending on the jurisdiction) the landlord shall



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