Real Estate Lease: Fill & Download for Free

I started at 19, forty years ago, when my wife and I bought our first townhouse. It cost around $48K if I recall. We lived in it for seven months and sold it for a $7K net profit.We moved and built a house. We sold that and built another house. In the mean time, we had invested in five acres on a major Austin highway, but way out of town. (We held that property a little over thirty years before we decided to sell it. By then, the town had grown out to where our land was. The property was worth approximately sixty-eight times what we had paid for it).We sold the house that we were living in, had raised our children in, and loved dearly. It was the perfect house for us, but we sold it, took the profits, put the minimum down on another home to live in, and started buying investment properties.Before long we were buying commercial properties to add to our rent houses. Then we started selling off our residential units to acquire more commercial properties.Now we pretty much just invest in commercial units. We bought a small shopping center in San Antonio, about 75 miles away, a few months ago. That was our most recent purchase.We are currently trying to buy out the last remaining tenant’s lease on one of the other properties that we own. That should cost us somewhere between $270K to $400K, I hope. Once that is accomplished, and that tenant has moved, we can begin construction on a fifty-million-dollar 253-unit luxury apartment community with 5,000’ of high-end retail.It all started with a thousand-dollar down payment… forty years ago.---------Update: I ended up offering my last remaining tenant (a public company) $750,000 just to move out of the space they were in. They refused. It looks like I'm stuck with them for another six and a half years. I was really hoping to build that larger project in their space. I may end up just building above them and around them. It won't be as beautiful a building as I had hoped, but it also will feel alright to not have to pay them $750K just to move out. We used a standard Texas Commercial lease instead of my regular lease contracts and now I'm regretting that decision. Things can change so fast when you are working with real estate deals, but it's all good. They will end up paying me a little under another million dollars in rent during that time and the property will likely double in value during the next six years.

True story:For 30 years, I have taken care of leasing the facilities which my company has been located in. Because of this, I have spent a lot of time with commercial real estate agents.About 20 years ago, I worked with an agent who did only commercial and needed to sell his own house. He figured, “No problem, I can do it!”Remember, this was a licensed real estate broker.He gave up after a few months, and listed it with a regular residential broker.There’s a moral to this story.

The Indian real estate market is a cesspool of corruption, property hoarding, money laundering. An average working professional cannot even dream of buying their own place in large cities like Mumbai, Hyderabad, Bangalore, Pune, Chennai, Delhi, etc.Despite the fact that storeyed buildings and apartment complexes arose from a need to provide cheap residential options to people in face of limited land resources, they are now inconceivably expensive.For example, in Mumbai, the asking price for a 2 BHK, 650–750 sqft place is INR 1.5–2 Crore ($200–300k). The rental yield is less than 3–4% and if you happen to take a housing loan for 30 years, you’d end up paying 2.5x the amount over the course of the loan repayment period.The key reasons for such an unregulated market were lack of accountability from the builders and real estate developments, absence of any meaningful housing pricing index, a hapless, toothless real estate monitoring agency, speculative buying and holding of property in anticipation of future gains.All but the last ones have been addressed to some extent with the introduction of the RERA act[1][1][1][1]and the Benami Property Act[2][2][2][2]. But a lot of affluent people still buy and hold multiple properties, creating artificial demand and driving up prices. At the same time, a lot of projects remain unsold or abandoned.[3][3][3][3]Over 12.76 lakh houses are lying unsold in India's top 30 cities, compounding the problems of the real estate sector already grappling with a severe liquidity crunch as non-banking finance companies (NBFCs) have curtailed lending to developers following the collapse of IL&FS last year.The inventory overhang is as high as 80 months in Kochi, 59 months in Jaipur, 55 months in Lucknow and 72 months in Chennai, implying it will take between five and seven years for developers in these cities to get rid of the present housing stock.In a truly free market, such humongous levels of unsold inventory would have translated to decrease in prices as the sellers try and clear them. However, in the Indian real estate sector, developers and brokers can play the waiting game till they get the desired price.Real estate prices have evolved at a very erratic rate[4][4][4][4], but the average annualized growth rate as per RBI data for 10 major Indian cities is north of 12% per annum, implying that prices double every 6 years.This beats population growth, GDP growth, and inflation.The linking of Aadhar to real estate transactions and property deeds will bring further transparency in the system, ensuring that people pay property taxes and follow all laws and guidelines pertaining to leased properties and/or second homes.Tax evasion in real estate, by individuals and corporations alike, is a very real issue.Oriental India Group admits Rs 3,000-cr black money after I-T raids: CBDTIndiaBulls Real Estate told to pay Rs 300 crore in undisclosed income caseI-T claims detection of Rs 700 crore tax evasion after raids on Mumbai realty firmEXCLUSIVE | India's secret property: Only 6,500 Indians say they own more than one self-occupied house in IndiaA tax official said that people are not disclosing real numbers of self-occupied houses to the tax department. "I am sure Gurugram has more people who own more than one house than what taxpayers have disclosed on a national level in the past several years," the official said on the term of anonymity.If investments like FDs and MFs and stock market portfolios are tied to Aadhar and subject to stringent KYC norms, so should asset classes like real estate and gold etc. This is a very welcome move.Footnotes[1] Real Estate (Regulation and Development) Act, 2016 - Wikipedia[1] Real Estate (Regulation and Development) Act, 2016 - Wikipedia[1] Real Estate (Regulation and Development) Act, 2016 - Wikipedia[1] Real Estate (Regulation and Development) Act, 2016 - Wikipedia[2] Benami Transactions (Prohibition) Amended Act, 2016[2] Benami Transactions (Prohibition) Amended Act, 2016[2] Benami Transactions (Prohibition) Amended Act, 2016[2] Benami Transactions (Prohibition) Amended Act, 2016[3] Unsold houses at all-time high of 12.76 lakhs in India's top 30 cities[3] Unsold houses at all-time high of 12.76 lakhs in India's top 30 cities[3] Unsold houses at all-time high of 12.76 lakhs in India's top 30 cities[3] Unsold houses at all-time high of 12.76 lakhs in India's top 30 cities[4] Reserve Bank of India[4] Reserve Bank of India[4] Reserve Bank of India[4] Reserve Bank of India