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There are many options to reconsider when buying a home of your own. If you move nearby constantly and need to take a lot of things with you, then you may want to reconsider repossessed modular homes. Modular homes are yesterday's mobile homes, fitted to meet today's demanding work atmosphere.
Can repossessed modular homes be for you? To understand the advantages of repossessed modular homes, it would pay to know the history of mobile homes. After the second world in the middle of the twentieth century, prospect ran high, but budgets were low. Man-made homes and housing projects burgeoned, allowing families to spend less when buying a house.
With the advent of technology and the need to voyage to make a living, these Man-made homes were fitted with wheels, production mobile homes a respectable way to own a house. Repossessed modular homes have their own advantages, and if you are concerned in owning repossessed modular homes, then inspect how it can be good for you.
1. Repossessed modular homes are plainly modular homes that have been taken from their owners, repaired and refurbished, then set out into the world again to be sold. This means that repossessed modular homes have been fixed and inspected for inherent defects. They are never sold unless they are deemed to be fully functional.
This means that if you buy repossessed modular homes, you will not have to worry about repairs, or if they will break down once you start using them. This also means that you need to worry only about the things you have to put in them.
2. Some sellers of repossessed modular homes offer warranties on their products, so take benefit of such warranties if you encounter them. These can be advantageous if you suddenly inspect that unanticipated repairs have to be done to your purchased repossessed modular homes.
Repossessed modular homes can offer you mobility, but there are also disadvantages related with their use. Before you buy repossessed modular homes, take note of these possibilities first.
3. Older models of repossessed modular homes may have older engines, and may need you to spend more on gas. Not all older models are fitted with new engines, so inspect your prospective modular home first, and consult with vehicle engineers about it.
4. Contracts for buying repossessed modular homes may have distinct terms from contracts for buying brand new modular homes. Take note of these terms when you read the fine print of your contract, and do not sign a contract unless you fully understand its contents. Make sure that no guarantees are unwritten: if it is not written in the contract, it will not happen.
5. As with all things, scams abound in sales, so look at your seller's background and consult with your creditors and local bank before you buy that modular home.
If you are concerned in repossessed modular homes, consult with a seller, and look at all available options. Mobility will be on your side soon enough if you make the right purchase, so be sure of all things before you get it moving.
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Apartments For Rent In Pensacola Fl - Rental Properties
Good evening. Today, I learned all about Apartments For Rent In Pensacola Fl - Rental Properties. Which may be very helpful to me therefore you. Rental PropertiesRental properties are an exquisite source of speculation property. Many habitancy select to purchase apartment buildings, condominiums or homes that they rent to other people. The investor can either gain revenue from the rent received, or use the rent to pay the mortgage on the property.
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Mortgage lenders usually require a larger down cost when mortgaging rental properties. In most cases, investors have to put 50 percent of the total cost of the asset as a down payment. Some lenders, however, ask for less money down. If you are thinking of investing in rental properties, you should shop around for a lender who can offer you a lower down cost or low interest rates. Many mortgage lenders are very eager, in this depressed real estate market, to make mortgages to superior individuals and some are gift exquisite incentives such as lower down payments, lower rates and reduced fees to attract customers. Now is an exquisite time to apply for a mortgage for rental properties.
Rental properties come in all sorts of shapes and sizes and are ready for most budgets. Those with more capital can spend in a large apartment building with manifold tenants. Those with smaller budgets can spend in a particular condominium or home to rent to others. Most mortgage lenders will require that you have a lease signed by an individual for at least a year prior to approving the mortgage. If you are purchasing the rental asset from someone else investor, often the renter or renter is already living on the premises, in which case you can supply the old lease.
Prior to investing in rental properties, keep in mind that you will be required to fix plumbing problems, leaks or other things that may go wrong with the property. You must make sure that the asset is in livable health for your tenant at all times, or you may be subjected to local and state fines.
Rental properties can be an exquisite way to spend in the real estate market, particularly for those who are handy and can fix minor problems that occur in the unit. For this reason, many real estate investors select to purchase rental properties as a way to earn equity and money in the real estate market.
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Good morning. Now, I learned all about Apartments For Rent In Pensacola Fl - No Money Down Apartment Investing - Overcoming the Down cost Hurdle When Buying Apartments. Which could be very helpful in my opinion and you. No Money Down Apartment Investing - Overcoming the Down cost Hurdle When Buying ApartmentsThere are numerous considerations complicated when buying industrial apartment buildings, but the primary consideration is to find one that is profitable. While this may sound like a no-brainer, too many investors fail to realize the cost of apartment proprietary is affected by the rent income not meeting the expenses of the property. Calculating the cost of the down payment, monthly payments for significant and interest and maintenance are only part of the calculation to determine if the property is profitable at the request price.
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Many first-time investors look only at the anticipation of naturally raising the rent to make up the inequity but fail to reconsider if the current tenants will accept this growth by a new owner. Before heading into the financial marketplace, the investor will need to reconsider all of the variables in the cost of proprietary before seeking financing.
Nearly every industrial lender will require 20 percent involvement by any new owner and most experienced investors will have the liquid assets to take advantage of a good real estate deal.
If the prospective investor is planning to buy an apartment building and undertake a major reconstruction scheme to enhance its value, there will be a whole new set of requirements by the bank, along with a lot of extra paperwork before the lender will reconsider approving the loan. However, reconsider the bank has approved the loan on the pretext the buyer can come up with the required 20 percent down payment.
No Money Down Apartment building Buying Strategies Explained
Unfortunately, many new apartment building buyers are unaware of the creative financing possibilities that will allow for the purchase of an apartment complicated with no money down. It is inherent to take proprietary of many rental apartments without having the entire 20 percent coming from the new buyer.
There are some options available when it comes to raising the capital needed to make this type investment, but remember the 20 percent down will be based on the purchase price and not what the property is worth or what the new buyer claims it to be worth.
Some of the options comprise borrowing money from friends and house to come up with the required cash, seek the help of the current owner to back the needed money for the down payment or form a exiguous partnership, offering shares in the rental property to those willing to spend in the purchase.
The first two options are somewhat self-explanatory, as borrowing from friends, house to the current owner will regularly involve exact monthly payments, akin to taking out a second mortgage to pay the down payment, while a exiguous partnership can raise the money without giving up total operate of the unit.
Using a exiguous Partnership to Buy Apartment structure with No Money Out of Your Pocket
It is recommended that any partnership deal be forged by an experienced real estate attorney to insure the investors are protected and that the deal meets all state and federal laws surrounding such agreements. One general partner, who will have some administrative powers over the state of the property and any decisions pertaining to its operation, will need to be in place. Other exiguous partnerships can be sold to other investors and, based on the percentage of their investment, can receive a return on their investment whether on a monthly basis, paid from the cash flow of the building, or held until the property is sold at a later date, repaid an whole based on the profit of the
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One qoute of renting your Florida home for part of the year is the possibility of losing your Florida homestead tax exemption. You're not the only one looking for a slight additional income. The counties are also scratching a clawing for ways to fill in the big hole in their budgets. As a result, the county property Appraisers are on the lookout for residents that have abandoned their homestead tax exemption. One of the things they look for is resident property owners who rent out their homes.
Section 196.061 of the Florida Statutes reads: "The rental of an entire dwelling previously claimed to be a homestead for tax purposes shall constitute abandonment of said dwelling as a homestead, and said abandonment shall continue until such dwelling is physically busy by the owner..."
Most property Appraisers in Florida elucidate this as saying that an owner who rents his homestead loses the exemption for the year of the rental.
What does this mean to you? If the property Appraiser's interpretation is upheld -- bad news, that's what. You can lose the Florida homestead tax exemption which will cost you hundreds of dollars each year in increased property taxes. Additionally, and even more damaging, your assessed value for property tax purposes will jump up to equal the shop value of your property. This also will succeed in increased property taxes. In future years, you will have to re-apply for the exemption.
While this is bad enough, the pain doesn't end here. Florida law requires property owners to apprise the property Appraiser's office if you no longer qualify for the homestead exemption. If you fail to apprise the Appraiser and continue to take advantage of the exemption when you no longer qualify, you can be hit with some painful penalties. You may have to reimburse the county for back taxes -- as far back as 10 years -- plus 50% penalties and 15% interest. Ouch!
Does this mean you can never rent your homestead property? Not necessarily. The statute you looked at earlier in this article provides an exception. If you qualify for Florida homestead exemption on January 1 of a clear year and are not renting the property on that day, the rental of your home after January 1 will not influence the homestead tax exemption for that year. However, you cannot use this irregularity for 2 consecutive years.
So it appears you can rent out your homestead property every other year if the lease term commences January 2 or later.
However, before choosing to rent your home, it would be a good idea to seek guidance from your Florida attorney who is familiar with the homestead law.
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Good evening. Now, I discovered Houses For Rent - Interior create Secrets for Selling Houses. Which may be very helpful to me so you. Interior create Secrets for Selling HousesNew concepts in Interior found science of mind are helping home sellers net more money in today's competitive real estate market. Therefore, it's worthwhile to spend time planning the changes that will help your home sell for the top price.
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Develop a general found plan, holding your target shop and funds in mind. Your thorough found plan in effect depends on provide and demand. How many houses are for sale in your area? How many houses sell each week? Is the selling season cold, warm, or hot? Is it a seller's or buyer's market?
If the shop is involving fast and buyers are lining up to make offers for homes in your neighborhood, you can do less. But anyone your answers to the above questions, you'll still need to do a few things to make your home stand out from the competition.
Know Your Target Buyers
Think about your neighborhood and the buyers purchasing homes near yours. Are they purchasing their first home or involving up? This will be important to your marketing and found plan, since the psychological needs of the two types of buyers differ considerably.
First-time homebuyers seek to control their own environment by owning, rather than renting. Their psychological needs include:
Safety and security
Sense of place or connection
Comfort
Self-control
Move-up buyers often enjoy those benefits, too, but they're commonly more curious in seeing a larger home with more amenities for their comfort, self-esteem, and feelings of prestige.
Once you've rule your possible buyers, you can begin production improvements to your home that will attract them.
Budget Concerns
Spend money only on items that will make a divergence in your sales price. Of all repairs, fresh paint is the best investment you can make. New kitchen appliances, upgraded bathroom features, and updated lighting fixtures will usually give a good return for your money, as well.
Sometimes, hiring professional help is worth the extra expense. professional painters work faster and will often cost less than day laborers. Tile installers, carpeting layers, and electricians also know their trades and will do a great job than most day laborers.
Contractors should have their own disability and liability guarnatee -- ask for a copy with your contract. Get everything in writing -- along with work to be completed, costs, lists of exact materials to be used, time for completion, and cost schedule.
Exterior found Psychology
Choosing the right colors to paint your home will make a huge divergence in your paycheck at closing. Look at the other homes near yours and select complementary colors.
Did you know that the face color of houses selling the most speedily is yellow, but the wrong tone or shade of yellow can kill a possible home sale? Avoid yellows with green undertones and involving yellows, and select pale yellows with creamy or beige shades instead. Warning: colors look darker on huge face expanses than they do on the tiny
paint chips you see in the store.
Color Combinations
Paint shop offer many brochures, showing varied combinations of face paint colors, but most of them also feature combinations consist of three colors. Limiting your paint option to only two colors will limit your revenue potential.
Think fun colors for a fast sale. Think "Disneyland Main Street," where every shop is painted in glorious multi-color. Using a third or fourth color on the face can add definition to your home's details. Use gloss or semi-gloss paint on wood trim.
Psychology of face Paint Colors
Take the ultimate sales price of your remodeled home into account. unavoidable colors, especially muted, involved shades, will attract wealthy or highly-educated buyers, whereas buyers with less revenue or less education will commonly prefer easy colors.
A involved color contains tints of gray or brown, and usually requires more than one word to describe, such as sage green or forest brown, while easy colors are easy and pure. Generally, houses in the lower price range will sell faster and for more money when painted in easy tones like yellow and tan with white, blue, or green trim.
Interior found Plans and Secrets
Create a list of work and materials you'll need for each room and then assessment the time you think it will take for each task. The more planning you do before you begin, the more time and money you'll save.
Psychology of Interior Paint Colors
Daring to use color instead of bland white walls will growth your profit potential. Did you know that Lynette Jennings tested people's perception of room size and color? A room that was painted white appeared larger to only a few people in the survey, compared to an same room painted with a color, and the perceived divergence was only about six inches! Because most people look great surrounded by color, a colored wall also makes them feel happier, and buyers will select to buy the house that makes them feel happiest.
Entryways should bring the face colors of the home inside. Repeat variations of the face shades all the way through your home, which will make the entire home seem to be in harmony. As an added bonus, if buyers love the face colors, they're going to like the interior colors, as well.
Spending time planning your home's sale, rather than just listing it and then taking your chances, will net you more money, and faster!
Best wishes for a profitable, quick sale.
(c) Copyright 2004, Jeanette J. Fisher. All rights reserved
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Hello everybody. Today, I learned about Houses For Rent - Your newest House addition - A mother In-Law Suite. Which may be very helpful if you ask me and you. Your newest House addition - A mother In-Law SuiteIf you or your spouse has a parent that is particularly fond of staying with you at your home for any length of time, you might want to consider manufacture an addition. Adding on a mom in-law suite would be a great way for her to stay as long as she would like while also staying out of your way. Everybody enjoys having Grandma in town to help out with the grandkids, but it is also nice to be able to enjoy your own home habit as well.
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Adding on a mom in-law suite to your house built from prairie style house plans can be a phenomenal investment. It seems as though more and more people are having their parents stay in their own homes as they age rather than putting them in a home for seniors. Due to the high costs of these homes, it might naturally make more sense to have them stay right under your own roof. This increasing will be a great way to add even more equity to your home.
A great feature that you should consider adding to your mom in-law suite is a detach entrance. This way she can come and go as she pleases without disturbing anyone or getting the grandkids all excited because she is there. A exact must for a mom in-law suite is a unblemished kitchen. This way she can cook for herself if she would like. If she is staying with your house for months at a time, she might feel as though she doesn't need to dine with you every night. She will probably recognize that you need your space as well. You will also need to provide her with her own laundry room. You would be amazed at how much more laundry just one more man can add. So allowing her to do her own laundry is a great way to keep the clutter out of your house made from country living house plans. It is also up to you if you decide to add on her very own bathroom. This way her unit will fully be self sufficient. If you find later on that she no longer uses your mom in-law suite for anyone reason, you could all the time rent out that apartment to man who needs a place to stay. This additional wage can all the time help as well.
Once you add on the mom in-law suite, you will find that she greatly enjoys her own space. This way she won't all the time feel like she is intruding or overstaying her welcome. Your cozy prairie plans house is sure to feel less tension when she is in town!
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1. Walgreens ranks first with market cap of .51 Billion, .2 Billion in 2011 total wage (.1B from prescription revenues), and an S&P rating of A. According to Walgreens, 75% of the Us people lives within 3 miles from its stores. In April 2010, it acquired 258 Duane Reade drug stores in New York Metropolitan area which brings a total of 7841 drug stores Walgreens operates as of February 2012, along with 137 hospital on-site pharmacies.
2. Cvs ranks second with market cap of .56 Billion, 7.1 Billion in wage (.5 Billion from Cvs prescription revenues and .1B from its Caremark prescription mail order revenue), and an S&P rating of Bbb+. As of December 31, 2011, Cvs operates 7404 drug stores.
3. Rite Aid ranks third (fourth, behind Walmart in terms of prescription revenues) with market cap of .49 Billion, .1 Billion in wage (.1B from prescription revenues), operates 4714 drug stores as of February 2011 and has an S&P rating of B-.
Investors buy properties busy by these drugstore chains for the following reasons:
1. The drugstore enterprise is very recession-insensitive. people need treatment when they are sick, regardless of the state of the economy. Both rich and poor people in the Us have entrance to medicine. Some even argue that low-income people use more treatment due to free or low-cost drugs offered by government-assisted programs. So the tenants should do well during tough time and have money to pay rent to landlords.
2. The drugstore enterprise has a good prospect in the Us:
· people are living longer and need more treatment to support longevity, e.g. Actonel for osteoporosis, Aricept for Alzheimer's symptoms. Older people tend to use more treatment than younger ones as they often have more curative problems. As the 78 million baby boomers are getting closer to retiring age beginning from 2008, the drugstore chains anticipate the request for treatment to growth in next 20 years.
· The drug market continues to progress as the Us people continues to grow. More and more Americans suffer from varied diseases. The estimate of Americans suffers from seasonal allergies doubled in the last 15 years to 37 million people per Fortune magazine. They spent .4 Billion in 2009 for allergy drugs. As their waist lines balloon (75% of Americans are forecasted to be either overweight or obese by 2020), more Americans are diagnosed with diabetes, along with high cholesterol at younger and younger ages. In addition, doctors also suggest treating varied diseases sooner than later due to good comprehension about the diseases. For example, doctors now prescription antiretroviral drugs for patients soon after infected with Hiv virus instead of waiting for the infection to come to be Aids. More doctors merge insulin with oral medicines to treat type-2 Diabetes instead of just oral medicines alone. All these factors growth the size of the drug market.
· progress in genetic engineering has introduced varied new genetic Dna testing kits which allow the genetic prognosis of vulnerabilities to inherited diseases and disorders. Genetic testing is currently the top growth segment in the diagnostics industry. Some of these genetic tests will probably transform into direct-to-consumer testing kits available in drug stores in the near future.Upon Fda approval, these new products will potentially bring in further wage for drug stores.
· Using a new recipe of tailoring molecules called structure-based design; drug fellowships come up with new medicines that they might not have discovered otherwise, e.g. Xalkori by Pfizer to treat lung cancer.
· The tube of health Care Reform Bill on March 23, 2010 provides assurance coverage to an estimated 33 million more American. This is a great present to the drugstore industry.
· There are new drugs to treat previously untreatable illnesses, and new diseases, e.g. Viagra for men's unhappiness, Avastin for colon cancer, Herceptin for breast cancer,. The new medicines are very expensive, e.g. A year's provide of Avastin costs about ,000. Eli Lilly has sold about .8 billion of Zyprexa in 2007 for schizophrenia and yet most people have never heard of this medicine.
· There are existing drugs now stylish to treat new illnesses and thus growth their sales revenue. For example, Lyrica was originally intended to treat pain caused by nerve damagein people with diabetes. It is now stylish by Fda to treat Fibromyalgia which affects 5.8 million Americans per WebMd.
· Big advances in genetics, biology and stem cells research are anticipated to furnish a new class of drugs to treat diabetes, Parkinson's and varied rare genetic disorders. For example the new drug Ilaris from Novartis targets genetic causes of an inherited disorder that there are only 7000 known cases worldwide. However, Novartis hopes to slowly broaden its drugs to a blockbuster drug to more common disorders caused by similar genetics.
· Technology and modern life introduce and wish new products, e.g. Fertilization test kits, Lamisil for stronger clearer toe nails, Latisse for longer & thicker eyelashes, Propecia for male hair loss, Premarin for menopausal symptoms, diabetic monitors, electronic toothbrushes, palpate lenses, lenses cleaners, diet pills, vitamins, birth-control pills, Iuds, nourishment supplements and Cholesterol-lowering pills (Americans spent nearly B in 2006 on Cholesterol medications alone per Ims Health, a Connecticut-based consulting enterprise that monitors pharmaceutical sales.)
· Before the customers can get to the treatment aisles or pharmacy counters, they have to pass by chocolates, sodas, digital cameras, watches, toys, dolls, beers and wines, cosmetics, video games, flowers, fragrances, and greeting cards. Drug stores hope you use the one-hour photos services there. The stores also carry seasonal items, e.g. Halloween costumes, and "As Seen on Tv" merchandise, e.g. Shamwow. As a result, customers buy more than their prescriptions and treatment in these drugstores. Cvs reported that non-pharmacy sales represented 30% of the company's total sales in January of 2007. The outline for Walgreens is 34% and 37% for Rite Aid. Many pharmacy locations are in succeed convenience stores especially ones that are in residential or rural areas. And so Walgreens hopes that customers also pick up Wd-40, and screwdrivers at its stores instead of at Home Depot; Thai Jasmine rice, and fish sauce to avoid a trip to Safeway or Kroger Supermarkets. during the recession, sales of these non-drug items are down as customers buy what they need and not what they want. Walgreens tries to cut the estimate of items by 4000. It also introduces its own inexpressive label which has higher profit margins.
· There are more and more generic medications on the market as a estimate of enormously favorite brand-name blockbusters lose their 20-year long patents, e.g. Lipitor (best selling drug in the world to lower cholesterol) in 2010, Viagra (you know what it's for) in 2012. Drugstores prefer to sell generic drugs to customers due to higher profit margins than the brand-name medications.
· Many people are addicted to pain killers, e.g. Hydrocodone/Oxycodone. Per the Dea in 2012, there are 1.5 million American addicted to cocaine but 7 million addicted to prescription drugs.
· This author estimates that at least 10% of the dispensed prescription drugs are not used at all and sit idle in the treatment cabinets. They are at last expired and thrown away.
3. These fellowships sign very long-term Nnn leases, guaranteed by their corporate assets. This makes the venture in the fundamental property fairly low risk, especially for Walgreens with a S&P "A" rating. In fact, these properties are sometimes referred to as investment-grade properties. Once the drugstore chains sign the lease, they pay the rent abruptly and timely. This author is not aware of any properties leased by one of these drugstore chains in which the tenants failed to pay rents. Even when the stores are done due to weak sales (Walgreens done 119 stores in 2007), these fellowships may sublease the properties to other companies, e.g. progress Auto Parts and continue to pay rents on the devotee leases.
· A typical Walgreens lease consists of 20-25 year traditional term plus 8-10 five-year options. during traditional term and options, there will be no rent increases in most of the leases. This is the main disadvantage of investing in Walgreens drugstores.
· A typical Cvs lease consists of 20-25 year traditional term plus 4-5 five-year options. The rent is normally flat during the traditional term and then there is a 2.5%-10% rent growth in each 5-year option.
· A typical Rite Aid lease consists of 20-25 year traditional term plus 4-8 five-year options. The lease often has a rent growth every 5-10 years.
Investment Risks
Although the pharmacy enterprise in general is recession-insensitive, there are risks involved in your investment:
1) The main downside about investing in pharmacies is there is diminutive or no rent bump for a long time, e.g. 20-50 years, especially for Walgreens. So the rent is effectively reduced after inflation is factored in. This is one of the main reasons these properties do not petition to younger investors, especially when the cap rate is low.
2) The 3 drugstore chains now have a new formidable competitor, Walmart. Walmart sells prescription drugs in more than 4000 Walmart, Sam's Club and Neighborhood market stores in 49 states. As of 2012, Walmart is the third largest drug retailer with .4B in prescription sales, just ahead of Rite Aid with .1B in prescription sales. The sell giant is known for launching in 2006 a highly-publicized generic prescription drug schedule which now sells 350 generic medications for a 30-day supply. The actual estimate of medications is less as the medications with distinct strengths are counted as distinct medications. For example, Metformin 500 mg, 850 mg, and 1000 mg are counted as 3 medications. Walmart probably makes very diminutive profits on these medications if any. However, the marketing campaign--created by Bill Simon, the President and Ceo of Walmart Us, generates a lot of publicity for Walmart. Walmart hopes to draw customers to its stores with other prescriptions where it has higher profit margins. In an unscientific discover with just one brand-name prescription of Lyrica, this author finds the lowest price at Costco, the top price at Walgreens and Walmart at the middle. Other drug chains try to counter Walmart in distinct ways. Target now offers the same 350 generic medications for for a 30-day supply. Walgreens has a prescription drugs club with membership fee which offers 1400 generic medications for as diminutive as /week. Cvs says it will match any offers from its competitors.
3) Chief enterprise Correspondent Rick Newman from Us World & News article anticipated that Rite Aid might not survive in 2009. Rite Aid is still colse to in 2012. The prediction seems to go away in 2012 as Rite Aid as it was able to refinance the long terms debts and sales wage has increased.
4) Drugs are also sold in thousands of supermarkets, Target stores, and Costco warehouses. However, there are no drive-through windows at these stores or Walmart to conveniently drop off the prescriptions and pick up medicines. Customers will not be able to pick up their prescriptions during lunch hour or after 7Pm at Target stores or supermarkets. They need to have membership to buy medicines at Costco. Others may not fill their prescriptions at Walmart because they don't want to mingle with typical Walmart customers who are in lower wage brackets. And some baby boomers don't want their prescriptions filled at Target or Walmart because there are no comfortable chairs for them to sit down and wait for their medicines.
5) Drugs sell enterprise to some degree is controlled by the Pharmacy Benefits Managers (Pbms). Customers normally get prescription coverage from their health assurance companies, e.g. Blue Cross. These Pbm administrate prescription benefits on profit of the assurance companies. In 2012 Walgreens lost a ageement valued at over Billion with Express Scripts, a major Pbm. Walgreen wage was immediately fallen in the first quarter of 2012 as Express Scripts customers cannot fill their prescriptions at Walgreens. The Pbms are also in the drugs sell enterprise via mail orders which do not wish leasing high-priced sell spaces. The prescription mail orders currently capture over 20% market share of the total prescription revenue. Should customers convert their prescription buy habits to mail orders (there is no such evidence in 2012), it could have negative impact to the enterprise of drugstore chains.
6) Many leases in areas with hurricanes and tornadoes are Nnn leases with the exception of roof and structure. So if the roof is damaged, you will have to pay for the expenses.
7) The tenant may move to a new location down the road or over the road when the lease expires. This risk is high when the property is located in small town where there is low wall for entry, i.e. Lots of vacant & developable land.
8) The tenant may ask for rent concession to enhance its lowest line during tough times. The possibility is higher if the tenant is Rite Aid and if the store has low sales wage and/or higher than market rent.
9) More Americans are walking away from their prescriptions, especially the most high-priced brand-name medicines. This may have negative impact on the sales wage and profits of drug stores and consequently may cause drug store closures. According to Wolters Kluwer Pharma Solution, a health-care data company, nearly 1 in 10 new prescriptions for brand-name drugs were abandoned by people with industrial health plans in 2010. This is up 88% compared to 4 years ago just before the recession began. This trend is driven in part by higher and higher co-pays for brand name drugs as employers are shifting more assurance costs to their employees.
Among 3 drugstore chains, Walgreens and Cvs pharmacies in general have the best locations-at major intersections while Rite Aid has less than prime locations. Walgreens tends to hire only the top graduates from pharmacy schools while Rite Aid settles with lowest graduates to save costs. When possible, all drugstore chains try to fill the prescriptions with generic medications which have higher profit margins.
1) Walgreens: the enterprise was founded in 1901 by Charles Walgreen, Sr. In Chicago. While the enterprise has existed for more than 100 years, most stores are only 5-10 years old. This is the best managed enterprise among the three drugstore chains and also among the most admired group fellowships in the Us. The enterprise has been run by executives with proven track records and hires the top graduates from universities. Due to its first-rate financial strength--S&P A rating-- and prime irreplaceable locations, properties with leases from Walgreens get the top price per quadrilateral foot and/or the lowest cap rate among the 3 drugstore chains. In addition, Walgreens gets flat rent or very low rent increases for 20 to 60 years. The cap rate is often in the low 5% to 6.5% range in 2012. Investors who buy Walgreens tend to be more mature, i.e. Closer to relinquishment age. They are looking for a safe venture where it's more important to get the rent check than to get appreciation. They often collate the returns on their Walgreens venture with the lower returns from Us treasury bonds or Certificate of Deposits from banks. Walgreens opened many new stores in 2008 and 2009 and thus you see many new Walgreens stores for sale. It will slow down this expansion in 2010 and beyond and focus on renewal of existing stores instead.
2) Cvs Pharmacy: Cvs Corporation was founded in 1963 in Lowell, Ma by Stanley Goldstein, Sidney Goldstein, and Ralph Hoagland. The name Cvs stands for "Consumer Value Stores". As of 2009, Cvs has about 6300 stores in the Us, mostly straight through acquisitions. In 2004, Cvs bought 1,200 Eckerd Drugstores mostly in Texas and Florida. In 2006, Cvs bought 700 Savon and Osco drugstores mostly in Southern California. And in 2008 Cvs acquired 521 Longs Drugs stores in California, Hawaii, Nevada and Arizona for .9B dollars. The acquisition of Long Drugs appears to be a good one as it Cvs did not have any stores in Northern Ca and Arizona. Besides, the price also included real estate. It is also bought Caremark, one of the largest Pbms and changed the corporation name to Cvs Caremark. When Cvs bought 1,200 Eckerd stores, it formed a single-entity Llc (Limited Liability Company) to own each Eckerd store. Each Llc signs the lease with the property owner. In the event of a default, the owner can only legally go after the assets of the Llc and not from any other Cvs-owned assets. Although the owner loses the guaranty safety from Cvs corporate assets, this author is not aware of any incident where Cvs closes a store and does not pay rent.
3) Rite-Aid: Rite Aid was founded by Alex Grass (he just passed away on Aug 27, 2009 at the age of 82) and opened its first store in 1962 as "Thrif D reduction Center" in Scranton, Pennsylvania. It officially incorporated as Rite Aid Corporation and went group in 1968. By the time Alex Grassstepped down as the company's chairman and chief executive officer in 1995, Rite Aid was the nation's largest drugstore chain in terms of total stores and No. 2 in terms of revenue. His son, Martin Grass, took over but was ousted in 1999 for overstatement of Rite Aid's wage in the late 1990s. Rite Aid is now the weakest financially among the 3 drugstore chains. In 2007, Rite-Aid acquired about 1,850 Brooks and Eckerd drugstores, mostly along the East coast to catch up with Walgreens and Cvs. In the process, it added a huge long term debt and is the most leveraged drugstore chain based on its market value. The integration of Brooks and Eckerd did not seem to go well. wage from some of these stores went down as much as 20% after they convert the sign to Rite Aid. In 2009, Rite-Aid had over 4900 stores and over Billion in revenues. The figures went down in 2010 to 4780 stores and .53 billion in revenue. On January 21, 2009 Moody's Investor Services downgraded Rite Aid from "Caa1" to "Caa2", eight notches below venture grade. Both ratings are "junk" which indicate very high credit risk. Rite Aid contacted a estimate of its landlords in 2009 trying to get rent concession to enhance the lowest line. In June 2009, Rite Aid successfully completed refinancing .9 Billion of its debts. In 2012, Rite Aid benefits from Walgreens ageement question with Express Scripts. Same store sales increased 2.2%, 3.2%, and 3.6% for January, February and March of 2012, respectively. Rite Aid is still losing money in fiscal year 2012 which ended in March 3, 2012. However, it is losing less, .43 per share in 2012 versus .64 per share in fiscal year 2011. The enterprise expects good outlook in fiscal year 2013.
Things to consider when invested in a pharmacy
If you are interested in investing in a property leased by drugstore chains, here are a few things to consider:
1. If you want a low risk investment, go with Walgreens. In garage or growing areas, the degree of safety is the same either the property is in California where you get a 5.5% cap or Texas where you may get a 6.5% cap. So, there is no principal advantage to spend in properties in California as the property value is based primarily on the cap rate. In 2012, the offered cap rate for Walgreens seems to come down from 7.5%-8.4% in 2009 to 5.5%-6.5% for new stores.
2. If you are willing to take more risk, then go with Rite-Aid. Some properties surface of California may offer up to 9% cap rate in 2012. However, among the 3 drug chains, Rite Aid has 10.5% opportunity of going under in 2010. Should it mouth bankruptcy, Rite Aid has the selection to pick and choose which locations to keep open and which locations to conclude the lease. To minimize the risk that the store is shuttered, choose a location with strong sales and low rent to wage ratio.
3. Financing should be an important consideration. While the cap rate is lower for Walgreens than Rite Aid, you will be able to get the best rates and terms for Walgreens.
4. If you are not a conservative investor or risk taker, you may want to consider a Cvs pharmacy. It has Bbb+ S&P credit rating. Its cap rate is higher than Walgreens but lower than Rite Aid. Some leases may offer good rent bumps. On the other hand, some Cvs leases, especially for properties in hurricane areas, e.g. Florida are not truly Nnn leases where landlords are responsible for the roof and structure. So make sure you adjust the cap rate down accordingly. Some of the Cvs locations have onsite Minuteclinic staffed by registered nurses. Since this clinic idea was introduced recently, it's not clear having a clinic inside Cvs is a plus or minus to the lowest line of the store.
5. All 3 drugstore chains have similar requirements. They all want very visible, standalone, rectangular property colse to 10,000 - 14,500 Sf on a 1.5 - 2 acre lot, preferably at a corner with about 75 - 80 parking spaces in a growing and high traffic location. They all wish the property to have a drive-through. Hence, you should avoid purchasing an inline property, i.e. Not standalone and property with no drive-through windows. There is a opportunity that these drugstores may not want to renew the lease unless the property is located in a densely-populated area with no vacant land nearby. In addition, if you derive a property that does not meet the new requirements, for example a drive-through, you may have a question getting financing as lenders are aware of these requirements.
6. If the pharmacy is opened 24 hours a day, it is in a good location. Drugstore chains do not open the store 24 hours day unless the location draws customers.
7. Many properties may have a percentage lease, i.e. The landlord can get further rent when the store's annual wage exceeds a unavoidable figure, e.g. M. However, the wage used to compute percentage rent often excludes a page-long list of items, e.g. Wine and sodas, tobacco products, items sold after 10 Pm, drugs paid by governmental programs. The excluded sales wage could list for as much as 70% of store's gross revenue. As a result, this author has seen only 2 stores in which the landlord is able to derive further percentage rent. The store with a percentage rent is required to article its annual sales to the landlord. As an investors, you want to spend in a store with strong gross sales, e.g. Over 0 per quadrilateral foot a year. In addition, you also want to check the rent to wage ratio. If the outline is in the 2-4% range, the store is likely to be very profitable so the opportunity the store is shut down is low.
8. It does not matter how good the tenants are, avoid investing in declining, e.g. Detroit and/or low-income areas or small towns with less than 30,000 residents within 5 miles ring. In a small town, it may be the only drug store in town and captures most of the market share. However, if a competitor opens a new location in the area, wage may be severely affected. In addition, the tenant can all the time moves to a new location down the road when the lease expires since there is low wall to entry in a small town. These properties are easy to buy now and hard to sell later. When the credit market is tight, you may have problems looking a lender to finance these properties.
9. Many properties have an existing loan that the buyer must assume. If you have a 1031 exchange, think twice about buying this property. You should clearly understand loan assumption requirements of the lenders before challenging forward. Should you fail to assume the existing loan (assuming an existing loan is a lot more difficult than getting a new loan), you may run out of time for a 1031 exchange and may be liable to pay capital gain.
10. With few exceptions, drugstore chains do not own the stores they occupy for any reasons. Here are just a merge of them:
- They know the pharmacy enterprise but don't know real estate. Stock investors also don't want Walgreens to come to be a real estate venture company.
- Owning the real estate will wish them to carry lots of long term debts which is not a great idea for a publicly-traded company.
11. About 10% of the drugstore properties for sale and typically Cvs pharmacies wish very small estimate of equity to acquire, e.g. 10% of the buy price. However, you are required to assume an existing fully-amortized loan with zero cash flow. That is, all of the rent paid by the tenant must be used to pay down the loan. The cap rate may be in the 7-9% range, and the interest rate on the loan could be challenging in the 5.5% to 6% range. Hence, the investor pays off the loan in 10 to 20 years. However, you have no unavoidable cash flow. This requires you to come up with surface cash to pay wage tax on the rental profits (the unlikeness between the rent and mortgage interest). The longer you own the property, the more surface cash you will need to pay wage taxes as the mortgage interest will get less and less toward the end. So who would buy this kind of property?
- The investors who have stupendous losses from other venture properties. By acquiring this zero cash flow property, they may offset the wage from the drugstore tenant against the losses from other venture properties. For example, a property has 5,000 of rental profits a year, and the investor also has losses of 0,000 from other properties. As a result, the combined chargeable profits are only ,000.
- The uninformed investors who fail to consider that they have to raise further cash to pay wage taxes.
Out of the Box Thinking
If you put too much weight on the S&P rating of the tenants, you may end up either taking a lot of risks or passing up good opportunities.
A Good location should be the key in your decision on which drug store to spend in. It's often said a lousy enterprise should do well at a great location while the best tenant will fail at a lousy location. A Walgreens store that is done down later on (yes, Walgreens done 119 stores in 2007) is still a bad venture even though Walgreens continues paying rent on time. So you don't want to blindly spend in a drug store plainly because it has a Walgreens sign on the building.
No enterprise is crazy sufficient to close a profitable location. It does not take rocket science to understand that a financially-weak enterprise like Rite Aid will make every attempt to keep a profitable location open. On the other hand, a financially-strong Walgreens will need justifications to keep an unprofitable location open. So how do you decide if a drug store location is profitable or not if the tenant is not required to disclose its profit & loss statement? The retort is you cannot. However, you can make an educated guess based on the store's annual gross wage which is often reported to the landlord as required by the percentage clause in the lease. With the gross revenue, you can decide the rent to wage ratio. The lower the ratio, the more likely the store is profitable. For example, if the annual base rent is 0,000 while the store's gross wage is M then the rent to wage ratio is 5%. As a rule of thumb, it's hard to make a profit if this ratio is more than 8%. So if you see a Rite Aid with 3% rent to wage ratio then you know it's likely a very profitable location. In the event Rite Aid declares bankruptcy, it will keep this location open and continue paying rent. If you see a Rite Aid drug store with 3% rent to wage ratio offering 10% cap, chances are it's a low risk venture with good returns and the tenant will most likely to renew the lease. The frailness of corporate guaranty from Rite Aid is probably not as principal and the risk of having Rite Aid as a tenant is not unmistakably that significant.
Drug stores with new 25 years leases tend to sell at lower cap, e.g. 6-7% cap on new stores versus 8.0-8.5% cap on established locations with 5-10 years remaining on the lease. This is because investors are afraid that the tenants may not renew the leases. Unfortunately, lenders also have the same fear! As a result, many lenders will not finance drug stores with 2-3 years left on the leases. The fact that drugstores with new leases have a prime on the price means they have inherent of 20% depreciation (buying new at 6% cap and selling at 7.5% cap when the leases have 8 year left). Some investors will not consider investing in drug stores with 5-10 years left on the lease. They might plainly ignore the fact that the established stores may be at irreplaceable locations with very strong sales. Tenants plainly have no other choices other than renewing the lease.
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