Property can be a very lucrative investment. Many Louisiana residents and companies may start small, growing their property portfolio over time to generate a substantial and continuous source of revenue. Real estate transactions are not always easy, however, and many developers and buyers may find themselves plagued by problems in certain deals. Nevertheless, with the right guidance and legal counsel, buying and developing certain pieces of property can be a very wise investment.
Billings, Montana, viewed as a strong market in the region, is attracting the interest of developers across the country, including InterMountain Management, LLC, a family-owned company based in Monroe, Louisiana. InterMountain Management recently purchased a parcel of land across from the Billings Hilton Garden Inn, intending to build a TownePlace Suites by Marriott hotel. The developer believes that it will benefit from the "old-fashioned growth" expected to occur in the city. The new hotel will be an extended stay hotel, with one- to two-bedroom rooms with kitchens, designed to accommodate the business and leisure travel that will be likely be created as a result of the nearby oil growth.
Taking advantage of lucrative property opportunities before the majority of developers and purchasers realize the potential is one of the keys to successful commercial real estate transactions. In addition, prospective buyers need to be aware of a range of other factors that will affect the viability and financial success of a new project. While many people may still believe in the power of person-to-person negotiations and an honest handshake, there are various problems that can arise during contract negotiations and being prepared is always helpful. In order to prevent these problems from derailing a project or foreclosing a deal, prospective buyers can consult with an experienced attorney in order to know upfront what to look for and how to address issues that may arise.
Contracts and negotiations are an important element of a project at any-and all-stages of the process. Problems and issues can include general litigation on a range of issues, breach of contract, problems that can arise in construction defects, foreclosures, evictions, tax issues, title actions, and more. Just because these issues arise, however, does not mean that a deal will fall apart. With proper guidance and advice, a wise investment can come to fruition as long as the buyer is willing to do what it takes to keep the deal moving forward.
Source: Billings Gazette, "Louisiana and Minnesota companies building Billings hotels," Jan Falstad, June 8, 2013