Real estate loan is what a lot of people use to buy their home. Real estate loans have been instrumental in bringing joy to people by making that unaffordable house affordable. Some real estate investors too make use of real estate loans for buying properties. However, real estate loan is not free money and anyone who buys real estate or plans to buy real estate using real estate loan must understand the concept of real estate loan very clearly.
Real estate loan (also known as motgage ) is the money that you borrow from someone (a financial institution i.e. a motgage lender) for the purpose of buying a property. The real estate loan generally covers a part of your purchase price and the remaining portion has to be paid by you upfront i.e. as down payment. The amount (i.e. the percentage of total purchase price) that you have to pay as down payment is dependent on a number of factors and you can generally reduce it to even 5% by going for mortgage insurance.
FHAand VA loans (i.e. mortgage insurances through FHA and VA) reduce the down payment requirements on real estate loan even further. Whatever you borrow from the mortgage lender as real estate loan needs to be paid back to the mortgage lender over a period of time (and, of course, you will also need to pay appropriate interest on that real estate loan). The tenure of your real estate loan and the prevailing market rate will determine the amount of interest you pay for your real estate loan. Generally, you are required to pay back the real estate loan in the form of monthly instalments which are composed of both interest and principal portions of your real estate loan.
Also, there are various types of real estate loans e.g. fixed interest rate loans and adjustable interest rate loans. So depending on what type of real estate loan you have gone for, your monthly payments might either remain constant ( fixed rate ) for the full tenure of the loan or keep getting adjusted periodically (adjustable rate) on the basis of a financial index. Besides that, some other costs are also associated with real estate loans e.g. there are closing costs , inspection costs, attorney fee etc.
Also, in case the property needs some repairs, there will be costs associated with that too. Again, there is stamp duty and other taxes that you need to pay. So, really you need to understand the concept of real estate loans and the related costs clearly before you actually go for the real estate loan. And understanding these concepts is really not that tough.
Tenant improvement allowances, funds provided by the landlord to improve office space, are becoming increasingly prevalent during landlord-tenant negotiations, and all companies should consider their role in creating an ideal office space. However, companies seeking to lease at least 5,000 square feet of Class A & B office space with a lease term of at least five years can exercise much greater leverage on the landlord and will typically find it easier to achieve many of the suggestions below. If in doubt, you should consult with a real estate broker to determine the feasibility of any specific item.
1. In todays economic environment, many landlords are providing and funding 100 percent of the building standard installations required by tenants.
2. Tenants should try to negotiate above-standard items, such as millwork, extra HVAC, large glass walls, plush carpeting or special lighting, to get them included in the tenant improvement allowance provided by the landlord.
3. When landlords refuse to fund all or a portion of above-standard items, tenants can try to amortize their cost into the rent over the term of the lease instead of paying out of pocket.
4. Funding above-standard work can also be achieved via negotiating tactics, for example, offering to decrease the quantity of free rent and increase the tenant improvement allowance instead.
5. We recommend tenants hire an architect to represent their interests and suggest a layout and design of the space to ensure tenant improvement allowances are put to the best possible use.
6. Tenants can avoid the need for a large tenant improvement allowance by touring many suites and finding one with a suitable existing configuration. However, we advise tenants to avoid compromising the amount of their tenant improvement allowance just to decrease the rental rate.
7. Landlords are providing generous tenant improvement allowances for new tenants, and tenants can use this as leverage even if they are only renewing, especially if they have occupied the space for the past five-to-ten years.
8. If landlords offer a specific dollar amount for a tenant improvement allowance, we advise tenants to negotiate an open-bid format, based on an expert review by their own architect, project manager or construction firm.
9. Many companies are using tenant improvement allowances to create more light in the workplace by adding glass in offices and conference rooms. From narrow, vertical side-windows to full walls of glass, natural light illuminates interior areas and provides sight-lines for workers to improve communications and productivity.
10. We always recommend tenants hire an architect to brainstorm about the best uses for tenant improvement allowances. Many companies are decreasing hard-walled offices in favor of flexible workstations and huddle rooms, small two-to-four person conference areas, to accommodate departments changing needs.
In the face of the difficulties faced by economies worldwide, we have to take cognizance of the urgency of looking for sound investment prospects for a real estate investor.
Most would obviously avoid real estate investment prospects like a bubonic plague. However, seasoned investors are actually excited about the latest leading economic indicators that points to a definite windfall in the real estate sector.
Emerging Trends in Real Estate Business
The reason that most of us are doubtful of any prospects emerging in the real estate sector is the fact that it has triggered this economic turmoil that we are suffering right now.
When the real estate bubble burst a couple of years ago, it led to a series of turbulent shockwaves that rocked the very foundations of the US economy. Most see the sector in total ruin with no apparent hopefuls in sight.
There is actually a silver lining to all the debacles that real estate has been experiencing. Amidst the sub-prime issues, real estate mortgage defaults and liquidity and bankruptcy issues, we see one emerging investment hopeful. This we have to take advantage of, as it will be a hot item very soon!
It is an accepted fact that during economic recessions and meltdowns, real estate assets are undervalued. However, it is the kind of asset that leads in appreciation every time the cycle recovers and makes a rebound. It is one of the safest forms of assets. Cashing in on real estate properties at this stage would surely pay dividends as you purchase prime properties way below their real values.
Further, amidst the dips in the stock market, we see the erosion of our wealth. The stock market would not be an attractive investment opportunity at this time. In order to preserve the value of wealth, the best option for real estate investor is to cash in on prime properties.
These two-tiered beneficial effects are the strong arguments for a real estate investor to continue to keep their faith on real estate investment properties.
There is more to it than these two acknowledged beneficial effects. A real estate investor stands to earn huge profits if he makes his move now and engages in a buying binge!
A real estate investor should closely watch the emerging trends in space rentals. There is a clear indication of good investment opportunities for a real estate investor. Due to the downtrend in home buying and coupled with the high incidence of mortgage home foreclosures, there is now a sudden increase in the demand for rented space.
A real estate investor with equity must take advantage of this opportunity as it would immediately lead to significant profits even in the short term. As the market forces increase rental rates, buying prime real estate properties at amazingly low prices would be an extremely attractive investment prospect for the real estate investors.
The good news does not end there. This investment opportunity gives the opportunity for the real estate investor to assume enviable and strong position to gain even greater profits once the economy makes a comeback.
The concurrent economic indicator of this event would be the increase in value of these prime real estate properties.
This is the main reason why a seasoned real estate investor is buying real estate property like there is no tomorrow.
Who can and who should take the real estate training or course?
Practically anyone who wants to make a career in the property industry can choose to go for the training. If one feels that they can carve their niche in the property sector and have what it takes to excel in the profession, a good real estate course will be of crucial importance.
Amid the current financial recession when all industries appear to be toppling, property industry is still somewhat stable. Although there is an evident slowdown in the industry, yet it is growing. So the requirement for real estate professionals has not eroded and every property company needs a property professional. Today, when career opportunities in other professions show a great deal of saturation, the potential of real estate industry is slowly dawning upon people who are now taking up real estate training courses to enter this vast field of opportunities.
What are the real estate training courses about?
Real estate of course! Every country of the world has its set real estate laws and ordinances. These laws may vary largely from country to country, and also from city to city within in a country. This is one reason why it is important for a real estate professional to not only become aware of, but also have a deep insight into his region’s property laws and regulations. The real estate training courses consist of a series of classes or lectures which cover anything and everything about real estate in your region. The courses are designed, handled and delivered by the area’s real estate experts with vast experience of the local property market. The most common things covered in the property training are the property laws governing your area’s real estate industry, your responsibilities as a real estate agent, and the types of real estate present in your zone of operation. The courses are also designed to hone your buying and selling skills as a property agent.
Where are the real estate training courses available?
Probably not far from you. These courses are gaining popularity around the world and many established property companies and agencies have taken this initiative. Not only established real estate companies, but also experienced property professionals have started educationg people about the property business and its ethics with a special focus on the latest real estate trends of their own region’s property industry. So it’s very probable that after a brief search, you’ll be able to find a property company, agency or individual offering this course near your house or somewhere else in your city. And if you don’t, there are numerous real estate training courses available online in which anyone can enroll with ease. All it takes is a little online search and you’ll come across innumerable options. Most people consider online course more convenient than the classroom study as you can study at your convenience without having to rush for taking classes. It saves you the time and hassle of the traditional classroom study. Many online universities and institutions have even started bachelor and master degree programs in real estate development and management.
When can you enroll for the course? How long does it take to complete?
It depends on various factors. Your choice between online and classroom study, the mode of training, and the trainer’s discretion, all these factors come into play. The best way to find an answer to this question is to visit the trainer in person if it’s an offline (classroom) course, or to visit the website of the trainer if it’s an online course. The websites of educational institutions bear all the details of the courses they offer including the course objective, outline, duration, and choice. One trainer may offer more than one property training course at a time designed for different individuals as per their requirements, suitability and market exposure.
Why should you take this course?
Well, we’ve already discussed it in the 1st answer. One definite answer to this question is that the property market is still booming when the other industries appear to be falling down in the current financial recession. As the industry is expanding, there’s more and more room for real estate professionals in it. Taking a real estate training course can help you make a career in this booming sector and excel professionally.
Daniel Marshel is a senior real estate consultant associated with Better Homes, a leading real estate firm in Dubai, UAE. He has more than 25 years of hands on experience of working in Dubai property market. He has helped thousands of his clients to buy property in Dubai. He is a trusted name in getting real estate for rent among property finders. Daniel is well aware of the latest trends in property for sale in Dubai, UAE. His firm Better Homes offers online Dubai property listings, property management and property investment services
In the real estate scene, there are a lot of viable options available for every individual who wishes to invest in an excellent asset. With today’s unbalanced economy, now is the best time to become a real estate investor. However, you know that there are a lot of choices out there and this can confuse you. The key to becoming a successful investor is to know your options and be open-minded before narrowing down on a certain target.
The real estate world is very big and it comes in two ways – it can either generate you a lot of money or it can pull you down big time because of its risks. The key rule to do well is to know which investments can do you good whether it is in a good or bad condition. In other words, it must stand the test of time.
The following are the top five real estate investments options that every individual can choose to invest on:
1.) Residential Rental Properties
A rental property serves as the playground for first time investors since this is basically the starting point for most investors. What makes rental properties a great investment is because people need not shell out too much money in order to obtain this asset. Plus, it is totally not hard to buy it and then gear it to become for rent homes or for rent apartments.
The payments that one can generate from it can cover up the residences mortgages and other rental property expenses that come along with it.
As a landlord or a landlady, you get to reap the most rewards from having tenants. You not only generate a monthly income based on your tenants monthly payments but as well as get hefty pay-offs.
However, rental housings also display a risk especially when renters default in making their payments since you can end up paying all the expenses instead. Thus, you need to be ready on coming up with various solutions to counteract such instances.
2.) Single and Multi-Family Residences
For single family homes, these are great ventures when the economy is favorable and it displays lower risks. The advantage it has over multi-family properties is that the cost of purchasing and maintaining it is lower. It requires lesser paperwork and lower taxes. Plus, its home value appreciates more over time.
Multi-family homes on the other hand can produce more returns, less upkeep expenses and buying costs less since it is for a number of families.
Or more known as real estate turn around, flipping is when an individual purchases a house and then sells it to generate profit. This type of asset are best for people who have excellent knowledge and background for residential real estate investing as this includes knowing how to smartly market homes, recognize when the best time for selling houses is and identify what methods can best sell houses fast.
4.) Commercial Real Estate
Entirely distinct from residential real estate investing, commercial real estate investment is an expensive outlay to have but it is considered as tried and tested assets since these investments offer security whether the economy is experiencing highs and lows.
Commercial assets makes for a great outlay since you are offering your assets to large people, meaning, your tenants range from small to big time business people. Tenants rent your place for putting up business firms, shopping malls, grocery stores, gyms and other commercial establishments. If the business is booming, so will your investment’s value.
Stability is the biggest advantage commercial real estate offers to people since one establishment can lease it and the other can rent it immediately. It offers a long-term basis of partnership and profit.
5.) Real Estate Investment Trusts
Also known as REITs, these are units that allows individuals to purchase, develop, manage and sell varying types of real estate assets like mortgages obtained by residential housings (apartments, condominiums, etc.), hotels and office buildings.
REITs are the most popular investment option preferred by people and they are operated just like stocks and is the easiest way to get in and out of investing. These gives off high dividends which makes it a very attractive asset to have and can be liquidated and give every investor high returns and lower risks.
To make investments profitable and advantageous to you, weighing every possible option is the best answer. A lower risk means higher returns and a happy investor.
Apartment locating in Texas is a big business. Houston and Dallas have some of the largest apartment markets in the entire country. Its a great business as the startup costs are minimal and there is no inventory.
Apartments communities will simply pay a referral fee to the apartment loctor who sends them the business. Most properties have policies in place including when and how apartments pay locators.
Normally to be paid the referral fee the locator or business name must be listed on the application or guest card. This actually can be quite confusing at times, however if you follow the rules of the apartment community in question, you should get paid in a timely manner.
Sometimes we will run across apartment communities/management companies who have no intentions of paying the locating fees. Most apartment locators will simply give up. But if you know what to do, you can normally get paid.
However, we would recommend not sending any referrals to these apartment communities in the future.
Here is a simply process where you can usually get paid. But you will want to make sure you are the listed locator on all the appropriate documentation.
The Demand Letter
Ok you will need to write a well crafted demand letter. You can usually find a sample on the Internet and rewrite it to focus on your specific needs. Of course you will want to include why you are writing this letter, and what you will do if you don’t receive payment.
You can figure that you are probably not the first person who is not able to recover a fee from this apartment community. They probably have a long list of vendors who are not able to secure payment. And it will be your job to jump in front of the others to get paid.
Small Claims Court
If your demand letter does not do the trick you will need to show the property that you mean business. Of course make sure that you were listed as the referral on the application and other necessary paperwork before doing so.
It will just take a quick trip to you local county courthouse branch. You will have to pay a filing fee. However if you have an invoice that is several hundred dollars it will be worth it.
The apartment community will be served within a week or so. Someone will contact you from the legal department and who will most likely be paid.
As we all know that real estate is the property selling business such as building, houses, lands and more that has huge demand for perspectives. These days, various businesses and organizations are looking to get real estate applications that offer huge details of various real estate properties of particular real estate company and agent. Using this application, one can easily look for the property of any state, city, area that he/she is looking for.
This application offers a good searching facility to its users to search perfect and best places that they have in their mind. It can also show the property on map so that you will get complete information that where the property exists. However, users of the real estate application can see the pictures, videos of the property and can add selected property in their wish list. On the web, there are lots of companies that offer a range of Real Estate application development services that mainly aim to offer the best solutions to its customers.
The company has an expert and dedicated team of web application developers, who develop user-friendly customer oriented applications for its clients that works globally. With real estate application, one can get huge help in the user review options and can calculate the profitability of a future project. Moreover, it is one such system that can decide the value of a commercial property and estimate likely development. Apart from this, such types of applications are also used to examine the profitability for real estate development dealing between various builders and developers.
Before, real estate industry was not in demand, but today, the demand for real estate is increasing constantly. This has resulted in real estate development application that offers every aspect of real estate development. Now, real estate applications are extremely helpful in order to make day-to-day tasks easy.
No matter what kind of real estate web application you are looking for, you can hire real estate developer from any reliable real state application development company and get your desired application. If you have decided to get a real estate application that has maximum number of features, you can hire real estate app developer from our company. To get more information about real estate applications and its related technologies.
I am a professional content developer, having years of experience in writing content related to web applications and its related applications. From past several years, I am in the writing industry and like to share latest information and updates of web applications and its development. Here I am sharing information on – Real Estate Application Development – Hire an Expert Real Estate Developer-.
I’m often asked for a list of recommended tools for Beginner Real Estate Investors. The list I’m about to give you works in all different industries. It doesn’t matter if you’re working with foreclosure sellers or whether you’re working with potential private investors for a commercial real estate deal you’re putting together.
The first tool I recommend is a credibility kit. It could be a website, brochures, collateral and business cards. Whatever it is, it should be consistent. It should show people you are who you say you are, can do what you say you can do, and let them know what you do, what solutions you provide and why they should work with you. It’s very simple.
Next, and a lot of people disagree with this, but I think you should have a dedicated phone. I think, at the very least, you should have a dedicated phone line. It can come into your cell phone number, but it should be a dedicated phone line.
Next on my list of recommended tools for beginner real estate investors is a tickler file. This is a way to track your pinging and your follow up if not automated. For example, you talk to a seller who is interested in selling but not yet over the hump of selling at the terms that you want. Make sure you have a system of organization whether that’s Outlook, one of the automated tools that I use, or a box on your desk with index cards that are put in order of date – whatever it is, low tech or high tech have something that helps you follow up and tickle people over time and keep organized.
Next, and I think as we move more and more in today’s world, this is less of an option and more of a requirement quite frankly: an autoresponder. One of Aweber. The one that I got started with and am more familiar with is GetResponse, I currently use both Get Response and InfusionSoft.
Next are questionnaires. This is a simple tool. This is something you can have printed out in front of you on your desk. You want to have questionnaires that deal with who your perfect potential people are who are coming into your marketing funnel. For example, you should have a sheet that you fill out on the phone with someone if they’re a potential lease option seller. You should have a sheet you fill out with someone on the phone if they’re a potential lease option buyer. You should have a sheet in front of you if you’re having calls come in from a potential private lender or investor.
Can you later advance, put some of that stuff on the web and have it automated? Yes of course, but don’t let what you don’t know stop you from doing that. If you don’t have a website with those fancy features where people can type all this in on the site, have these people call you. Fill out a form while you’re on the phone with them and build rapport with them.
We don’t want to 21-question them, that doesn’t work, everyone has seen a first date where you’re just like – that guy is definitely not going to get a second chance because he’s just rapid firing question after question and we all know that doesn’t cook the bacon, so you want to have those sheets in front of you.
I’ll tell you a quick story about when I first started out in the real estate game. I was actually working for an investor for free and this guy was a jerk. I didn’t like him at all but he had this policy about this buy sheet, this thing that had to be filled out.
If it was blank paper it was about as worthless as toilet paper but as you started filling it in and putting in the information about the property, putting the motivation from the seller, different information pieces you’d gotten from the seller- as you started getting that filled in, and it might take more than one conversation it might be over time- as you start filling it in it becomes less and less toilet paper and more and more worth its weight or more in gold. That was something he taught me, even though he was a jerk and I didn’t like him I learned the value of keeping and data-basing that information for follow-up.
I hope that you have found this list of recommended tools for beginner real estate investors to be valuable. They’ve helped me build my businesses, and I know that they will do the same for you.
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An entrepreneur, real estate investor, marketing consultant and copywriter, dedicated reader of thriller novels, lover of great southern barbecue, Texas hold ’em poker aficionado, and published author, Danny Welsh is passionate about two things: empowering real estate investors and entrepreneurs to get to the next level, and helping other business owners get better results with their marketing using mostly no cost and low cost marketing initiatives. Co-founder of both the Greatest Real Estate Giveaway and Real Deal Community social network for real estate investors, Danny is a managing partner with HIS Real Estate Network, a commercial real estate buying group.
Last week the National Association of Realtors – Together with the Miami Association of Realtors, hosted the annual International Real Estate Congress in Miami Florida. The event was attended by hundreds of real estate professionals from as far away as China, Russia, France, Spain and Latin Americas Brazil, Argentina and Mexico.
The conference lasted two days and included as well many local, national and international industry economists, practitioners, industry developers, builders, banking financiers and real estate lawyers. They were all informed of what to expect from the United States, housing market in the coming year with all of the doom and gloom predictions. Lawrence Yun, National Association of Realtor’s Chief Economist provided a detailed presentation showed current housing trends, historical statistics and market forces at work at both the local, national and international levels that lasted over one hour.
Mr. Yun stated that United States home sales are now running parallel with sales levels from 1998 even though there are approximately three million more people added to the U.S. population every year, creating an enormous pent-up demand yet to be included to the marketplace.
He also stated that over 40 million multi-generational family members and friends are now living in the same household because of the tough economic times. Many generation “X” individuals are moving back in with parents or grandparents, or multiple families are sharing a single residence. All those people typically would be buying homes in normal market conditions and now they can’t.
However, Florida has the benefit of having foreign buyers purchasing American real estate at a very interesting level. In 2011 foreigners account for the following real estate purchases in the state of Florida:
41% of the Florida purchases came from Canada and Mexico
26% from Latin America
23% from Western Europe
10% from Other Nations
Mr. Yun also pointed out that new start-up home prices are an all-time low not seen since the end of World War II. That fact alone indicates that the U.S. market will likely be experiencing a housing shortage during the coming years. When the economy turns and people start getting jobs and buying homes again at normal price levels the prices will begin to climb up again. Hopefully California with 12% of foreign real estate buyers will benefit with the trend being second after Florida followed by 9% in Texas and 6% in Arizona.
What is the reason that foreigners do not see it that way and believe in our market more than we do? That is the question. My consensus is that U.S real estate is still a secure investment. Compared to most politically and socially volatile third world nations, investing in our real estate is without a doubt a secure calculated risk.
U.S. real estate is a profitable investment. American real estate has been for us the foundation of the “American Dream of prosperity”. We have more immigrants from around the world than any other nation on earth wanting to be a part of that dream. Therefore, in a good economy and even in a hard one like the one we are experiencing now, it makes good sense to by low and sell high when things get better. And better I believe they will.
Finally, American real estate is a desirable location because it is mostly a safe place to live. People will pay more rent or a higher sale price to reside in a safe area where to bring up a family. Good schools and prosperous clean neighborhoods. The old real estate business motto “location, location, location” really applies here. The above NAR figures represent foreigners purchasing real estate in the state of Florida. According to the latest NAR figures, the influx of foreign capital nationwide goes as follows;
North America: 31%
Central America: 2%
South America: 11%
Middle East: 3%
Personally, as a professional real estate investment consultant, the trust of foreigners investing in our patrimony speaks volumes. We may be on the brink of a double dip recession, and not happy at all with our government policies and/or actions, however, the grass is always greener on the other side only when we forget to fertilize our own grass.
For those foreigners investing $82 Billion dollars in our $1.07 Trillion existing U.S. home market is a show of confidence we must take into account very seriously. For them, we are the greener grass. In my humble opinion, it is time to stop complaining and begin to work hard on getting our nation back in track and keep the American Dream alive.
Vicktor Etchart MPh.D.
Etchart Real Estate Consulting Group
The well-known Pinsent Masons law firm published results of a conducted study indicating that the number of so-called investment visas issued to foreigners in Great Britain has increased from 235 in 2010-2011 to 419 in 2011-2012, that is by as much as 78 percent. In 2012, a record was set by the citizens of Russia: they are leaders in terms of visas granted making 24 percent of the total number of successful applicants (for comparison, the Chinese are behind by 1 percent).
Today, many countries offer citizenship in exchange for investments. For instance, until recently Germany had a law in force guaranteeing German citizenship granting for the purchase of commercial real estate or an operating enterprise with a minimum value of EUR 250 thousand as well as providing employment for five persons. At that, the law did not prohibit acquisition of operating enterprises on credit. As of August 1, 2012 the strict requirements to investment amounts were abolished. Two years ago, the corresponding amendments to the immigration law were made also in Latvia. The effect is obvious: from July 2011 to July 2012 the foreign investors have paid for real estate in the country 2.3 times more than during the previous period, says Martin Hormuth, the PHL owner. Recently, the Bulgarian Parliament also voted for the benefits to investors: soon the wealthy people will be able to gain Bulgarian citizenship under a simplified procedure, whereas according to the latest information the investment amount for that is circa EUR 100 thousand. The same amount of investment, i.e. EUR 100 thousand, ensures granting the right of permanent residence in both Romania and Croatia. Hungary keeps pace too: according to the local parliament idea, citizenship of this country shall be granted to those investing EUR 250 thousand.
“Legislation in all these countries provides for quite a loyal attitude and the permanent residence right to investors”, says Martin Hormuth. “Therefore today wealthy citizens of CIS countries prefer to invest in profitable European projects with a promising business plan – this concerns not real estate only, but also office and trade property, as well as construction of recreational facilities. They come to Europe not only to increase their capital, but also to secure it. Investments in the real estate in countries with a stable economy provide for reliability and safety”.
PHL international company headed by Martin Hormuth is well represented in Eastern Europe. 18 building projects in Berlin have been realized with Mr Hormuth’s direct participation, each of them being a success. Recently, a contract involving a retail trade facility in Germany with a payback period of 10 years has been concluded. Martin Hormuth’s company has been engaged in a number of prestigious projects in Europe including a luxury golf resort in the area of 130 ha in Croatia on the Adriatic Sea coast, a shopping centre in Varna, Bulgaria, and other large-scale projects. Martin Hormuth is a recognized expert in the international market. As an honourable and experienced professional in the field of management and development, Martin was involved in large-scale projects of GTC company headed by Mr Eli Alroy.