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Building Wealth for the African American Community in Plainfield, Illinois, via Commercial Real Estate

 Posted on March 24, 2023 in Real Estate

Commercial Real Estate Attorney in Plainfield

Commercial real estate is crucial to building wealth, especially since "going green" is the new way to advance. Wealth building, be it through commercial real estate or otherwise, is a financial empowerment. Today, where you grow up, and the quality of your education play a big part in your future success and job prospects. Despite the country's shortcomings, people succeed daily, although they are frequently the minority. The dollar has the same worth for everyone, regardless of skin complexion or race.

Dr. Martin Luther King envisioned a world where everyone was included, regardless of race or ethnicity. Dr. King's birthday (January 15th), i.e., Martin Luther King Day, is observed in various ways by different individuals. The civil rights movement needed more specific emphasis on financial empowerment, which was one of its shortcomings.

Economic and financial empowerment techniques are necessary for the new era of civil rights since wealth and access to wealth are essential resources for supporting your family. Taking care of one's family opens up the opportunity for education and employment, transforming generations. There has historically been a vast income divide in America and a lack of access for African American households.

Regardless of everything mentioned above, are you interested in investing in commercial real estate? If yes, you’ve chosen the perfect article now since we'll also clear up any confusion about the sector's investing potential. This article will clarify how investing in commercial real estate may help build wealth. In doing so, we'll also emphasize the advantages of investing in commercial real estate, how to do so, and the requirements for investors.

Building Wealth via Commercial Real Estate in Plainfield

There are several methods to invest your way to building wealth. As an example, some investors choose equities. Some people choose bonds, currencies, or antiquities. Yet investing in commercial real estate is one of the wealth-building strategies that has stood the test of time. 

Establishing a clear purpose is the first stage in building wealth through commercial real estate investment. For some investors, this may be a specific sum, such as $1,000,000. Others might need a particular passive income, such as $10,000 monthly. Or other investors only want to become financially independent, so they may devote their time to pursuits that are valuable to them. Each investor's objective is likely to differ differently, but the crucial thing is that they identify it before putting any effort into achieving it. There are several advantages to investing in commercial real estate if that is the asset class chosen as part of the wealth-building process.

Estate planning, commercial real estate law, and asset protection involve multiple legal interests and require a boutique law firm. So, look no further if you need a well-qualified Commercial Real Estate Attorney in Plainfield or nearby Will and Kendall Counties areas.  

Advantages of Building Wealth via Commercial Real Estate in Plainfield

Now that it has been established that commercial real estate is an effective strategy for building wealth, the following advantages are the reason why many people choose commercial real estate investments:

  1. Cash Flow

This method of building wealth is the same regardless of the type of commercial property. The area is leased to tenants, and the resulting rental money is utilized to cover the costs associated with maintaining the building. Any surplus is given to investors in real estate. These pay-outs generate consistent cash flow, which may be invested in other assets. Rental income also provides a stream of income to pay mortgages and build equity.

  1. Tax Benefits

Purchasing commercial real estate has two significant tax advantages.

Business owners may deduct a percentage of the property's worth each year to cover physical wear and tear. The cash available for distribution is not affected by this non-cash charge, but the property's tax obligation is decreased.

The way capital gains are handled is the second key tax advantage of commercial real estate. When a property is sold for more than its cost basis, the difference is regarded as a "gain" for taxation reasons. Investors have the option to pay taxes on gains. Alternatively, they might decide to postpone them through a scheme called a “1031 Exchange.” Investors participating in this scheme may defer paying capital gains taxes if they reinvest their sales profits in another “like-kind” property.

  1. Financial Security

Positive profits on a commercial real estate investment over a lengthy period contribute to building the owners' financial stability.

Diversity is one of the fundamental tenets of managing investment risk. Therefore, it is not wise for most private investors to dedicate their wealth exclusively to commercial real estate assets. 

Once more, holding commercial estate as part of a well-diversified portfolio of risk assets is the best approach (stocks, bonds, commodities, etc.). The precise percentage to hold depends on each investor's risk appetite and return goals.

Legal Implications of Wealth Building via Commercial real estate in Plainfield

Joint ventures and a group of investors are frequently the cause of commercial real estate ventures. Joint ventures are a great strategy to build one's wealth and realize their ambition of owning a home. First, however, a particular emphasis must be shed on the legal and financial concerns associated with commercial investing prospects in real estate.

One's legal and financial risks can be minimized by using specific legal tools. An asset protection approach is to establish a corporate entity, such as a limited liability company. The business organization known as an "LLC," or limited liability company, combines a partnership's adaptability with a corporation's limited liability protection. Because it offers flexibility and limited liability protection akin to a corporation, the LLC is regarded as a hybrid business structure.

We recommend a multi-member LLC as the best type of entity for a joint venture. A joint venture is when two or more people collaborate for a commercial goal to gain money. An LLC Operating Agreement, a written document outlining the members' and management's duties and obligations, should be included in a multi-member LLC. Manager-managed multi-member LLCs are those in which the LLC's owners, also known as its "members," appoint the management. The managers manage the LLC's daily investment and management obligations.


An LLC model offers the following advantages:

  • Limited Liability Protection: This safeguards personal assets from liability worries by providing limited liability protection.

  • Management Structure Flexibility: LLCs have a management structure that may be tailored to the particular requirements of a commercial real estate investment property.

  • Asset Protection: Asset protection from bankruptcy, creditor litigation, or divorce.

Contact a Commercial Real Estate Attorney in Plainfield Today!

Due to the likelihood of eviction litigation and other lawsuits, which might endanger a member's or owner's assets and commercial real estate interests, investments in commercial real estate are considered risky and unstable. 

Unless liability safeguards are put in place to cover personal, real estate, and company assets, personal assets are not safe from legal action. In addition, local economies, the business community's health, and tenants' quality may also significantly impact commercial real estate. Therefore, owners of commercial real estate must exercise caution and prepare ahead.

Entrusting a boutique law firm is optimal because estate planning, commercial real estate law, and asset protection include several legal concerns. Look no further than Gateville Law Firm if you want a knowledgeable commercial real estate attorney in Plainfield or the surrounding areas of Will and Kendall County.

Empowering people financially is a potent instrument for creating legacies that have influenced families for decades. A boutique law firm is necessary because estate planning, commercial real estate law, and asset protection include several legal concerns. If you live in the Illinois areas of Plainfield, Shorewood, Naperville, Lisle, Yorkville, or Montgomery and require the services of an experienced commercial real estate attorney, contact us now.

We can also provide the following legal services to commercial real estate owners:

  • Commercial Eviction Services: Providing correct guidance on how to evict correctly and stop losses brought on by commercial evictions.

  • Commercial Lease Drafting: To ensure clear and concise leases in the event of litigation or eviction procedures, we provide commercial lease drafting and review services.

  • Business Entity Planning: Establishment and business structure planning, using Series LLCs, holding and subsidiary businesses, and using trusts, partnerships, and LLCs as appropriate.

  • Coordination of business and estate planning: Coordinating services for commercial property owners in asset protection and estate planning.


Whether you need advice or legal assistance, you can schedule an initial consultation with Gateville Law Firm by filling out our online contact form. Alternatively, call us at 630-864-5788, and a team member will assist you.

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