A lot of people have a side hustle these days. 28% of millennials work some kind of side job, whether for themselves or someone else.

Extra income is the main motivation for working a side job. 65.9% of people working a side job report extra money as their main motivation. It’s not the only one, however.

Almost 15% of Americans working a side hustle report opening their own business as a reason to get into a secondary line of work.

If you’re looking for a reliable side gig that lets you be your own boss, cell tower lease agreements could be a source of extra income with little additional work.

Let’s learn about cell tower lease agreements.

What You Need To Know About Cell Tower Lease Agreements

Cell tower lease agreements are like regular leases. There are a few things unique to leasing a cell tower, however, due to their specific usage.

Here are a few things to consider if you’re thinking about a cell tower lease as a potential investment.

Only Lease What You’ll Need

If you don’t already have a cell tower on your property, someone may approach you about putting one there. This can be a blessing, as you won’t have to go looking for someone to lease your cell tower. You need to be able to spot a bad deal, though.

Generally speaking, a cell tower only takes up roughly a few hundred square feet. Some cell tower lease tenants will request up to 10,000 square feet, which is a major cause for alarm.

Signing over the rights to 10,000 square feet of your property signs away your rights for up to 25 years. Keep that in mind.

Consult A Rental Expert

Companies looking to lease a cell tower will undoubtedly have done their research. They more than likely have a team of experts working for them, as well. Don’t go into that negotiation unprepared and uninformed.

Consult with a rental expert before deciding on terms for your cell tower rental lease. This could be a realtor or a commercial real estate professional. They’ll have a good idea of what the going rental rates are in your area.

It’s a good idea to know what the going cell tower lease rates are, as well.

Watch Out For Excessive Duration of Lease Agreements

25 years is the standard length of a cell tower lease. Watch out for people who ask for longer leases than that.

Most cell tower lease agreements feature an early termination clause for wireless providers. That means the cell companies can terminate a lease at any time. The same is not true for the tower owner.

You’ll be in a lease for up to 25 years while the mobile provider can terminate at any moment. That puts you at a real disadvantage.

Right Of First Refusal Clause

Cell phone companies have been negotiating cell tower leases for decades at this point. They’ve developed some particularly sneaky language that you have to be fluent in legalese to decipher. The Right of First Refusal clause is particularly complicated.

“What is the right of first refusal clause?” you might be wondering. It’s particularly esoteric as its effects are not immediately obvious. The Right of First Refusal doesn’t come up until you try and sell your property.

When you get an offer on your property, the Right of First Refusal means the cell tower lease tenant gets a chance to match the offer. If they do, you have to sell to the leaseholder.

When you get an offer on your property, the leaseholder has 20 to 60 days to match the offer. This slows the selling process and limits your options if you’re trying to sell your property.

The Right of First Refusal clause means your property isn’t full yours. It’s best to avoid it if possible.

Equipment Rights

You also need to be on the lookout for language that gives the lease tenant the right to install or modify equipment however they see fit. This means they can install the equipment they want without checking with the property owner, no matter how it impacts the property.

These modifications can have a negative impact on your property value, lease, and rights. It can also reduce your enjoyment of your property.

Do you live in a naturally beautiful area? A giant antenna might destroy the peaceful tranquility of the trees and wide open sky.

Being wary about equipment usage rights will help you avoid this. You want to make your cell tower lease agreement mutually beneficial and satisfactory.

Compliance and Regulations

Keep in mind, it’s the mobile provider’s responsibility to make sure that all equipment is up to code and meets the local guidelines and regulations. If you have a rooftop antenna, for instance, there could be a limit on how tall you’re able to build.

If the cell company wants to install or change any equipment, make sure they conduct all the necessary inspections themselves.

Subleasing and Co-Location

Cell tower lease tenants will often try and get as much land as possible from their landlord. Once you sign the lease, they may try to install additional antennae or load up as many dishes as possible. They often do so without alerting the landlord.

Why is that? Because they don’t have to. It’s not necessarily guaranteed that a landlord gets to know what the tenant is doing with their property. If you’re not careful, this can also lead to ongoing equipment installation, renovation, and non-stop disruption of your property.

These are only a few things that you want to look out for when negotiating a cell tower lease agreement. Like any kind of real estate transaction, it’s always a good idea to be as prepared as possible going into negotiations.

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Whether you’re investigating cell tower lease agreements as a side investment or which business duties you should outsource, we bring you everything you need to master your money!

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5 Simple Steps to Getting Started in The Cloud

All start-ups and small businesses have heard that the cloud is everywhere and can transform your business. But what is it and what can it do? Cloud-IT specialists Principal have the answers.

Confusingly, the cloud is used by providers, software sellers and businesses who want your money as a catch-all term for a variety of things. It can become quite complicated, but it doesn’t need to be.

The cloud is basically an on-demand storage or software resource that you can access immediately through the internet.

Tech giant IBM offers a handy definition of the various different types of cloud applications which is a good place to start. It’s likely that after reading that you’ll have more questions than you started with. To help, here are 5 simple steps to getting started in the cloud.

1. Pick your cloud

The first thing to clarify is, like the sky above, there isn’t one cloud – there are infinite numbers of potential clouds. As a business, you need to configure one that works for you.

As a small business you will want to focus on how the cloud can benefit you. For most, that’s likely to be moving certain data and applications to the cloud.

The first step is to analyse your data centre usage. This audit can identify your current software and storage requirements, enabling you to identify areas that could be better served in the cloud.

It’s important to recognise that to work any proposed move needs to improve efficiency and be cost-effective.

The bottom line is, if it won’t save you time or money, then think again.

2. Solid security

The cloud is as secure – if not more secure – than your own proprietary network, but you still need to be cautious.

Once you’ve identified the information and software you’d like to be hosted by the cloud then take the time to assess what this means for security.

The Data Protection Act and European Data Protection Regulation all have implications for how you manage and store data, and how you select your partners too – more on that below.

3. Simple strategy

Once you’ve done the groundwork, you can begin straight away. Microsoft, Adobe, SAP are just a couple of the huge names who have moved to providing software via the cloud. Dropbox is a leading name in cloud storage, but isn’t the only one.  All you need to do to get started in the cloud is get your credit card out and sign up.

If you do though, you could be making a mistake. According to tech bible ZDNet, what most cloud projects miss is a strategy – and we agree.

A solid cloud computing solution needs structure. This will help create a system that works for the organisation and your customer. It is also built with the future in mind, growing and developing as your business does.

4. Cloud culture

Your implementation strategy is important. Equally important is how your organisation embraces the cloud. It’s all about culture.

The cloud offers freedom to access information, work collaboratively, remotely and at all times of the day. But it comes with some new risks. These are particularly important to recognise as employees increasingly use their own devices for work.

Businesses need to develop working practices and approaches that are fit for the new world of the cloud. You’ll need to introduce new staff guidelines for document sharing and storage to help you and your employees work in a new way.

5. Provider or partner

If you’re tech minded it’s relatively easy to set-up a personal cloud, but you need to explore whether it’s the right approach for you.

Focusing solely on individual providers can leave you with a fragmented cloud system, with complex and inefficient interdependencies between different pieces of software from different providers.

In the end, you could end up paying for a system that far more complicated than the one it replaced.

One way of avoiding this is working with a partner who can help you configure a cloud solution that works for you. They can also take care of some of the security and access issues, helping you devise a strategy for success.

A successful transition to the cloud needs some thought and some planning, but genuinely does have the power to transform the way you work – increasing productivity, efficiency and profit.

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