Investing In Commercial Real Estate
The Best 5 Tips
1) Plan Your Commercial Real Estate Investment –
Have A Plan -
Maintain Some Savings -
Have A Backup Plan -
2) Hire A Competent Commercial Real Estate Agent -
Has your agent ever worked with commercial properties? If not, look for an agent who has relevant experience. Commercial real estate is not the same as the residential real estate, and, as such, it requires a different set of players. Agents with a background in commercial real estate can connect you to a host of other industry players, such as lenders, lawyers, valuers/appraisers and property inspectors. Commercial real estate is a long game. You will want the right brokerbehind you.
3) Evaluate The Pricing (And Look For Hidden Costs!) -
4) Take A Walk Around -
5) Protect Yourself -
- Find the insurance policy that fits your needs. Do you need insurance for just the property or for your mortgage, as well? It is essential to protect your financial interests in both of these areas.
- Have a lawyer draft the control. You want to make sure you establish clear rules and legal obligations with your tenants. Employing the right professional will help guarantee a smooth relationship.