Owning commercial real estate has huge profit potential and might lead you to wealth. However, it’s not for everybody, the stakes are large and so is the investment.
Buying commercial real estate is much more complicated and time-consuming than buying a home. Yet the greater the risk and time, the greater the profit, so take this into consideration when you think about the type of investments you want to make in the future.
If you are planning to rent your commercial properties once you purchase them, opt for solidly constructed buildings that are simple in their design. You will be able to attract tenants for these properties more quickly due to the fact that they will know the building is well maintained. Not are the buildings more sturdy, there will be less maintenance issues for the owner and the tenant.
When drawing up a letter of intent, try to solicit agreement on big issues first and leave smaller issues for later rounds of negotiations. You can make all your negotiations less tense, so you can agree on any of the smaller issues first.
If you are hunting among multiple properties, make a checklist for touring sites. Get the responses from the first round of proposals, but make sure the property owners are aware of this before proceeding. Do not be scared to let the owners know about other properties you have in mind. Telling the property owner that he has competition for your money might inspire him to offer a better price to encourage you to buy from him.
You must know how to deal with an emergency, should it arise. Ask your landlord who is in charge emergency maintenance requests for the building. Learn the phone numbers and response times. In case a maintenance emergency should happen, you can use the information provided to lay out an emergency business and customer service plan to save your company’s reputation in case your business is interrupted.
The commercial real estate market can yield some amazing potential for financial success. You have to invest a large down payment, sufficient time and enormous effort if your investment is to succeed. To achieve this, heed this advice.
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