Are you planning to invest in commercial realestate? Many people around the world are taking the plunge and diving into real estate investing right now with prices at jaw-dropping lows. Take the time before you start looking for a potential investment property to learn a few basics about real estate investing for commercial properties.
Even though it is a general buyer's market, it is still possible to get a raw deal with commercial real estate - especially if this is your first time investing or you aren't a seasoned pro. Avoid some potentially painful growing pains by following the excellent advice below.
Find a Realtor who Specializes in Commercial Properties
A general realtor is great for some things. However, you would not go to a divorce lawyer if you were facing a criminal charge. Why on earth would you seek the services of a general realtor when there are many available who specialize in exactly what you are looking for? It is worth a little investigating up front to find the right realtor for the job.
Learn the History of a Property
Many people are surprised to find out how important this is. It is more important if you aren't familiar with the area in which you are buying. If a building has a history of attracting tenants who are short lived or receive little traffic or sales, you want to know this before you buy. It could be a great property for repurposing but might not be a good property for the manner it's been used in the past.
Find a Local Realtor to do the Job
There is no hard and fast rule that says you must only invest in commercial property where you live. It is a very good idea, though, to go through a local realtor when you are handling a long distance transaction. You want your realtor to know the lay of the land and be able to advise you accordingly.
These basics may not be earth shattering, but they will help your next commercial realestate transaction go much more smoothly.
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