Buying Commercial Real Estate? 5 People You Need On Your Team

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investing in a rental property

Are you looking for a home that you can use as a rental? Investing in real estate to lease to tenants is oftentimes a great way to spend your money. Unfortunately, there are many things that can go wrong if you don't take the time to do your research first. Think about the materials in the house - will they withstand the abuse of tenants? Will you have to replace the flooring between each tenant? This is just one thing to consider. To learn more about what you should keep in mind when searching for an investment home, continue reading through my blog.

Buying Commercial Real Estate? 5 People You Need On Your Team

24 February 2021
 Categories: Real Estate, Blog

If you want to purchase commercial real estate successfully, you can't work solo; you need to have a reliable team around you. Before you start shopping around for the best hidden commercial gem in your area, you are going to want to build your team.

#1: Commercial Realtor

First, you need to find a commercial realtor to work with. This is going to be different than the realtor you used to purchase your last single-family home. You want to work with a real estate agent who understands the commercial real estate market, which is vastly different from the residential market. More so, you will want to work with someone who is experienced in the exact niche of commercial real estate you are interested in. The more your realtor understands your business, the better job they will do at meeting your needs.

#2: Commercial Real Estate Lawyer

Second, you need to find a commercial real estate lawyer to work with. Buying commercial real estate is a heavy paperwork process, and you want to have someone on your side who is reviewing all that paperwork and making sure the terms are favorable for you. For such a large transaction, you will want to work with an attorney who can make sure you are protected and that the deal is a good one from a legal standpoint.

#3: Mortgage Broker

Third, very few people can purchase commercial real estate outright, which is why you are going to want to find a commercial mortgage broker. You will need to provide them with all your financial documents and work with them to secure the project's financing.

#4: Accountant

Fourth, you are going to want to bring your accountant into the project. You will want to have them help examine and explain the tax implications of buying the property. You may also want to have them investigate the viability of the business to be profitable. You want to make sure you are making a financially sound business decision.

#5: Appraiser

Fifth, you will want to make sure you are paying fair market value for the property. You will want to bring in an appraiser who specializes in commercial properties to examine the building. The appraiser will let you know the building's exact shape and what they think it should be valued at. This will help you determine if you have a fair offer on the property.

When it comes to buying commercial property, you need to have a team to help you with your decision. You will need a commercial real estate agent, a commercial real estate lawyer, a mortgage broker, an accountant, and an appraiser. Depending on the type of property you are purchasing, you may need an engineer, environmental specialists, a notary, and a tax specialist on your team as well.

To start your search for commercial real estate for sale, contact a local real estate agent.