Saturday, November 17, 2012

Confused About Commercial Real Estate? Follow These Tips And ...

People are attracted to commercial real estate investing for a number of reasons. The best rationale is built on your own fundamental knowledge of the market. The more knowledgeable you are, the more profitable you can become. Hopefully these pointers will help guide you in the right direction to expand your knowledge base of commercial real estate while maximizing your profits.

It is important to understand that each property has a valuable life. It?s important to factor maintenance costs into your projections of what you?ll need to spend on the property over the long term. It may need something like a brand new roof, or an updated electrical system. All buildings go through these kinds of phases; some more than others. Plan for these repairs as they will happen in the future.

If you?d like to rent out the properties you purchase, it?s best to buy a simple building with solid construction. Tenants are more likely to move in when they know the property is well taken care of. Because these properties are in great condition, the property owners and the occupants will have a simpler time with basic maintenance service.

How does the firm you?re considering measure their results? Find out what they mean when they say a property has enough space, that a negotiation went well or other critical factors used in assessing and acquiring commercial property. It is important to know these answers before you engage them to work for you.

Make sure that you invest some time researching local income levels and other factors, such as unemployment rates or local employers plans for expanding or contracting their businesses before you invest a large amount of funds into real estate. Think about what locations are near where you are thinking of buying. Hot spots are usually around places like hospitals or universities because the surrounding neighborhood is going to be more lively and open with jobs available.

Take a tour of any property that you are interested in. It?s a good idea to hire a building contractor to come with you and do on-the-spot inspections of properties you are considering. Submit a first offer and solicit counteroffers. Before making any commitment, you should carefully evaluate each offer and counteroffer.

When you are buying or selling commercial real estate, always negotiate. Make sure that you are heard and that you fight for a fair price for the property.

Ensure your legal and financial safety by thoroughly examining the disclosures of a potential real estate agent. Dual agency is a possibility that you need to be aware of. Dual agency in real estate is when the agency works for both parties. This means the agency works for the tenant and the landlord at the same time. If this is the case, and the agent is a dual agent, this should be known to both parties and agreed to by both parties.

Try to consider feng shui when you are looking to buy commercial properties and for your office at home. Two fundamentals of feng shui are the removal of clutter and having a lot of open space. Both of these will also be attractive to prospective buyers.

There are a ton of good reasons to use commercial real estate as an investment, but you need to know a bit about it before you begin. The tactics presented here provide a groundwork of information that you can use to break into the commercial real estate investing scene.

When financing for commercial real estate investments, you need to make sure that you have your financial statements on hand. If you don?t have these, banks won?t know how you manage your money, which might cause them not to lend the amount of money that you need.

You have to keep learning until the end of your days. This advice will get you started, but there is always more to learn. Do your research and use new information today.

Source: http://www.davidstanleyredfern.com/general-news/confused-about-commercial-real-estate-follow-these-tips-and-suggestions

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