9 Tips on Buying Commercial Real Estate

1. Weigh the different types of property based on their interests and goals. Many people simply resort to residential apartment buildings by default , but there are plenty of other commercial real estate options to consider, from office buildings mobile home parks .
2. Do not place in a great location . Trendy , up - and-coming today could easily lose steam and become a ghost town in just a few years , and gentrification have been known to stop . While location is important , do not pay an arm and a leg for it - try to keep some perspective .
3. Consider the physical condition of the property . When you buy it, all health issues or damage and will be yours to deal with , so tread carefully. Be careful with the properties that come with liabilities such as asbestos or lead paint, and look closely if space is showing signs of wear. You'll want to bring a property inspector where you can get an accurate assessment of the condition of the property. Do not skip this step , or you might end up kicking the same year in the future when you find you have a money pit in your hands.
4. Look into the legality of the limitations in the interior or exterior changes to the property . If you are buying commercial property in a historic district of the city , you may be barred from making changes to some elements. Make sure you look into building codes or zoning laws to see if you have the freedom to modify your property as you see fit . 
5. Find out if there are growth opportunities . If you want to expand , could potentially buy the space next door?
6. Go big or go home . The more units you buy, the cheaper it will be per unit , so you might as well invest in at least 10 units at a time . In the end , it will be as hard as the management of five units . Why not double your income by buying more ?
7. Make sure you have a team of experts to advise you. You want to hire a lawyer, an accountant , a mortgage broker and a commercial real estate agent . A qualified attorney will be able to help you develop contracts , such as residential leases . A real estate agent can help you sniff new and valuable properties in your area. A broker can help you deal with the finances to have the means to buy a new property. And an accountant can offer in-depth financial advice regarding the purchase of commercial real estate.
8. Secure financing for your purchase as soon as possible. You want to have your down payment available before the application of any mortgage.
9. Take your time. Buying commercial real estate can be a full-time company frustrating obstacles . Do not get too impatient, and use the idle time to consider if you are choosing the right property for the right price .