Industrial property and other commercial properties are going up on the market all the time, but this type of property does not get preferential listings like regular homes. This market requires a different set of skills in order to be successful, and with the following tips, you will be able to navigate it properly.
An apartment doesn’t have to be your only choice for commercial real estate. A lot of buyers tend to think that running an apartment building is the simplest choice, however let yourself be open to other investment opportunities. Office buildings, land, industrial warehouses are all possibilities you should be open to.
Build a house
Now is a great time to build a house. Interest rates are low, property is readily available, and construction workers and contractors are chomping at the bit to get jobs lined up. There may never be a cheaper time to have a custom home built, so do your homework and make those dreams come true.
Investing in commercial real estate
One important tip to remember when investing in commercial real estate is that you are going to not only need a lot more money for a down payment, but you will have to pay much more for inspections and appraisals than you would for residential real estate. You may not end up purchasing the property you are investigating either, so you really need to have funds available for several inspections.
Use your digital camera to take pictures of the property. Make certain your photos highlight specific defects such as carpet spots, wall holes and bathroom discolorations.
If you are a landlord, it is important that you are not too lenient with your tenant. By allowing them to walk all over you, you could end up losing out on a lot of money. You will also be missing out on having a tenant who is more true to their word.
Finding the proper commercial property is just half the battle. Remember, a little knowledge can really help.